We can only answer this question once we know how much you are currently earning and spending, and after we can review your recent credit perfomance.
Some people have a low credit score simply because they have no credit records, for example when they have not been paying bills or borrowing money in the UK. Other people may have forgotten to pay back a "buy now, pay later" loan or a credit card bill while on holiday. Others may have had more serious difficulties with paying their bills in the past or maybe even had to default on a loan.
At Fintern we only lend to people if we think that they can pay back the loan in full out of their income. This is because we believe that increasing the amount someone has to repay each month when they are already struggling with their spending would not be the responsible thing to do.
Fintern is proud to consider lending to people who have had credit problems in the past, but where we can see that they have resolved their debts, they are currently up-to-date on all their payments, and that the loan is affordable.
We are all already juggling lots of different financial commitments: repaying existing loans and credit card debt, paying for utilities, the gym membership, petrol, groceries. When you give Fintern permission to access your accounts through open banking, our computer algorithm looks at all of your regular income and spending. Sometimes this will tell us that, on balance, you cannot add another loan repayment to your existing spending, because then you would suddenly earn less than you have to pay out every month.
If someone has fallen behind on repaying a number of their bills and has not been able to catch up, then borrowing more money is probably not the right decision. In these cases, the best thing to do is to work on repaying existing loans before taking out new ones. We have put together a list of organisations that can help you figure out how to do this (see here
Our lives and finances are works in progress. Even if we decline your request for a loan today, when your financial situation improves, you can re-apply and we might then be able to give you a loan even if your credit score has not improved in the meantime.