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The Primary Factors That Decide Your Eligibility For No Credit Check Loans

The Primary Factors That Decide Your Eligibility For No Credit Check Loans
The Primary Factors That Decide Your Eligibility For No Credit Check Loans

Having major money worries is nothing uncommon, & the situation is prevalent in almost every household. Be it falling behind on paying the regular bills, previous unpaid loans, credit card repayments, or any other financial commitments, debts could be the primary reason for people’s stressful lives. And, the last thing you would want to do in such distressing situations is to talk to a complete stranger about your issues. But, it’s probably the right thing to do that could help you get out of debt in a smooth & legal way.Money is essential for almost everything in the world in order to shape our lives. Without the needed money, it is difficult for the common man to survive as the cost of living is skyrocketing beyond imagination. And if there is an emergency, the situation gets tougher. And since life is so full of uncertainties, it makes sense to be prepared for any such emergency beforehand and not get tense at the neck of the moment. With the progression in almost every field, even the finance industry has progressed offering many different options for people to overcome their financial crisis conveniently. The most common option is availing the instant cash loans to meet the financial requirements.

Keeping in mind the different financial conditions of different people, the financing companies & institutions provide different types of loans and financial aid. However, most people are in a situation where they do not qualify for a bank loan. Be it a poor credit score or time constraints people nowadays prefer opting for instant cash loans from private financing companies & lenders. Considering these situations, the most relevant & commonly borrowed loans are the no credit check loans, the loans for bad credit without guarantor, and the other types.

Of all the loans for poor credit, the most common ones come with the short term loans with bad credit facilities. Also no credit check loans in which the lenders will not consider the credit scores as an important qualifying factor to be eligible to borrow a loan. The other common loans for poor credit are the loans for bad credit with no guarantor which does not need the borrower to place any collateral as surety. However, to borrow any of these loans, one should satisfy all the primary eligibility criteria as per the required guidelines. Different lenders may have different terms & conditions. However, there are few common eligibility criteria that are followed by all the financiers & lenders in the UK and are strictly abided by the financiers in FleetQuid’s network.

• Age – It is a universal rule that you should be an adult to carry out any legal procedure. Since the legal age for being considered an adult in the UK is 21 years, to be eligible for any loan with FleetQuid, you have to be at least 21 years of age or above.

• Legal UK Resident – To be eligible for a loan with FleetQuid, you have to be a legal resident of the UK, and should have a legal permanent address. You will have to provide the relevant documentation to prove the same. 

• Regular Income – To borrow a loan means you will have to repay it soon and to be able to repay it, you will need money. To have money, you will need to have an income. Since the loan should be repaid at regular intervals, it is essential that you have a regular income. Also, the lenders will do a check on your income levels and grant you a loan amount accordingly.

• Credit History – Most of the financial institutions mandatorily need a decent to good credit score to be eligible for a loan. However, at FleetQuid, our financiers do not consider credit scores to be an important criterion and provide convenient no credit check loans and other loans for bad credit with no guarantor. So, even if you have a poor credit score, you can still apply for the loans for poor credit & have your request approved.

• Your Career – Your profession will also be considered as one of the important criteria by the lenders while approving a loan because a proper profession is the mark of regular income. Having a stable job in a profession that can instill confidence to the lender will make it easier getting the loan application approved. However, if you are having a job that has high attrition rates, then the chances could fall down.

There are many other criteria that are considered important to be satisfied before a lender approves your loan application. They include the borrower having an active bank account, should not have been bankrupt in the past 1 year, etc. Once all these eligibility criteria have been satisfied, the loan application can be processed further by the lenders. Choose the right loan and the amount wisely and make sure you repay on time to improve your credit scores & not fall in a debt trap.

APR Disclosure

Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR.