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Planning For A Loan

Whether you’re planning to buy a brand new car or starting a family, you will need funds to make this into a realization. There are plenty of bumps you have to go through to make it possible. If you’re planning to apply for a loan, there are many things you need to consider before starting.

First, you need to check your credit. If you’re going to apply for an unsecured loan, you might want to check with your credit and credit history first. Whether you qualify for the loan or not, it all boils down to your creditworthiness. It would also determine the interest rates.

Having a bad credit limits the opportunities available for you. But that doesn’t mean you will no longer be able to apply for a loan.

Learn more on how you can take control of your credit.

How Will My Application Work?

The application process is simple and easy. It can be done as fast as two minutes, from start to finish. Here’s how it works!

Secure Process

We take the application online. Fill up a form on the lender’s website to get started. Your information goes through a secured platform to ensure your data is fully secured. There’s no need to go to the banks and fall in long lines just to get approved.

Convenient, Fast, and Easy

You can apply anytime and anywhere. Our platform is open 24/7. You don’t have to beat the traffic to get to the nearest bank before it closes. You can do it in the comfort of your homes. The best part is, the application takes no more than a few minutes.

No Credit Checks

You don’t have to worry about having a poor credit. Even if you’re blacklisted or without any history, you are still eligible to apply for a loan. Our lenders do not do credit checks. As long as you can pay the loan on time, that is good enough.

Having a pre-approved loan application is important especially when borrowing a bigger amount as it increases your chance of getting the loan. However, not all borrowers are eligible so if you’re wondering whether you’re qualified for a pre-approved loan or not, then you’re in the right place.

In this guide, you will learn what a pre-approved loan is about, how to be qualified, and its advantages.

What Is A Pre-Approved Loan?

As the name suggests, a pre-approved loan means that the lender has accorded to provide you a loan for meeting specific requirements. These loans are normally provided by banks to provide convenience to the loan applicants.

Who Meets The Eligibility Criteria For A Pre-Approved Loan?

Having a pre-approved loan offers a number of benefits; however, not everyone is qualified to get it unless the borrower meets the lender’s criteria. Some of this depends on saving history, current balance, good credit history, and income.

Advantages Of Pre-Approved Loan

Fast Processing

Unlike the usual loan application process, having a pre-approved loan will make the procedure faster and easier. Since the lender already knows your eligibility amount and is aware of your requirements, the loan can be provided in the soonest possible time.

Lower Interest Rate

Having a pre-approved loan means your requirements match the lender’s criteria, therefore, they’ve already determined your creditworthiness towards the loan. As a result, the interest rate charged to your loan is lower compared to those who don’t have a pre-approved loan.

Minimal Documentation

Normally, a pre-approved loan is given only to the lender’s existing clients therefore, there’s little to no documentation required.

Online Application

One perk of having a pre-approved loan are that you can get the amount you need without going out of your comfort zone. This means that you can start the loan application online, whenever, wherever you are.

When it comes to loan applications, your credit score is going to matter immensely. A decent score is needed if you want to get approved for credit cards or loans. If you want to get some of the best loan offers out there, you need to have a good or excellent credit score.

Your credit score and your loan application

While it is true that your credit rating is not the only thing that should matter when getting a loan, it plays a huge part. It affects your interest rate, how much you are allowed to borrow too. Our score is likely to differ among agencies too but the better it is, the more you’ll be looked at positively by lenders. The key is for you to look less a risk. If you’ve ever struggled with bills payment or missed some payments in the past, it will have an effect on your score.

Loans available for fair credit borrowers

It is always best to get your score fixed first before you start applying for a loan. But if you cannot really wait that long to get your rating repaired, there are still options out there for you.

Personal loans

These unsecured loans are fixed rate are paid back in monthly payments. They do not require any collateral and it is something one can get from high street banks, brokers, and online direct lenders. These lenders may even cater to those with spotty credit records.

Short-term loans

Generally known for the high costs attached to them, these are offered by lenders who are known to cater to low credit borrowers. You do have to prove that you can afford the repayments. The amount needs to be repaid within a short-term too and penalties are high, so proper management of the loan is crucial.

Guarantor loans

This requires a third party that will promise to cover the repayments for you if you will default. If your credit is spotty, this is one way of ensuring that you’ll appear less of a risk to lenders.