Could credit report errors be affecting your chance of finance?
Been declined for money more than once? Over 30 per cent of credit reports contain errors which may prevent you from being accepted.
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If you are looking for personal loans spread over 12 months, we have something for you. Discover what we can do . We’ll source the best deals the market can offer. We offer flexible loans, and look to say yes to 80% of applicants.
If you apply online for a payday loan, you will be required to fill in a short application form with your personal details on, so that your application can be processed accurately. You can apply for a loan on all devices including mobiles, laptops and tablets.
The average payday loan application process takes a mere five minutes to complete. You will need to detail how much you want to borrow, the repayment period (if applicable), basic details such as your name, age and residence. Applicants will be asked to enter their employment details, be it full time, part time or unemployed. In addition, you will be asked to enter your monthly take home salary and the date that you get paid. These are important details as it gives a prospective lender a realistic view of how much you can afford to borrow and thus repay. The final part of the application form usually consists of filling in your bank account details, so that the lender knows where to transfer funds.
When you apply online for a payday loan, lenders will make a series of instant checks to ascertain whether you are suitable for one of their products. This allows them to inform you of an instant decision. These checks include: Basic criteria – these are the standard criteria that all borrowers must adhere to, namely that you are at least 18 years old, in employment, a UK resident, and have a valid bank account.
Most lenders will run a credit check as part of their vetting process. They will use one of the UK’s major credit report agencies such as Experian, Equifax or CallCredit, and the results will give them a good idea of your credit history and thus whether you are a reliable potential customer. Each customer will have a credit “score” that ranges from 300 to 850, the higher the better. Each lender will have different benchmarks for accepting customers, and each credit agency has slightly different judging criteria also. For applicants looking for bad credit loans, not all payday lenders run credit checks. Instead, they look at things like employment, age and previous loan history with the company to make their decision and they often charge a slightly higher rate due to the increased risk.
This refers to the issue of what the customer wishes to borrow, and their capability to make the repayment(s). It is important that any responsible lender assesses a potential customer’s ability to repay fully, so that both sides are confident that payments will be made in full and on time. Part of this assessment would include looking at your monthly wage, and a lender may request evidence in the form of payslips in certain circumstances. Another method of assessing affordability would be to look at your monthly expenditures, so that the lender has a fair view of your finances and your available income.
If you are using a payday lender for the first time, it is hard for a lender to rate you on trust, but for repeat borrowers, lenders will have a better idea of the level of trust and of your borrowing history. Customers that have had loans before and repaid on time are of course more likely to be approved for further loans.
With the emphasis on providing money to borrowers quickly, most payday lenders will have deposited funds within a day, and many have “express options” for a small fee that allows funds to be deposited within the hour. Occasionally further checks may be needed or a phone call will be required, which could slow down the process slightly. Most lenders will require an electronic signature for your credit agreement, before the process can be completed. Normally a link with an attached code will be sent to you so that it can be verified you are who you say you are, and by entering the code this counts as a signature.
With any financial commitment, we strongly advise you to fully examine the terms and conditions of the agreement so that you are fully confident of making the repayments on time. However, we acknowledge that circumstances change and that occasionally individuals will struggle to make a repayment on a loan. Therefore, we think it important to list the possible ramifications of missing a payment:
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At Moolr, we have a decades of financial experience available to help potential borrowers. We utilise our experience to assist and guide you. We source the best deals so that you do not have to. Our experts also constantly add new and superior lending terms. Experienced lenders can help borrowers with bad or mixed credit histories. We aim to provide an opportunity for such borrowers to rebuild their credit scores. We will endeavour to locate 12 month loans to suit any individual and any history. Opt for a 12 month loans spread over 12 months and make your repayments on time. It is imperative though that you do not miss payment. This could have a negative effect on your credit rating.
Loans over 12 months are an excellent method of spreading your borrowing. They also carry a slightly lower risk to those lending than say, a 4 year finance deal, as there are only a quarter of the repayments involved. Thus, you lessen the risk of a repayment being missed. Our longest repayment term is for 5 year loans.
Moolr specialise in 12 month loans for those with bad or mixed credit histories so if you apply via us, we will find the perfect loan for you. You are under NO obligation to proceed with the loan. Thus, take a look today at what’s available and control your future. What’s more, decide if the terms are right for you. Apply if so. also, achieve a stress-free future. Remove the burden of overwhelming debts. Remove the fear of the end of the month. Plan your future right now. See what a loan could do for you. Look around our site. See why we are one of the most trusted loan brokers. Check our customer satisfaction levels. Borrow with confidence. Apply for finance, and you can decide whether to proceed. Applying for a quick quote will not dent your credit score. Using our quote calculator has never been easier! Take control of your destiny today and ease life’s burdens and look forward to the rest of the year. Contact us with any further enquiries.