5 ways to guarantee you get accepted for a loan
As we all know, getting accepted for a loan is not that easy anymore, due in no small part to the credit crunch and the fact that many lenders have pulled out of the market or restricted their lending criteria to those who have perfect credit records.
The problem is that over 70% of the UK’s population do not have a perfect credit history, so obtaining an unsecured loan has become nigh on impossible. Here we give you 5 ways that you can improve your chances of getting accepted for a loan.
- Get yourself on the voters roll. The first thing that all lenders will do is check to see if you are listed on the electoral roll at your current address, if you are not, then you will struggle to get accepted by the lender.
- Get yourself a credit card (if you can) with one of the providers that help people with previous credit problems such as Vanquis or Capital One. Put a few purchases through and then repay the whole amount at the end of the month. Do the same for the following two months and the lender will see that not only have you been accepted for a credit card but you are also responsible enough to repay the balance in full each month. Don’t worry, these types of credit cards only usually give a credit limit of £250 so you won’t get into serious debt!
- Get yourself a permanent address. Don’t move around a lot and if you do, make sure that you are on the voters roll at each address (see point 1 above) and that you do not have any debts hanging around that could be attributed to you at those addresses.
- Get yourself a landline telephone number. Lenders don’t like offering loans to people that only offer a mobile telephone number as it means that communication with you could be a problem (especially if you haven’t paid your loan one month!)
- Don’t tell lies. Even if you think you can lie on the application ( a small white lie admittedly) and put down that your credit card balance is £600 when in fact it is £750, DON’T. Lenders can see every single bit of financial info about an applicant and if they find just one instance of an untruth no matter how small or insignificant it may be, they will bin your application and even pleading naivety will not help.
So, use the tips above and see how much it improves your chances of getting accepted for a guarantor loan or unsecured loan.
