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One hour loans and same day loans are available to most UK adults, even those with a bad credit history. Here are some frequently asked questions answered, to help you understand how your credit history will affect your loan application.
How do credit checks vary between same day loans companies and banks?
In short, banks are likely to do much more extensive checks than same day loans providers. This means that if you have a poor credit history your chances of being accepted for a bank loan are much slimmer than they are for a same day loan.
Most same day loans companies will not carry out such intrusive checks, and instead are likely just to check for fraud, bankruptcy or IVAs. An IVA – or Individual Voluntary Agreement - is a way of clearing serious debts without having to file for bankruptcy.
This means that your chances of being accepted for same day loans are much higher than most high street lenders.
What if I've been rejected for credit before?
Each company will run their own credit checks based on their own lending criteria and the profile of the customer-base they want to lend to. Just because you are rejected by one company doesn't necessarily mean you will be rejected by another.
This is where same day loans brokers can come in handy, because they can quickly send your details to hundreds of lenders meaning that not only are you are much more likely to be accepted for a same day loan, but also that the deal you are given will be the one that is most suited to you.
Can I improve my credit rating?
Yes, there are many ways that you can improve your credit rating and increase your chances of being accepted for a same day loan. Lenders like to know that you are settled and steady, for example, and so getting on your local electoral register, installing a land line and staying at the same address for a reasonable period of time can all help.
The best way to improve your credit rating, however, is to prove that you can pay back your debts consistently and on time. Using same day loans can help you do this, because you can take the opportunity to regularly borrow small amounts and pay it back in full at the start of every pay cycle.
How do I qualify for a one hour loan?
Because each case is judged on its own individual merits, even if you have a less-than-perfect credit history you can still qualify for a same day loan.
Provided you are 18 years or older, live in the UK, have your own bank account and have a job that pays you a wage regularly then you will be considered for a loan.
We take responsible borrowing very seriously and our lenders will usually only lend to people who have the means to pay back the loan they are asking for. It is very important that you only apply for a loan that you know you can pay back (making a budget will help you understand just how much you can afford).
Applying sensibly will not only prevent you from experiencing financial difficulties, but will also increase your chances of being accepted for a same day loan.
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