Inaccurate or incorrect information can slow down the entire underwriting process and in some cases, result in a decline. Online loan applications are automatically rejected if they have the slightest errors i.e., a missing digit in an address.
Applications with false information are also declined. As mentioned above, cash loan applications are assessed thoroughly. Background checks are usually conducted as part of the application assessment process so, false information can’t go undetected. Furthermore, you could face an investigation or prosecution for providing false information. To avoid wasting time and exposing yourself to legal problems, provide accurate information.
Your chances of qualifying for a cash loan are lower if you have outstanding cash loans with other lenders or if you have large credit card debt/s.
You also need to apply for a loan you can pay back comfortably. Lenders usually assess the financial commitments of a borrower when processing applications. It’s also prudent to make this assessment yourself to avoid financial problems. You shouldn’t struggle to pay back a cash loan considering loan amounts are usually small.
You can use a loan affordability calculator to calculate the amount of money you can be able to borrow comfortably. Such tools are readily available online. They assess a person’s income against their expenses to determine an appropriate debt burden at any given time.
If you choose a cash loan provider like SwiftMoney with a high loan approval rate and follow the above information to the letter, you can rest assured your loan application will be approved.
NB: If your short-term loan application is declined unfairly, you can always speak to your lender to get clarity on the reasons for the rejection. You may discover reasons beyond your control i.e., your credit file may have some incorrect information that needs to be removed/corrected. A good lender should give accurate feedback or guidance on all rejected applications.
How do I choose a cash loan provider in the UK?
FCA approval: Regardless of your current financial situation, you must make sure you borrow from FCA approved lenders only. The FCA is the organisation responsible for regulating financial services firms in the UK. All FCA-authorised firms have met the highest operating standards. Swift Money® is one of those firms. Our FCA-authorisation number is 738569.
Interest: Interest is another important factor to consider. The loan provider you choose should charge a lower interest compared to most players. Check out our APR.
Fast: Cash loans are emergency loans which should be disbursed immediately. SwiftMoney loans are disbursed within 10 minutes once a loan application is approved.
Data protection/privacy: The cash loan company you choose should also adhere to strict data protection laws and practices. SwiftMoney loan applications are seen by SwiftMoney and the company’s trusted partners only. Our data protection no: ZA069965
Swift Money Ltd are authorized and regulated by the Financial Conduct Authority (FCA) Authorization can be checked on the FCA register at: Firm reference Number: 738569
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What are the Pros of online cash loans?
• Be 18 years and above • Be a UK resident • Have a UK bank account • Be employed or have a regular income.