Do you meet the loan application criteria?

A good idea before you start applying for any type of personal loan is to make sure you meet the loan application criteria. It is important to check this information first before you apply for any loans because it will affect your credit rating.

The majority of financial products especially loans will require you to meet their application criteria, failure to do so will result in an unsuccessful application and be recorded on your credit score and could affect future applications.

Basic loan application criteria

Applications for both unsecured personal loans and secured loans will require information about your age, income and credit score to be taken into consideration before you a decision is made whether you are eligible for a loan or not.

Secured loans will require the consumer to be a homeowner.

Bad credit history

If you have a bad credit history and you have had problems with late repayments, defaults or IVAs then you may struggle to get a loan. It is not impossible to get a loan but it might be a bit trickier.

If you have a bad credit history then you should consider applying for a specialist type of loan and one that is designed for bad credit history consumers. Constantly applying for every loan lender will not help, it will weaken your credit score.

Poor credit history consumers should opt for bad credit loans.

Payday loans

Payday loans do require you to have a full time job, but does not take into account your age or credit score when applying for a loan. So if you do have poor credit history, it does not matter.

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