Making sure that you meet the lender’s eligibility can ensure that your loan application is processed as quickly as possible.
Therefore, it is important not to rush the process, and before you jump in and start applying for loans, take another minute or two to make sure you meet the criteria.
For instance, some types of loans as classified as good credit loans and some may require collateral or security e.g secured loans
Not all lenders share the exact same criteria and some may have different age or income requirements in order to be eligible.
These days, it is usually possible with most lenders to do the entire application process online, which is highly convenient and makes applying faster. However, it still requires organisation: you will need to make sure you have relevant documents ready so you can fill out the application online promptly.
To help speed up the loan application process and get it moving into the funding stage, you should aim to fill out your application during office hours or a weekday.
Whilst most UK lenders will accept applications on the weekend, they may only wait until Monday to process funds.
This also includes applying during evenings, bank holidays or during the Christmas and New Year’s period. So if you are applying for a fast short term loan between 9am and 5pm on a weekday, this should maximise your chances of being approved and funded quickly.
When filling out a loan application online, most lenders will ask you to fill in an initial set of questions online and if provisionally approved, you will be passed onto the next stage of the loan process.
Before funding the loan, most lenders will typically call you to confirm any details or get further documentation from you. So having your mobile phone on hand and be available can only help if you are looking for fast funds.
Therefore, you should avoid making an application and then going on the train, or going to the gym – but instead be sitting next to the phone for at least the next hour (although most lenders will call you in minutes).
You can be extra ready by having a copy of your most recent pay slip and bank statement on your phone or desktop. So if the lender requires this, you can quickly send it over. No need to wait until you go back to work or waste time scanning a piece of paper. If you have this prepared, you can progress much faster.
If there are inaccuracies in your application for a short-term loan, this will slow down its progress. This is why it is vitally important that you have double checked your application before sending it to see if there are any errors that need to be changed.
This can make a huge difference to how quickly your loan application is processed, and the last thing you want to do is make the process longer simply because of a small mistake made whilst applying. Common things that are not always put down accurately include addresses, monthly income and expenditure.
It is natural for applications to slightly inflate their incomes to borrow more money or as a sense of pride. But if the lender needs to cross reference this with a pay-slip, it is just an extra process that will slow you down.
My Financial Broker works with a panel of over 50 lenders who can help you borrow up to £5,000 on the same day of applying. We successfully match our customers with the lenders most likely to approve them and meet their loan requirements. Our application takes less than 5 minutes to be completed and you will receive an instant decision on the screen. To get a free quote and access funds quickly, simply click on the apply now button below: