credit information services

We live in an age where algorithms have taken over the way goods and services are marketed to us and financial services like personal loans are no exception!


We live in an age where algorithms have taken over the way goods and services are marketed to us and financial services like personal loans are no exception!


Every time you pay for something both online and IRL an algorithm picks that transaction up and adds it to what is already known about you from Facebook, Twitter, Instagram etc to build a more complete picture of who you are in order to more successfully market more goods and services to you in a never ending build-up of data which can be both a good thing or bad depending on your viewpoint.


For our purposes your payment history defines what products at what price will be made available to you and that has everything to do with your past as much as your present or future.


Unfortunately life tends to get in the way of perfect credit scores and who among us can reach a certain age without life’s slings and arrows piercing our armour. Divorce, death, break-ups, job losses, resignations, potholes, one too many for the road all have consequences which will have effects beyond our control and leave us at the mercy of someone’s algorithm.


Of course, just having reached a certain age doesn’t mean that the young are spared from the all-seeing, pervasive algorithm; they have their own built-in paradox to overcome – their age. With no payment history to fall back on and judge you with, the algorithm or the company running it have to come up with a way of setting a price to reflect the risk and in the case of youth that price is – expensive! Just ask anyone under 30 who drives how much their car insurance is and you get to see how this particular algorithm works in all its glory. It’s almost as if the companies concerned say ‘We don’t know if they’re going to pay/crash their car or not so let’s just set the bar as high as possible and we’ll drop the price down each year from there if they keep up their repayments/don’t crash the car.’

All credit is subject to you being a UK resident, aged 18 or over and your personal circumstances. All lenders operate responsible lending policies and as such credit is subject to affordability.

That sounds fairly reasonable to anyone over 30 but an absolute scam to anyone forced into paying exorbitant loan repayments/car insurance payments etc. This is where our Credit Information Service comes in. If for whatever reason the Monevo system is unable to match you to a lender for your chosen loan product we want to give you the opportunity to try and level the playing field by using their algorithms to help you see what your credit score is and take steps to increase it. You can also see who is likely to lend you money if we can’t help. Depending on the Credit Information Service you get matched to (there are 3 companies in this market you could be referred to) you get to see yourself as lenders see you and if you can alter the way you’re seen to be in a better light than you were before, then surely that’s a positive. Whichever company you’re matched to it will be free for a limited period of time.


As well as increasing your credit score you can get identity protection, tailored credit cards and what will be increasingly important in the coming years – your social report and score.


This is how employers and the like will come to view you before they select for interview. Whatever you post into the public domain stays in the public domain (by and large) and the social report will collate this information and present it to whoever needs it/is prepared to pay for it.


This world is already here and in use – use it to your advantage, take out your credit report while it’s free.

Personal Loans

✔︎ Good or bad credit
✔︎ With or without guarantor
✔︎ Amount between £5,001-£10,000
✔︎ Term from 3 months to 5 years
Representative example: £15,000 borrowed for 24 months. Total amount repayable is £15,939.20 in 24 monthly instalments of £664.13. Interest charged is £939.20. Interest rate 5.9% pa (variable), min 3.1% APR, max 1326% APR, min and max term: 12-60 months.

Short Term Loans

✔︎ Payday / Instalment / Short term loans
✔︎ With or without guarantor
✔︎ Amount £100-£5,000
✔︎ Term from 1-36 months
Representative 305.9% APR.
Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% APR (variable)
FOR HELP, GO TO www.moneyadviceservice.org.uk/en