There are many reasons you might need to get your hands on some money as soon as possible – whatever they are, if time is in short supply, you’re going to want to make sure you’ve done everything possible to make the process quick and easy.
You can get an instant decision from Oink Money – but there could be other factors you haven’t considered. Check over this list and make sure you’ve removed as many barriers as possible!
Are you looking at the right type of loan?
Depending on the amount you’re looking at borrowing you’re going to need to choose between a secured or unsecured loan. Unsecured loans are normally aimed at people who are looking to borrow a small amount, generally between £1,000 and £25,000. If you’re hoping to borrow more, you might need to look at securing the borrowing against your property.
Will you pass a credit check?
Almost all lenders will want to use your credit score to check that you’re likely to pay the money back. There are lots of reasons your credit score can be lower than expected – and many of them are quickly fixed – for example: Are you registered on the electoral register at your current address? If not, you can fix that by registering online.
Not everyone’s credit history is totally accurate, so if you can, checking it over before you apply can be helpful. If there’s something on there you don’t recognise or thought was paid off, you can contact the company it relates to and ask them to check their details. Human errors do occur, so it’s worth making sure your credit score is 100% right to stand you in the best position possible.
Do you have the appropriate ID and information?
A lot of companies will accept your application for a loan ‘in principle’ – meaning you’re required to prove that the information you’ve submitted in the application process is accurate. You’ll usually be required to provide the following information:
- Your residential address for the past 3 years
- Your annual income before any deductions
- Details of your monthly incomings and outgoings
- Your employers name and contact details
Sometimes, lenders will want to see bank statements, proof of your current address, proof of ID and recent payslips – every lender is different so having these things saved in one place means you don’t have to search or request copies.
Can I find a guarantor if I need one?
A guarantor is someone who will pay your repayments should you be unable. Often this is a family member or friend who’s willing to help you out. A guarantor needs to know that you’re going to put their name forward for the position before you do – especially as most lenders will do a credit check on this person to make sure they’re suitable.
Your guarantor is normally required to be someone who’s a homeowner. Sometimes, that guarantor is required to sign paperwork at the same time and location as you. On that basis, it helps if your guarantor is someone close by, if not, it could mean a big journey for them!
Checking that someone would be happy to help you out in this way before applying means you don’t have delays after the application if it is required.
Even though time is important you could fall into the trap of choosing the first lender who accepts your application. This can often mean paying a lot more in interest when a quick search would have saved you a significant amount over the full term of the loan.
Using a comparison site like Oink Money means you get the speed that you require – while still being able to compare similar products. Lots of comparison sites work as a ‘credit broker’ – meaning you don’t borrow the money from them directly, instead, they look for the best products for you with numerous lenders.
This can be really helpful if time is of the essence – if you’ve ever filled out loan application forms you know that they can be time consuming, so comparing 40+ lenders would take untold amounts of time! And most comparison sites won’t cost you a penny as their revenue is created by finding borrowers for the loan companies.
Got all that?
If you’ve thought about all of those points then you’re in a good position when a lender says yes!