If you are looking for a loan, you may wish to choose between applying directly to a lender or using a credit broker. If you are satisfied that you have a good credit rating, picking the lender with the cheapest APR and applying directly is a preferable option for most.
However, customers who have been declined, or who have a low credit score, knowing where to apply can be more difficult. Credit brokers can help in this situation. Where a direct lender can only accept or decline an application for their product, a credit broker has a panel of lenders and can match customers of all different profiles. A credit broker can save some customers a lot of time and effort that would be spent applying to lenders individually. As lenders soft search, using a broker to search the market for you won’t impact on your credit score.