Are Short Term Loans Easy to Get?

There are many types of loans available and some are easier to get than others. You may worry that you want to make sure that the loan that you apply for will be easy for you. You may worry that you will be turned down for some loans and that they might take too long for you to get the money.

Being Turned Down

All lenders will look at your credit report and use certain factors on it to decide whether to lend to you or not. Most will be interested to see whether they feel that they can trust you to repay the loan. There will therefore want to look for evidence that you will not be a high risk borrower. They will therefore look at things like how you have done with other loans. If you have had loans before and you have repaid them in full then this will go in your favour, but if you have missed repayments, failed to repay entirely or had CCJs against you because of unpaid debts then this could be a big problem. They will also look at evidence that you can make regular payments which could be shown by you repaying a loan but also paying rent, utility bills, council tax or other regular payments. They may also look at your income to make sure that they are confident that you will have enough to make the repayments.

This can mean that there will be quite a few people that get turned down for loans. They are too high risk because they do not meet the lenders criteria. Lenders will differ in their criteria too, so it can be hard to know exactly what they will be judging you on.

Short term loans tend to be quick to arrange, often same day.

Being Quick to Arrange

If we need money quickly, then we will want a loan that is quick to arrange. Loans and lenders will differ in this, so it is a good idea to check. Some may post out a form that you need to complete and post back then take time to process the payment and do the credit check. Then write back to you with their decision then you get back to them to confirm you want the money. This can be extremely tedious and long winded. Therefore, it might mean that the loan will take a long time. Some will be much quicker though and you may be able to go into a branch and apply in person and get the loan organised very quickly.

There will also be some time between when your application is accepted and the money appearing in your account and this can also vary between lenders.

Short Term Loans

Short-term lenders do not assess your credit score. They will just check your identity and they will lend to anyone regardless of their credit rating. This can be very useful as it means that there are some options for borrowing even for those that do not have a good credit history. This means that far less people are turned down for this type of loan. They will still turn down a few people but applicants only have to fulfil a few criteria. They have to be over the age of 18, be a UK resident with a UK bank account and have a regular payment going into the account. There are very few people that will not be able to fulfil this requirement and so you are very likely to be able to get a loan through them.

Short-term loans are also generally really quick to arrange. It can take just a few hours from the time that you apply to getting the money. This can be extremely helpful if you need money in an emergency. Of course, there are differences between lenders and so you will need to check whether they will all be able to provide this service. You may find some such as will be significantly quicker than others. You will also find that some lenders might be available to provide loans outside of working hours and some may not be and this could impact how quickly you can get your money. However, it does mean that potentially you will be able to get your money really quickly and this can be extremely helpful if you need money in an emergency.

So, if you are thinking in terms of how easy it is to be accepted for a loan and how quickly the money arrives, you would be likely to agree that short term loans are easy to get This is if you compare them to more traditional loans that tend to do credit cheques that are very strict and that do not get you the money that quickly. However, this does cause a small problem in that it might make you tempted to get a loan when you do not really need one. So make sure that you think hard about whether a loan is really the right option for you before you agree to taking out a loan like this.

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