Moolr.co.uk | Short term loans

Loan Qualification Criteria

We often get enquiries from people asking if they would pass the application test for credit. So we decided to discuss the loan qualification criteria.

Loan Qualification Criteria – Age

Repayments and regulations governing acts permitted to minors are the main reasons for age limitations on lending. If a loan is not repaid, the next step is to take legal action against the individual who borrowed the money. If the individual is a minor, this is not legally possible. As a result, if you are under the age of 18, you will not be eligible for a short-term loan.

Residence Criteria

You must live in the country from which you borrow cash. This is due to local rules and limits, and it all boils down to the lender’s protection in the event of non-payment. Borrower accessibility must be simple and lawful, and living overseas would contradict this. Above importantly, it means lenders will be comfortable approaching you with offers, because of where you reside.

Employment Criteria

You do not need to be employed to get a loan, but you must have a source of income. This could be in the form of disability compensation or income from a pension. This is necessary since you would be unable to repay your debt without some type of income. While sourcing the best deals, we collaborate with expert bad credit loan providers. Because our customers come first, we will only lend if we believe it is in everyone’s best interests.

Loan Qualification Criteria – Wages Payments

The income you get should be deposited directly into your bank account, as this assures the loan provider that you will be able to make monthly payments. It also demonstrates to the lender consistency and accountability. If you are not compensated in this manner, it may be worthwhile to review and make the necessary changes. Such modifications will assist you in qualifying for a short-term loan.

Bank Cards

A debit card serves as confirmation of identity and also confirms that you have the ability to withdraw monies from your bank account. This is necessary for a customer’s traceability and to demonstrate to the loan provider that repayment is possible. Such information will assist you in obtaining a short-term loan.

 

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