How to get a Quick guaranteed loan?

Instances like- medical emergencies, car breaks, short circuits, and central history system malfunctioning need immediate attention. In situations like these, one cannot wait until payday. Guaranteed loans are the best way to finance any pressing concern without worrying about cash shortage. You may qualify if you have stable finances and receive a regular income.

No lender can provide a guaranteed loan. Every application is subjected to initial credit checks. If a borrower can afford the amount comfortably with managing finances, he gets immediate cash in the account.

Opposed to this, if a borrower's monthly income is lower than the amount requested, the lenders may reject it. No responsible lender can lend to individuals whose loan requirement is more than they can realistically afford. It may impact the borrower's finances and credit score in the long run.

These loans are income-based and hence also known as payday loans.

What does a guaranteed loan imply?

A guaranteed loan is cash flexibility that allows individuals to meet any emergency with instant money. It eliminates the requirement to wait until one receives the salary. These are ideal only for emergency purposes and you can borrow only a small amount of up to £3000 for your needs. You do not need to have a stellar credit score to qualify.

If you could provide stable income source proof, you may get these loans immediately. These are also collateral or security-free loans. Though these are short-term loans, you can spread the loan costs according to your comfort and preference for up to 12 months or more.

Things that can impact guaranteed approval on the loan

Every lender has unique criteria to analyse a borrower’s affordability.  Whether you are new or have approached lenders for fast cash earlier, you must be mindful of the few things that may impact the chances of approval.

1)     Applying without checking the criteria

Many individuals rush to get instant finance and often skip the research factor. It is important not to miss the eligibility part. The lender rejects the application if the eligibility criteria do not align with your budget.

For example, one has to be above 18 years of age with an income to avail of these loans. Avoid applying if you are younger.

2)     Too many credits in the credit report

One should always keep a tab on credit profile changes. It entails your bill repayment and loan repayments. There are some instances where you miss to report the agency of your loan repayment. If that loan still exists on your profile, it may impact your credit score.

On the other hand, pay your bills on the due date every time. It will help the lender take you as a responsible borrower. Always ensure lower credits and clear the pending ones timely.

3)     Unnecessary expenses

It is natural to shop instinctively, but it can hamper your budget and credit in the long run.

For example- if you earn £25000/month and spend £20000 on discretionary needs, the lender may deny the loan.

The lender analyses the liability like- rent, bill payments, and other expenses for affordability.  Keep the spending on unnecessary items low.

What are the leading aspects of getting an instant loan approval?

You can get guaranteed loan acceptance if you improve your probability by analyzing and walking by a few parameters. Here are some that lenders priorities to provide instant loan approval.

a)     Providing correct information on the application form

The loan applicants must be conscious of the details they mention while filing the form. You provide basic details like- Name, Email, Address, amount, and contact number to get the loan.  Always check the details for spelling and information. Provide authentic information as loan providers verify the same before providing the loan.

b)     Improvement in the credit history management

Analyse your credit history before applying for any loan. Emergencies do not grant you the apt moment to do so. Check your credit report every month. It will help you analyse the loans and the total amount to pay the lenders and other liabilities. If you have a low credit score, make effort to improve it. For this, you can-

·       Pay the existing outstanding debts

·       Limit the credit card usage

·       Get registered on an electoral roll

·       Apply for a credit builder card if you have no credit history or a poor credit score

·       Consolidate some debts

c)     Employment history

Individuals having a long and consistent employment history qualify quickly. So, if you are working for a long-time, seek a promotion. You may also qualify if you are unemployed by providing some part-time income proof. Some lenders do not accept income from benefits as the primary income source. Thus, it helps to present some other income to get instant cash assistance.

d)     Borrowing a reasonable loan amount

If you need cash urgently, do not pick any amount randomly. It may hamper your loan approval chances. Instead, improvise on your requirements and borrow only the amount that fits your budget size. Do not borrow too low that may not meet the need. Decide a workable amount.

 For example, if you need £1000, check whether you can meet your needs within £800. If not, then go for it.

Will your application be rejected with a very poor credit score?

No, as these loans mandate income affordability. Unless you can provide a reliable income source, you have limited chances of application rejection. It depends on the very bad credit loans' direct lenders’ criteria. Every lender differs in terms. Thus, if not income, there are other instances where they could reject your application. There are other reasons that may impact application approval:

·       You lack sufficient credit history

·       You lack regular or reliable income sources. Income from Gambling does not count as a trusted source.

·       You have too many payday loans or similar short-term loans in your profile

·       You do not meet the lender’s eligibility criteria

·       You have applied for multiple loans recently

·       You have government benefits as the sole income proof

·       You have dishonoured payments- where the creditor tried to debit repayment as a part of a direct debit facility but had insufficient balance.

·       You have too many CCJs and Bankruptcy on your credit report

These issues may impact your loan application approval. Check your report of the same and apply.

Bottom line

Thus, you can confidently apply for these guaranteed loans if you have relevant and regular income with no recent credit drawbacks. These are the best loans if you have an emergency and need cash urgently, regardless of your credit score. 

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Created on Apr 17th 2023 00:58. Viewed 45 times.

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