Do I Qualify For A Short Term Loan?

In order to discover if you qualify for a short term loan through Moolr, you must:

 

BE OVER 18

Age restrictions on lending largely comes down to repayments and laws surrounding actions available to minors. Should a loan not be repaid, then the eventual route is to seek legal action against the person borrowing the money. This is not legally possible in the event that the person is a minor.Thus if you are under 18, you will not qualify for a short term loan.

 

BE A UK RESIDENT

You must reside in the country you are borrowing from. This is because of local laws and restrictions, and again, largely comes down to protecting the lender in the event of non-payment. Accessibility to the borrower must be easy and legal, and living abroad would go against this. Most of all, it makes you approachable to lenders, because of where you are based.

 

BE EMPLOYED OR HAVE REGULAR INCOME

You do not necessarily have to employed to obtain a loan, but rather have an income. This could be in the form of disability benefits or pension income. This is essential, as obviously without some form of income, you would not be able to repay your loan. We work with specialist bad credit loan lenders whilst sourcing the best deals. Because the customer comes first, we will only lend if we feel it is right for all parties.

 

HAVE AN INCOME PAID DIRECTLY INTO YOUR ACCOUNT

The income you receive should be transferred directly into your bank account, and this gives the loan provider the comfort that there will be money available for repayments each month. It also shows stability and accountability to the lender. If you are not paid this way, it could be worth reconsidering and making appropriate changes. Such changes will help you qualify for a short-term loan.

 

HAVE A BANK ACCOUNT WITH A DEBIT CARD

A debit card is used simply as proof of identity, but also shows that there is means to remove funds from your bank account. And this is important for the traceability of a customer, and to show the loan provider that repayment can be made. Such details will help you qualify for a short term loan.

Representative example: Amount of credit £1,500 for 2 years. Interest rate: 71.3% pa (fixed). 24 scheduled monthly payments of £118.88. Total amount repayable: £2,853.12. Representative APR 99.9%.

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Why not check your credit report before applying?

If you are worried your credit history will affect your application, then try a FREE trial with the credit report service from our partners at Credit Angel

Errors or out-of-date information on your Credit Report can negatively affect your application. Ensure your report is accurate and dispute any errors! Sign up today for your FREE 30 day trial, and give yourself the best chance of obtaining a loan. By correcting mistakes you appear more trustworthy to lenders. And what’s more, you are thus more likely to be accepted!

 

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