You never know when you would need money suddenly. Especially when it is an emergency and you can’t wait for your payday. Short term loans can come to your rescue in this situation. However, remember that it is very convenient to solve some short-term financial shortage and is not suitable for long term financial crisis.
Short term loans include payday loans which is better to pay back by next payday or couple of months. At most you can pay a short-term loan back within a year but not more than that. www.loanpig.co.uk is an FCA authorised direct payday loan lender in UK. Their service is fully online. You can apply for a loan from anywhere and get a decision instantly for most of the cases.
The application process for short term loans are fairly easy and the decision is made quickly. Despite that it is best to check out the important points, so that the process goes smoothly and you get an approval –
- Apply to an FCA Authorised and Regulated Lender
No matter from where you learn about the loan lender, make sure they are authorised by the FCA. With the regulation of FCA feel safe to borrow money. They will have a standard rule to follow.
- Match the Criteria
Check the eligibility criteria set by the lender that you may deem fit before applying for the loan. Apply only if you can fulfil the criteria.
- Save Time
You don’t need to make rounds to the lender’s office for a short-term loan. Simply, go online and provide all the necessary information. Then, you just wait for few hours and you would receive the decision.
- Give Accurate Information
Never give incorrect information. It may lead to rejection of your application.
- Estimate How Much You Are Able to Repay
Calculate the amount you can afford to pay back within the shortest time. Loan amount should cover an amount closest to how much you need. The lenders would check whether you can make the repayment by the stipulated date.
- Your Credit Score
All the loan lenders check the borrower’s credit score before approving the loan. A good credit score will make you a reliable borrower. Whereas, a bad credit score would keep the lenders from approving the loan. A credit score basically measures your ability to pay back on time. It checks whether you have paid your previous credits on time.
- Financial Stability
When lenders see that you are mostly loan dependent, it would create a bad impression as a borrower. Make sure you show yourself as financially stable and responsible.
- Clear Old Debt
It is difficult to get approval for a new loan if you have other unpaid debts.
- Remove Financial Association
Individual credit score is affected when you have joint financial plans and mortgage, or name in contract with other people. Don’t allow such connections to lower your credit score and promptly remove the negative association with the help of professionals.