FAQ

GOCAP’s minimum lending criteria are to:
Be over 18 years old
Be a UK resident for at least six months
Not be bankrupt
Have no CCJs
Have a mobile phone
Be in full time or part-time employment
Have a UK bank account with online banking capabilities.

To request a quote, please click on the ‘Loans’ tab in your browser and enter your details. We have made it as easy as possible; it only takes a few minutes - this is the only form you will need to complete. You can only request a loan online. The credit search we conduct on you will not be visible to other lenders, unless you are offered, and accept, a loan.

Yes, you need a bank account with an active debit card and online banking, so we are able to transfer the money to your account.

We charge a loan fee of 3.5%. This is to cover the costs associated with administration or loan processing. We will deduct the fee from the loan proceeds that we transfer to your bank account.

No, but you have to be employed at least part-time and show sustainable monthly income, so that we can evidence that you are able to repay your monthly repayments. Unfortunately, we cannot currently offer loans to self-employed individuals.

No, unfortunately, we can only approve people who apply with a personal valid debit card.
(It’s only for your own benefit and safety.)

We will ask for your consent to access Open Banking, on your behalf, during the application process. We use this data in addition to credit data, to help you get access to rates that reflect you personally. This helps us serve our mission of providing access of capital to a wider audience than it is currently available to. In the process you will be forwarded to our regulated and secure partner online.consents. Your bank login credentials are never shared with us, and we don’t have access to your accounts. This will help us provide you with our best possible rate for your circumstances.

In over 95% of our applications, we will deliver an almost instantaneous decision, certainly within a matter of seconds.
If we need to check some aspect of your application, we may need to take a bit longer. It will appear in a queue, and we will look at it immediately. Once the application has been reviewed, we will contact you by email with our decision.

It is unlikely that there will be any circumstances that we will require supporting documentation from you. In a limited number of cases, we may require some additional information.

Your monthly instalments are a fixed percentage of your net salary and will adjust in line with increases or decreases. There is however a monthly payment cap which will override any increased calculation (i.e. it will override the fixed percentage, if the calculation created a larger repayment).

There is also a minimum monthly payment which will override any lower calculation. This is lower than the initial monthly payment and is disclosed in the agreement.

The total amount repayable will not change, regardless of the changes in monthly instalments both up and down over the lifetime of the agreement. This may result in a smaller final payment.

Your first repayment will be made one month after the date your loan was signed by you.
We will be happy to move it to be in line with your salary date or another convenient point in the month.
Please contact us at customer@gocap.co.uk to arrange.

Unfortunately, there is not always a single determining factor. If there is, we will tell you. For more information there is a free service that allows you to view the credit account data that is held on your TransUnion file ( www.creditkarma.co.uk). We also consider the transaction data from your bank account through Open Banking. We have a duty to lend responsibly, and this sometimes results in us not proceeding. Based on the data you provided we are unable to provide you with a quote at this time. Please feel free to re-apply no sooner than three months from the date of the decision.

Further information on how credit reference agency data is used can be found on TransUnion CRAIN or Equifax CRAIN . CRAIN is the Credit Reference Agency Information Notice as is common across all main CRAs.

When you ask for a quote, we will ask for your consent to conduct a credit search with TransUnion. A soft search means that it is not visible to other lenders, just to us and to you. This means that it will not have any effect on any future application you make with any lender.

The rate we advertise is the rate that at least 51% of our accepted applicants will be offered.
However, after we have received all your details from your application, we have more data that’s personal to your individual circumstances. A lot of things can impact your loan rate, which can be different to the representative example.

We will transfer the money quickly, normally within a couple of hours. This can be delayed in the evenings and at weekends.

Your quote will be available to you for 14 days from the date that you request it.