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FAQ’s – Underwriting questions

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Q. Why have I been offered a different loan to that requested?

A. Following our comprehensive affordability and credit underwriting checks completed, this is the amount that Fernovo believes you can realistically afford to repay us.

Q. Why do you need my Debit Card and bank details?

A. We need your bank details so that we can transfer the money to you if you are accepted for the loan.

We require details of your Debit Card in order to verify that your card is valid and create a Continuous Payment Authority (CPA) to facilitate the repayment of the loan.

Q. I have already submitted my application but now you are asking me to sign it again. Why?

A. The reason we need to have another e-signature today is that your previous signature carries yesterday’s date. As it is a contract we have to have today’s date on your acceptance so that interest will only start from today. You should receive another email in the next hour. Please accept our apologies for any inconvenience caused by this action being necessary.

Q. I have been told that I was declined. Why is this?

A. When assessing your application to ensure this is affordable, our underwriters take into account the information provided by credit rating agencies. You are entitled to ask us the main reason for why we have declined your application. You are also entitled to ask us to review our decision if you believe this decision is unreasonable.

You can ask us which credit reference agency we used if you want to contact them to obtain a copy of your credit file. The list of credit reference agencies which we use is found in the Privacy Policy on our website.

If you have been denied credit and believe the refusal to be unreasonable you may make an appeal to a senior credit risk manager by emailing us at underwriting@fernovo.com.

Q. How long will it take to know if my application for a loan has been approved?

A. We aim to respond to most our applications within 60 seconds. However, from time to time, your application might need to be reviewed by an underwriter. Depending on volumes, they usually respond ASAP or otherwise within an hour or so.

An email will be sent once we have accepted your application or requested any further information.

If your application is approved, it can take from 15 minutes to an hour and a half for funds to reach your account – depending on your bank.

Q. I have just submitted my e-sign application. Can I still be declined?

A. Yes, that is a possibility. Our systems automatically check the information available online before the e-sign stage. From time to time, our underwriters might need to complete a full assessment of your credit worthiness and affordability.

Q. You have requested further information (bank statement/payslips/passport/driving license) that I cannot supply.

A. If you are unable to provide the requested information, we will be unable to process your application.

Q. I have been told that I have got the loan but the money has not shown up.

A. The funds have been sent to your bank but it can take up to an hour to reach your account. You will receive another email once the money becomes available to you.

Q. I want to re-apply. How do I do this?

a. Just go to our website and at the top right-hand corner and you will find a Blue Button called, ‘My Account’.

You can Login at ‘My Account’ using your password and the original email address that you used to apply with us. Just keep in mind that when you entered your password, it had one capital letter and one number.

Q. Why can’t I re-apply for a 4th loan? I have paid back all my loans on time

A. We recently sent you an email stating that under Financial Conduct Authority (FCA) regulations, we are unable to refinance customers more than twice.

This means that we are unable to approve any further application for credit from you for a period of at least 30 days from the date that your last loan was repaid.

Any further applications made after that period ends will, of course, be subject to the same creditworthiness and affordability assessments we conduct for every loan. Please note that your loan is marked as cancelled and has not been declined.