Home>Eligibility Criteria
The eligibility criteria for the loan is given below:
A debit card is a requirement of certain lenders to do a quick credit check. No fee is charged by the LendShop.co.uk.
Candidates can only apply for loans and borrow if they have a legal reason to do so. If you really need to borrow money or a loan for a personal and legal reason then, you must know the long-term commitment of payments and ways of repaying the loan. Also, you need to make careful analyses of your needs and the amount of money you need at the moment.
You should borrow money according to your needs as applying for a large number of loans can increase the charges of interests and the total price of the loan. You should know that loan is a long-term commitment and repayment will take a lot of time.
We do not charge anything from you upfront as a fee. In some cases, people have to pay a fee to lenders called a product fee. The up-front charge is then eliminated from the total cost of the loan. These charges will increase the interest rates and this can easily affect the total loan cost.
Delay in payments or missing the payments will also have a negative impact on the loan. And in such situations, lenders can apply extra chargers and add penalties in the loan as well. These reactions of lenders will increase the amount of loan, which will add the extra charge and consequently, increase the overall charge of interest; which could be more than the total amount of penalty.
Credit agencies consider a number of factors and review the information of clients before assigning them a rating. A major factor that is considered by the agencies in the past credit history of the participant. The participant is assigned a specific number after the final rating; these numbers is used by the creditor to check the reliability or the chance of defaulting. The creditor is free to interpret the numbers according to his perception and mindset. But these numbers or ratings are not the only criteria of acceptance or rejection of loans and loan applications.
The process of loan application is not limited to the loan credit alone; the loan process does not get affected by good or bad ratings. Creditors consider many factors while processing the application of candidates for example; one lender may reject the application of a candidate because he is biased towards perfect or positive ratings whereas some other lenders may accept the same application. The concept of good or bad credit is dependent on the creditors and the amount of risk they are willing to take. However, the low or less favorable rating may cause more charges to the applicant. For example, the interest rate of applicants with poor ratings is much larger than the rate of those with good ratings or good credit scores.
Even though you can increase your credit score by taking loans, you need to be really careful. Loan applications are marked in the credit history and each application for a loan is labeled as an inquiry in history. Large numbers of inquiries indicate that you need funds or it means that you are not able to pay your debts. A credit score is badly affected by the process of initial applications and it can only be improved by making repayments of loan for many months, which will indicate that you are able to manage and sustain your regular payments or repayments. Applying for a payday loan will also have an adverse effect on your total credit score, even if you repay them on time. Mostly lenders reject the loan application if the applicant has taken a payday loan. Missing or not paying the loan will negatively affect your overall credit score and it can cause you some further problems as well. You should not take out a loan if you are not able to repay the amount in time as it will cause some major problems for you.
You can improve your credit score with the help of some other methods as well, for example, in time payment of bills to prove your reliability to the bank. Loan organizations view the payment history of the applicants and focus on recent activities and duration and timings of the bill payments.
You can also increase your eligibility for loans and reduce your interest levels by increasing your credit scores.