Top tips on getting approved for a Short Term loan
When it comes to filling out the form for a loan, you may be unsure on the best practices to get approved. Many short term loans can be applied for online, therefore you are able to get your hands on cash instantly from the comfort of your own home.
Sound too good to be true? The good news is that it’s really that simple, but in order to get approved quickly, there are a few tips you need to bear in mind.
You may find that there are a number of questions that need answering within the form, and while it may seem easy to tell a few white lies, it’s best to be as honest as you can. If you do try to deceive and worm your way out of a situation, there is a good chance that your application will be rejected.
Select your loan amount carefully
As it’s so easy to get instant access to cash from the click of a button, there are regular instances where lenders request an unreasonable amount that they simply can’t pay back. In such cases, it’s likely that they will end up under a mountain of debt as the interest builds upon what they already owe. To avoid this occurring, be sensible about how much you need to borrow, and make sure that you are confident that you can pay back the entire sum by the date specified. Remember, this is an unsecured loan so no assets are linked to the contract, you are responsible for the loan yourself.
Select your loan instalments sensibly
Within the form, you will be asked to select when you would like the instalments to be paid. Don’t make the mistake of selecting too few instalments that will put a financial strain on you, but also, don’t select too many, as you will find that you will have to pay a higher interest rate on the whole loan. Make a sensible decision on how regular you need the money coming in to suit your financial situation.
Fill out the form with accuracy
When filling out the form, be sure that all details are 100% correct. If there is a conflict between your application and your supporting documents, your form will be rejected immediately.
You are more than your Credit Score
Here at BingoLoans we do take your credit score into account, but it only plays a small part when evaluating whether your loan application will be accepted. We take into account your disposable income, your other outgoings, is a loan of this size likely to put you under financial pressure or if you’ll find it difficult to repay the loan on time. All of these things and more are taken into account, so don’t despair if you know your credit score is poor, there are lenders out there who are prepared to look beyond viewing you as a number