Loan Eligibility Checker
Perhaps you’re in need of some money for emergencies? Whether they be medical bills or even car repairs, you have come to the right place. But before any loans can be given, we need to ensure that you fit our desired approval criteria.
What is the Loan Approval Criteria?
An approval criteria is what lenders and brokers use when deciding if they should lend to people who are applying for a loan. Although you should be aware that if you fit the criteria, it doesn’t automatically mean they will lend to you. There are multiple other aspects which are important when making the decision, including things like your credit score.
Will I be eligible for a Payday Loan?
Here at BingoLoans, we have very specific criteria due to our role as both a lender and a broker. If we cannot offer you a payday loan, we try to connect you to another trustworthy lender who will be able to help. But to do this, we need to make sure we have as much information as we can get our hands-on along with the relevant applicants. Hence the long criteria and specific application process.
You might be aware that not all lenders and brokers have the same criteria. This is all down to what and who the individual company would like to target. Some like to target those who are younger and want to pay off unexpected debts, pay for school or repair their first car. Others want to target those who are older as they might have a steadier income, meaning they are less of a risk to lend to (especially if the lender or broker works with unsecured loans).
Although, most lenders and brokers have similar criteria as they all do the same thing, lend money. It isn’t often that there are huge differences in the requirements. As mentioned previously, there might be a difference in the age requirements or even a difference in the source of income. For example, most only give the option for you to be in employment. If you’re not, you won’t be able to get a loan. But, here at BingoLoans, we want to try and give more people the opportunity, so unlike other lenders, we lend to people who are receiving various allowances.
What is the Eligibility Criteria at BingoLoans?
To qualify for a loan with BingoLoans, you must match all of the below:
- Be over 18 years old & a UK resident
- Have a bank account and an active debit card
- Be in permanent employment or receiving various allowances
- Meet our credit and affordability criteria.
- Agree to provide accurate information about yourself and your financial situation
Once you have submitted your application, we will conduct affordability checks to ensure that the loan you have selected is all right for you.
Will my credit score impact the chance of approval?
Luckily, here at BingoLoans, we offer loans for bad credit. But, that doesn’t mean that you will automatically be accepted. We believe that your credit score doesn’t define you so we take everyone into account to see if we can give them the chance of a loan. Although due to being an unsecured lender and broker, sometimes it is too much of a risk to lend to certain people, this doesn’t mean others won’t offer you a loan, so don’t give up.
With this being said, this doesn’t mean that having a low credit score doesn’t matter. Having a higher credit score will get you a lot further within the process. It could even impact the amount of interest you have to pay each month. This means you might be able to get a loan cheaper than others. You will also find it easier to get your hands on a loan.