£100 to £5,000*
Representative Example: £500 borrowed for 5 months
Apply For £50 - £1,000
Choose Your Loan
Choose from a wide list of options that are perfect for your needs.
How Will My Application Work?
You don’t have to leave the comfort of your homes to apply for a loan. Just visit the lender’s website and fill up an online form. The process is safe and secured. There’s no need to visit banks or fall in long lines to get approved.
Fast and Convenient
The application process is incredibly simple and fast. Complete an online form and have it submitted. In just minutes, you can get the result from the lender of your choice and have the funds ready on the same day. You don’t even have to wait for days to get approved.
No Credit Checks
Is your credit holding you down? With us, you don’t have to worry about your credit line. Even with poor or bad credit, you are still eligible. As long as you can repay the loan on schedule, everything is going to be just fine. We have plenty of options that don’t require credit checks.
Loan approval can sometimes take forever. While waiting, you also have to deal with the fact that it might result in a denial. Naturally, you’d wonder if a loan rejection is ever going to have an impact on your credit score and your chances of getting a loan in the future.
Loan Rejection and Your Credit Rating
If you’re wondering whether a loan rejection is going to have an impact on your credit score or not, you’ll be relieved to know that it doesn’t. Lenders that will make a credit inquiry on your records will not be able to retrieve this information. What affects your credit score, however, is the credit inquiry that lenders tend to make when you apply for a loan.
Understanding credit inquiries
Credit inquiries will always have an impact on your credit score. This includes how long these inquiries have been spaced. Lenders are required by law to do hard credit checks on loan applications. While other lenders will not see what became of these loan applications, the fact that you have applied for credit is reflected on your history. If they’re spaced in such a short span of time, this may create a bad impression. Lenders might interpret this as a sign that you’re desperate for money. Worse, they might think that you’re borrowing money you can’t really afford to pay.
A credit denial should not have any impact on your credit score. But you must remember that there is probably a reason behind the denial. This is why it is best to take a closer look into the rejected application and figure out where you may have gone wrong. It could be your credit score. It could be your present financial situation. Figuring out what caused the rejection will at least give you the chance to do something to fix it so your next attempt is likely going to have a more positive outlook.
One of the most basic requirements of lenders in the UK is for their borrowers to at least be 18 years old. However, getting approved for a loan at 18 is actually not that easy. Lenders do not just want to approve your loan application if you do not have a good credit history most of the time, at 18, you may not have the opportunity to borrow money before. So, there is nothing for lenders to base their decision on as far as your creditworthiness goes.
Considering how you will not have had the chance to build credit yet, it’s very less likely for traditional and mainstream lenders to cater to your loan application. What you can do instead is to refer to specialist lenders who will be willing to assist. These lenders do not only focus on the borrower’s credit score but also take into account other factors to qualify you for a loan.
It would help your cause if you are currently employed and you are earning a stable monthly income. Lenders will look at you to have the capacity to pay them back when you have a stable earning every month. So, you will likely get approved for a loan if you’re employed.
Get a guarantor
You can have somebody with an established credit history and a good credit score to guarantee the loan. Lenders will likely approve your application when they get an assurance that there is somebody that will take over the loan in case you will no longer be able to make the payments.
Lenders will also be more forgiving of the non-existence of your credit history when you can offer collateral. A car title or a property title can be used for this purpose. You are more likely to get approved for a loan with a higher amount and at a much lower interest rate too when you can present collateral to secure it.