How do lenders determine what interest rate to charge me?

All lenders operate the same way, lending money based on the assessment of risk.

The rate will be determined by the strength of your application.

Every piece of information earns points giving a total score at the end. For example if you are a home owner you will score more points than someone who is renting, although the person renting will score extra points if they have been at the same address for a long period. The same applies to employment, credit defaults and the list goes on.

All of the information can be verified by the lender, or you may be asked to provide verification, so it is vitally important to provide accurate information.

Conflicting information can result in your loan being declined.

Finance Brokers Online are here to help as we check all the information before we submit it to the lender.