Getting a short term loan may be not as demanding as getting a standard bank loan, but it doesn’t mean that everyone can get it or you just need to ask for it. Some people think exactly that, and when their short term loan application is denied they wonder how that’s even possible.
Well, it is possible to get rejected for a short term loan in the UK despite what most people think about that.
What follows is a set of recommendations that can help your short term loan application get approved in the shortest possible period.
Before we start
There are two basic criteria that you need to fulfill to be even considered for a short term loan. First of all, you need to be an adult UK citizen. Furthermore, you need to have a bank account.
If you meet those basic criteria keep on reading. Otherwise, there isn’t any point in going forward.
The Significance of Your Short Term Loan Application
Most online applications are similar and rarely when some landers ask for something different than what’s common with their competitors. Regardless of how the application looks, of the things they will ask you, or of the papers they will ask you for, what matters for you is to be truthful in your answers. Plus, submit all the necessary documents that they might ask for.
If the application is complete and with truthful data then it is very likely that it will be processed fast and you can have your loan on your bank account in the shortest possible period.
This is important because your data will be checked by one of their human operators. If they find some discrepancy between what you claim in your application and your bank and other records, they might simply reject it based on that.
Then there is the thing with your submitted documents. If you just made quick snaps with your camera, they might look blurry. Ideally, it is best to send scanned documents in pdf format. But if you don’t have a scanner at hand, make sure you take high-resolution photos so that their operators can easily go through them.
Basic Criteria to Have Your Short Term Loan Approved
The following criteria are pretty much universal with most short term money lenders. However, “most” doesn’t mean all of them. So keep that in mind because there are still some that might ask for something else before approving your short term loan application.
Employment or Steady Monthly Income
The first thing that every lender will do is check and assess your persona situation and how big of a risk of non-payment you are. Sometimes, even if you are not employed, yet you have some other source of income, they feel free to approve you a short term loan. But most times, being employed is the most important criteria
Your Personal Debt is NOT Out of Control
If you have a debt that is just growing from month to month and is taking a massive part of your income, you might not get approved. On the other hand, if you keep your personal debt “at bay”, it is not growing month by month, that sends positive signals to the lender.
You Pay Your Existing Loans
Your credit history might be as poor as it gets, but if your recent record shows signs of improvement on your side, lenders will see and acknowledge that as a positive sign. By serving your old debts promptly you send the message that you’ve changed and that you are more responsible with your finances.
Getting a short term loan is no rocket science, as it shouldn’t be. Fill your application promptly, submit all the documents they ask for, and borrow as much as you need at the given moment. That’s there all that is too it. The rest is out of your hands and depends on the lender. But if you meet the basic criteria, the ones we’ve mentioned above, then the likelihood of your short term loan being approved is very high.