How To Raise Your Chances Of Affordable Quick Loans With Bad Credit?

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Individuals seeking cheap payday loan solutions struggle with bad credit history. It is the reason around 30% of people fail to get an instant loans for their needs from mainstream lenders. The lower the credit score, the more competitive it is for the lender to provide approval. Even if they get it, the overall costs are higher and impact the monthly budget.

We analyse the credit score of borrowers to figure out the best potential to qualify for quick loans at low-interest rates. However, do not accept every application. There is ample reason behind a loan application rejection. It could be wrong information, invalid income proof, unauthentic bank account or details, etc.

However, there are ways to improve your finances and fetch a low-cost loan quote with a leading and established loan provider like Quickloanslender.

7 Ways to Qualify for a cheaper quick loan

If you can hold off for a while, you get a better deal on quick loans. You can ensure the same in many ways. Here are some most important ones:

1)      Disconnect yourself from joint accounts

If you have a joint account with someone with a bad credit profile, remove your nomination. The credit history of the other person impacts your ability to qualify for a better quote here.

Seek permission from the respective person before doing so. You can ensure a good credit score after doing so. It is especially ideal for a separated couple seeking to build finance from the ground up.

2)      Close inactive bank accounts

If you have any inactive bank accounts or credit card accounts, it is better to close them. If you have not used the accounts for around a year, chances are, you may never use them. If you do not do so, these cards may reveal the available credit limit.

A loan provider would deny the loan by thinking you can instead use the credit available than taking a loan. Thus, if you have any such cards, close them as they may impact your credit score.

3)      Report the paid credits to a credit agency

Incorporating healthy financial habits like checking your debts frequently, paying part or full lump sum, or reporting paid credits help your credit score. The respective credit agency eliminates the report by stating it as paid.

You can witness an instant credit score boost. If you have frequent loans in your credit report and make regular payments, it would be a good idea to see how much remains. You can plan for the same accordingly.

Once you do it, you may qualify for better rates on quick loans in the UK with us. Credit agencies are reputed agencies that help loan providers have a quick view of the borrower’s past finances. If we witness improved finances, we would revise the terms and create an affordable loan agreement for you.

4)      Use the loan eligibility checker

A loan eligibility checker helps you know the approx loan costs per your money requirement and income. It also helps to know whether you share the chances to qualify for the loan. The general criteria to qualify for quick loans is 18 plus UK natives with a relevant and regular income source.

The further application approval requirements, if you partner with us, include- a valid debit card, a relevant contact and email id and earning must not be below £800/month. Moreover, individuals with balanced credit history and existing customers may get quick approval.

5)      Do not apply for a new credit card

Urgent cash needs can indeed emerge anytime. Tracking existing credit cards before applying for a new one help. Analyse whether there is any need for an extra credit card. Or you can do without one. Most individuals apply for a credit card to leverage interest-free purchases and other benefits.

 However, post that, it only adds up to your credit score negatively. It becomes severe if you have pending payments on your credit card. Either reduce credit card usage or limit applying for another card frequently.

If you have any credit card debts that you previously missed, clear them now. It may help you emerge as a responsible borrower and get a lower-cost quick loan.

6)      Borrow a lower amount

One struggles to get the best way to finance a need in a cash crisis. Quick loans emerge as a suitable solution here.

 The reason is- these are guaranteed approval loans from a direct lender that one can get for any purpose by qualifying the affordability parameter with valid income proof. Lenders like Quickloanslender provides immediate cash to an individual borrower with stable finances. We do not consider credit score as the prime income source.

However, if you have bad credit, the rates may be competitive. If you need money now but lack a source, borrow a low amount. It would reduce the risk on our part and help you qualify for a loan at lower costs.

We allow you to pre-pay the loan amount if you share the calibre. You can pre-pay the loan amount anytime and save on interest costs.

For example, if you need £500, you should aim for £350 with a bad credit score. Check for other ways to arrange the rest money. By doing so, you can qualify easily and save interest costs.

7)      Borrow for a shorter duration

Quick loans are the best way to secure finance on the same day and choose a repayment structure that suits your finances. You can pay the loan until 12 months.

However, unlike payday loans, you pay monthly or weekly fixed instalments on these loans until you cover up the loan costs including interest costs.  You may benefit from choosing a small repayment term over a longer one.

You will pay lower interest costs in the shorter term than a longer one. In the longer one, the repayments will be less than what you pay in shorter quick loans term. Choosing a repayment structure depends largely on your income, budget, and liabilities.

Bottom line

Quick loans are the best option when you need that extra cash flexibility in the tied hour.  You do not need a stellar credit score to qualify. Instead, improve chances of fetching affordable and fast loans at low credit scores with these initiatives. Many of these strategies will help you improve your credit score too.

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