Your credit check explained
In order to protect ourselves, and our existing clients, we perform credit checks on all orders. As a regulated company, we also have a responsibility to ensure our clients can afford their monthly payments.
Applying won't affect your credit score
We perform soft credit checks. These are checks that may happen all the time by certain companies, without you knowing about them. It's a quick review of data and does not affect your credit score.
Who do we accept?
Our main aim is to allow people to access affordable bikes, we accept as many people as possible. But there are situations where you may not pass.
Will I pass?
The only way you can tell for certain is to apply. The following are some reasons why you will not pass:
- If you have a County Court Judgement (CCJ). See gov.uk for more information. A CCJ will stay on your file for 6 years.
- You do not have a credit file in the UK.
- You do not have a UK bank account. This is required in order to set up and take your direct debit payments.
There are some further checks we make that may cause you to be declined.
- You order many bikes, over a short period of time or multiple orders
- You order multiple high-value items
- You place orders, or have a previous history of orders placed from multiple addresses
- You have outstanding arrears on previous or current rented bikes
- Your address is a long distance from a distribution location
Where do we get our information from?
We use Creditsafe to perform our soft credit checks. Creditsafe provide the data on credit scores to companies like ourselves.
If you are declined, and don't believe this is correct, you can contact Creditsafe to request a copy of your personal details. This will not cost you money and should take less than 30 days. Sometimes the credit companies do get people mixed up. So, if you pay your bills on time, are registered to vote in the UK, and have no CCJ's, it's worth checking.
If I don't pass, can I apply again?
Yes. We'd recommend seeking advice from the Money Advice Service. They can provide advice and recommendations on how to improve your credit score. When you feel ready, come to Pedal Plan and we will process another approach.
What if my financial situation changes whilst I'm a member?
Financial situations change all the time. You can cancel your subscription at any point and are not tied in. There is a small cancellation fee within the first 12 months to help cover various the cost, but we always keep this as low as possible. Once your bike is returned, your monthly payments will stop.