Factors Affecting Your Short Term Loan Application

Created: 2017-02-28 07:00:00

There are many factors that will influence your prospect of getting approved for short term loans. Your income and profession, your credit score and your existing financial liabilities will be the biggest influencers. Beyond these it would be the principal amount. Your ability to repay is the singularly most important element in the whole process. There are short term loans that donít require a credit check and donít even need any collateral or guarantor. Such loans would not be influenced by your credit score. However, your income and other personal details would remain just as significant.

When you compare various short term loans from facilitators like Cash Kitty, you ought to consider the principal amount. There are lenders that will be willing to offer you a few hundred pounds. There are many that wouldnít mind lending two thousand or up to five thousand for a preset period of time, which will be longer than six months or a year. The principal amount that you would qualify for depends on two factors. One is your eligibility determined by your income and the other is the ability of the lender to offer. Not every lender will be equally generous. Some lenders will have the financial capacity to lend you a few thousand but will only consider those who have a certain income, obviously higher than average wages.

Comparing principal amount is important because you would get to know whether or not the short term loans would get approved for you. A lender that has the upper limit of a thousand pounds will rarely give out that sum and very few people would qualify for it. Likewise, a lender that offers up to five thousand would offer a thousand more frequently. Consider the principal amount as you compare short term loans so you can apply with the lender that has a higher chance of approving you for the loan amount you need.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk