High Acceptance Loans
Ready to Get Started? Apply for Up to £5,000
Apply NowTypes of Loans
Payday Loans
Online Loans
Guarantor Loans
Some applicants may have difficulty obtaining a loan on their own due to poor credit. As a result, they may turn to guarantor loans to increase the likelihood they may be approved. Guarantor loans require an individual with a strong credit rating to co-sign the loan.
Keep in mind that this individual will be responsible for the loan if you default. Additionally, the guarantor’s credit score may also drop if you default.
Is a Bad Credit Score Okay?
When it comes to loans, it is common for banks to require good credit scores from their customers. Indeed, banks are interested in what you have done in the past in terms of financial transactions, whether it be bill payments, loan repayments, amount of credit card debt, or any other sort of cash transactions. But this can often be unattainable and prove to be an obstacle for those who have poor credit scores or have not had access to prior lines of credit.
Individuals may turn to short-term loans as an alternative and search for online payday loans or direct lenders that do not perform credit checks. But potential borrowers should note that such loans are not typically attainable as lenders are obligated to perform credit checks, no matter the amount of cash being borrowed.
Direct lenders do not solely base their decisions on their customers’ credit scores, though. Payday lenders may also consider other factors, such as income, to determine if an applicant will qualify for a loan.
What Are the Advantages of High Acceptance Loans
Easy Application
Convenient and Flexible
In addition to fast applications, online forms can also be completed any time and from anywhere. This makes it more accessible for consumers who don’t have the luxury of going to different brick-and-mortar lenders.
Moreover, some payday lenders may be willing to work with damaged credit applicants. These lenders may consider income and credit score when determining eligibility.
Minimal Paperwork
Since many direct lenders have online applications, you don’t have to worry about keeping track of your documents. Additionally, these lenders will typically ask for minimal financial and personal information.
Before starting your loan process, it is always advisable to do adequate research. This can help to ensure that you are working with a trusted lender. Although Quidable is not a direct lender, when you submit a loan request with us, we try and connect you to a reputable lender. All our partnered lenders have been thoroughly vetted before being added to our network.
What Are the Disadvantages of High Acceptance Loans
High-Interest Rates
Cycle of Debt
Penalties and Credit Damage
How Much Would You Like to Borrow?
How to Improve Your Chances
Checking Your Credit Score
Before beginning your loan application, it can be helpful to examine where you are in terms of your financial capability. One way to do this is by checking your credit score and rating. Doing this can give you a better big-picture perspective of how you fare in terms of creditworthiness and perhaps what your chances of getting approved for a loan are.
The three major credit bureaus allow individuals to check their credit score for free once a year. As a result, you can view your score every four months at no cost. Additionally, you can download credit monitoring apps that alert you when your score has changed.
Meeting the Requirements
As with all loans, meeting the requirements is the first step toward getting your loan application on the way. Make sure that you review all the requirements outlined by the FCA and that you are able to present any and all paperwork or information that may be requested.
Although some lenders may be willing to work with poor credit applicants, there are still minimum credit score requirements. Additionally, many lenders will also have minimum income requirements.