When it comes to taking out a short-term loan in the UK, including those in the instant loan market known for their quick response and access to funding, it is important to know who and who isn’t eligible.
In short, anyone in the UK who is over the age of 18 could be eligible for a loan, it just depends on a few factors which you need to have in place at the time. These factors are largely to do with having valid details and not being under any current financial insolvency. The specific criteria are:
– being at least 18 years of age
– being a valid UK bank account holder
– having a valid phone and email contact details
– having regular income going into your UK bank account
– not having any current insolvency, liquidation or administration proceedings against you
If you meet all of these criteria, there is every chance that you will be eligible to be accepted for a short-term unsecured personal loan. If you are worried about a bad credit rating affecting your chances of being accepted, you should know that many people are still eligible for a loan even with bad credit. It may have an impact on your APR, as those with bad credit often have higher interest rates, but as long as you are clear on this you can take it into account in your budget.
In terms of how you secure your loan, you can either go through finding a lender yourself, or you can make use of an online loans broker who can search across their panel of lenders and loan options and find the best loan quote for your financial needs. If you take a look at your quote and like it, then you can move forward with the application process, and if you pass the checks with the lender, you could then have your funds as quickly as 15 minutes after acceptance.
When it comes to the instant loans UK landscape, there are clearly a lot of elements to be aware of, but overall it can provide you with much-needed finance at a time of emergency expenses that need to be met. Of course, you don’t want to fall behind on your payments and incur further financial issues, but as long as you keep up with these repayments, it can make for a helpful financial step at a key time.
Have a think over exactly what amount you need to borrow and what repayment terms would work for you, and then take a look around for regulated lenders whose terms work for you, or alternatively, make use of the aforementioned loans broker service to have yourself provided with an ideal quote for your specific financial needs, given you a helpful benchmark to compare your own loan searches against.