Each loan company will have slightly different criteria and checks when it comes to borrowing, but there are a few universal requirements. You’ll need to be:
- Aged eighteen or over
- Living in the UK
- Working full or part-time
- In possession of a bank account
When it comes to your credit history, you don’t need perfect credit to apply for a short-term loan. You can check your credit score for free here if you’re not sure what yours is like.
Some people have bad credit if they made a late payment on a bill or Direct Debit, and as credit history stays on your credit file for six years, you could still have a low score years later. Others, particularly younger people, have what is often called a ‘thin credit file’, which means you have not taken out much credit in the past. Lenders, therefore, have no way of knowing if you are able to pay on time, as they can’t see that you have done previously.
If you have a poor credit history, you might not be able to take out more conventional forms of credit, from bank loans to credit cards. Even if you are eligible, you may be charged a much higher interest rate.
Through My Financial Loan Broker, you can apply for a short-term loan online of up to £5000, over a maximum of 5 years. You don’t need a spotless credit file, and lenders will focus more on your recent credit history, rather than older negative marks that could be impacting your ability to take out other types of loans. Each application is assessed on an individual basis, and your credit file won’t be the only factor in making a loan decision.