Anyone who is looking to take out a personal loan in the UK, usually to deal with some sort of sudden or unexpected financial need, will likely be wondering about the exact requirements to be accepted for such a loan.
This is understandable, as obviously most financial matters come with some sort of eligibility criteria and terms to keep to. When it comes to personal loans, we’re pleased to say that the eligibility criteria are fairly straightforward:
– you need to be 18 or older
– you need to have valid phone and email contact details
– you need a valid UK bank account
– you need to have regular income going into this account
– you need to have no outstanding insolvency, liquidation or administration process against you
So, as long as you have valid age, contact and payment details, regular income and are not currently undergoing any financial insolvency proceedings, you have a strong chance of being accepted for a short-term unsecured personal loan. Many people in the UK worry that a bad credit rating will stop them from getting a loan, but as these criteria show, this is often not the case.
We should state, some lenders will increase the APR on your loan – which will determine the level of interest you pay – if you have a worse credit rating, due to the perceived financial risk at their end, but few will reject you outright for a few credit rating issues.
Additionally, these APR terms should be clearly stated to you when the loan offer is made, so you will have clear details on exactly how much you are expected to repay. When it comes to finding quick loans in the UK, it is always important to know specifically where you stand in financial terms, just so you can be sure that you’re in a place to be able to repay the loans as you deal with your financial issues.
In terms of assessing how viable a loan is for you in financial terms, you should consider details including:
– the amount repayable each month
– the total number of monthly installments
– the total amount repayable
Having these three figures clearly defined will allow you to ascertain whether this loan amount is workable into your current budget. While a sudden expense can happen to anyone – whether a house repair, car issue or medical emergency – it is always worth making sure that you are in a realistic place to be able to pay back your outstanding monthly payments. The last thing you want to do is incur any further financial issue.
Once you’re sure on all of these details, you can move ahead with accepting your loan, at which point it could be in your bank account within as little as 15 minutes, allowing you to deal with the pressing financial need and move on with your life.