How do you get approved for a short-term loan?

by Waseve

Many people around the country will have found themselves with a financial need that required them to consider a short-term loan. This can happen to anyone, with expenses to home, car or some other area of life able to bring large unexpected bills at one time or another.

If you find yourself in need of this sort of short-term finance option, it is worth exploring the instant loans UK market, with a variety or lenders, as well as online loan brokers, who will be able to inform you on the loan options that are available to you.

In terms of determining your eligibility to be approved for this type of loan, any adult in the UK can be eligible, but you will need to meet a few key criteria to make sure you can gain approval:

– you need to be 18 or older

– you need to have a valid UK bank account

– you need to have regular income going into that account

– you need to have valid phone and/or email contact details

– you need to be free from any current insolvency proceedings

If you meet these criteria, you stand a strong chance of being able to progress with a loan application. Even a bad credit rating does not need to stop you from being accepted for a loan, as with many instant loans UK providers, you can be accepted with a variety of credit ratings, it is simply that those with poorer credit will have to pay a higher APR on any amount that they borrow.

Once you have passed the initial criteria for being accepted, your chosen lender – whether selected through your own searches, or chosen through a provided quote from an online loans broker – you can choose to move forward with the loan application. Your chosen lender will run their own checks, namely on your current credit and financial situation, at which point if you’re accepted, they will then provide you with an unsecured personal loan agreement.

Should you then choose to proceed with the agreement, the lender will be able to transfer the funds directly into your UK bank account, with the funds able to arrive within as little as 15 minutes depending on your own bank processes.

Should you choose to go with an online loans broker, things work exactly the same, except that there is an initial process where you enter your preferred financial terms and the broker then searches through the available loan options and lenders on their database and then provides you with the ideal quote for your financial leads.

From that point, the process is exactly the same, as you go on to deal directly with the preferred lender. The advantage of this process is that some of the hard work of searching is done for you, with many loans brokers offering their services for free. You gain the benefit of their loan comparison and end up with the best loan for you.