Once my application is approved, what happens next?
Within minutes of your application being approved, you will be presented with the options to either
e-sign or print and return your finance agreement.
If you choose to e-sign your agreement, a PDF of your agreement will be displayed on screen. You should
read the agreement carefully before clicking all the relevant sections agreeing to its terms.
Once you have agreed to the terms of the finance agreement Cycles UK Limited trading as Cycles UK will
be notified and you need do nothing more.
If you choose to print and return your agreement you should print the agreement, read it carefully and
then sign the document following the instructions on the covering letter. This signed document should
then be posted to the address shown on the covering letter of the finance agreement.
Note that products will not be allocated to your order until your completed and signed agreement is
returned and received by Novuna Personal Finance. Shipment of your goods will follow soon after your
agreement has been returned and received.
Will you credit score me and if so, what does this mean?
Credit scoring is the process used by financial services companies to evaluate the credit risk of new
applicants. This technique will be applied to your application for online finance. Credit scoring works
by awarding points for each answer given on the application form such as age, income and occupation,
together with information obtained from credit reference agencies.
This information allows consistent decisions to be provided, ensuring all applicants are treated fairly.
Credit scoring does not discriminate on the grounds of sex, race, religion or disability.
If you decline my application, what is the reason?
In addition to credit scoring, Novuna also takes into account confirmation of your identity, validation
of certain application details, existing commitments and information held at the credit reference
agencies. Though Novuna is unable to provide you with a main reason for declining your application, it
is usually based on one, or a combination of the following:
- Your credit score (please note that every finance company will score you differently)
- Adverse credit reference agency information
- You are considered to be overcommitted
- Your existing account performance with other lenders
What type of information do credit reference agencies hold about me?
Some of the information is public information, for example electoral roll, County Court Judgments and
bankruptcies. Other lenders may also file information about accounts you hold with them for instance
this could include your payment history and outstanding balance on these accounts. Any requests for
credit, where a credit reference search has been undertaken, will also be filed, although the result of
the request is not recorded.
How do I obtain a copy of this information?
Send a request to the relevant credit reference agency, together with details of all addresses at which
you have lived over the last 6 years:
- Experian Limited, Customer Support Centre, PO Box 9000, Nottingham, NG80 7WF
- Equifax Ltd., Customer Service Centre, PO Box 10036, Leicester, LE3 4FS
- TransUnion International UK Limited, Consumer Services, PO Box 491, Leeds, LS3 1WZ
The above listed agencies will provide details of information relating to these addresses. If you
believe that the information is incorrect, you can ask the agency to correct it.
If my application is not successful, can I re-apply?
Yes. We acknowledge that circumstances change and just because a previous application has been refused,
it does not mean that a further request will automatically be turned down. We do suggest however, that
you leave at least 6 months between applications.