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The top 10 questions asked about Koyo: Answered

Written byKoyo Loans
Last Updated1st December 2022
Contents
  • What is an unsecured personal loan? 
  • How long does it take for a Koyo Loan application to be approved? 
  • Does applying for a Koyo Loan affect my credit score? 
  • What credit score do I need to apply for a Koyo Loan? 
  • Does Koyo Loans use Open Banking? 
  • What can I use a Koyo Loan for? 
  • Why was my personal loan application rejected by Koyo Loans? 
  • What’s the APR for a Koyo Loan? 
  • Am I eligible for a Koyo Loan? 
  • Why should I apply to Koyo Loans? 

If you’ve only recently discovered Koyo Loans, you probably have some unanswered questions about the service that we offer. So, with that in mind, here are the top ten questions asked about Koyo, answered. 

What is an unsecured personal loan? 

An unsecured personal loan is a form of credit that you can apply for without securing your application against assets that you own. At Koyo Loans, we offer unsecured personal loans of amounts between £1,500 and £10,000. 24.9% APR Representative. Find out more about personal loans here.

How long does it take for a Koyo Loan application to be approved? 

You can apply for a Koyo loan in just three minutes online. If your application is successful, we will deposit the funds into your bank account within 48 hours. 

Does applying for a Koyo Loan affect my credit score? 

No. When you apply for a loan with Koyo, we only do a soft search and no hard check is recorded on your credit file.  We only record a search if your loan application is successful and we disburse funds to you. As a result, your credit score won’t dip for just applying. 

What credit score do I need to apply for a Koyo Loan? 

Every lender’s criteria is different. However, in general, borrowers with poor or very poor scores will find it difficult to acquire funding. As such, it’s best to check your credit score before applying for a personal loan.

Does Koyo Loans use Open Banking? 

We’re proud of the fact that we use Open Banking to offer our clients better-priced credit options. Instead of relying solely on your credit score, we use Open Banking to learn about your real-life financial circumstances. Find out more about Open Banking here

What can I use a Koyo Loan for? 

You can use a Koyo Loan for a range of purposes, including buying a car, funding a home improvement project, consolidating your debts, or paying for a holiday. You should be honest and open about your intended use of the funds in your loan application.

Why was my personal loan application rejected by Koyo Loans? 

There are a number of reasons why your application for credit was rejected. It could be that you don’t meet the eligibility criteria, or it may be related to your credit history. Find out more about why your application might have been rejected here.

What’s the APR for a Koyo Loan? 

Our current representative APR is 24.9%. Depending on your credit history, you might be offered a different rate when we review your application. You can use our loan calculator to find out what representative rate you could pay for your Koyo Loan.

Am I eligible for a Koyo Loan? 

To apply for a Koyo Loan, you must: 

  • Be 21 or older. 
  • Have been a UK resident for at least six months. 
  • Not be bankrupt. 
  • Have no outstanding CCJs or a history of bad credit. 
  • Have a mobile phone. 
  • Receive regular income.
  • Not be self-employed. 

Provided that you meet the above requirements, your application will be considered by our team.

Why should I apply to Koyo Loans? 

We’re proud to offer fair lending, fast approvals, and flexible repayment options. We are rated 5* on Trustpilot and help lots of people every year acquire the credit they need for various purposes.  

For more information about Koyo Loans, check out our FAQs and blog for informative articles relating to personal finance.  

Koyo Loans is the trading name of BETR Technology Ltd. Company No. 11483187. Registered Office: Huckletree Soho, Ingestre Court, Ingestre Place, London, W1f 0JL

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