It is not unusual to find yourself in a financial fix where the most suitable solution would be having a trusted third-party to lend you money to see you through the period. Unfortunately, most of the mainstream lenders are not tailored to be responsive to such situations as they have in place long and demanding loan application criteria that must be followed.
Pesky loan application criteria
Here are some of those criteria for getting your loan application approved:
1. The strangling pre-set regulations
The basis of the pre-set regulations is to give them a solid foundation where each the financial history and repayment potentials of a client are analyzed before approving the loan. While this always works for the good in a situation where one needs a long term loan it is the exact opposite for instant short-term loans.
2. Too much focus on credit ratings
Another limitation when looking to get a short-term loan is that most lenders place their emphasis on credit ratings. This essentially means that for most people with bad credit the odds are against them putting them in a tight spot at a time when they require urgent financial assistance.
Yes, fortunately there are solutions to the problem. Enter short-term loans that are friendly to those with bad or no credit ratings. Providers like Loanski come to the rescue at such odd moments as they provide an open platform for anyone in need of a short-term loan without restricting on one’s current credit ratings.
By breaking this restriction, the perks of instant access to loans become one that every eligible person in the United Kingdom can take advantage of for the long-term good.
1. Friendly requirements
The minimum requirements for application of an online loan are that you must be a United Kingdom resident who is at least 18 years old, have a currently active account, and a reliable source of income. Since a loan comes with the obligation of making repayments with the pre-set interest rates, the purpose of taking a short-term loan must be valid.
Failure to take to account the underlying factors behind why you are applying for the loan is always the first step to greater financial hardships. This is because while taking short-term loans do not take to account one’s credit score failure to pay back on time will significantly affect the score leading to more severe money problem.
2. No guarantors required (or bothered)
Borrowers of short-term online loans are equally saved from the struggle of finding a guarantor which is typical for most loans. Generally, most people find it an uphill task to constantly approach a friend, colleague, or family to be a guarantor for a loan they can comfortably repay.
The essence of seeking a short-term loan is never to be a burden to others but have instant cash to resolve a pressing matter. Therefore the role of a guarantor is never valid in such situations as the application is always for an amount that can be paid in few installments.
3. Your funds, in just minutes
A final advantage of relying on reputable online lenders is that once the application is approved the money is wired to the specified account in a matter of minutes. Forget all the inconveniences of waiting for at least 24 hours as an application is verified as technology has made it possible within a couple of minutes.
A simple application followed by automated decisions is a dream come true for everyone who wants money as soon as possible for personal use.
Before You Go…
As there are simpler options you can choose for your funding needs, you need to be clear about one thing: You need to be aware of the interest rates, and your overall ability to pay your borrowed funds in full, plus the interest.
Always think twice before borrowing money from anyone or any lenders. Even better, before you make any borrowing decisions, make sure that you consult with someone who knows about the ins and outs of such loans. Consulting with a consultant is always a plus.