If you are applying for quick loans for the very first or after a long time, you must be looking for the chance to get your application approved on the first attempt. Well, even if you have faced application rejection lately, you do not have to fear it. Instead, improvise on the aspects that could help you optimize your finances and get the loan sanctioned in minutes. 

Around 8 out of 10 loan applications suffer rejection. Check some common reasons:

  • Applying for the loan application multiple times
  • Placing one with a Bad credit score
  • Missed or wrong information on the application form

The mistakes might seem minor, but they may impact the next and upcoming loan application approval. If you have been done and want to boost the chances of loan approval, especially on quick loans in Ireland, the blog may help.

What Aspects Should You Prepare for Before Applying for Instant Loans?

Confusion about the loan application and the exhausting filing procedure may initially prove too much. However, when you arm yourself with the requirements that could result positively, you can be more confident about the whole thing. Here is the clear route to settling your anxieties and grabbing your affordable instant loan quote from a verified lender like Cashpounds.

1)      Review your finances and Intent

Before applying for the loan, ensure that you are fully aware of your cash requirements and sources. The sources here imply- the best possibilities to get cash help within available means. Instant money lenders often provide flexibility to customers regarding payments if they have a stable credit score.

However, you must analyse your affordability and finances if you are low on your credit. A sufficient monthly income can help you qualify easily for the required amount. But low income may prove troublesome if you cannot pay the loan. Thus, always identify the cause and the urgency of it before applying.

2)      Work on your credit score

Individuals having low credit score suffers the most loan application rejections. In instant loans, lenders may not prioritise credit score as a prime concern; it impacts the overall loan costs. Thus, always work on your credit score/report before applying.

Needs may arise undefined and unexpected, but you must ensure disciplined loan payments. The lender may reject the loan application if you have inconsistent repayment history with too many loans in your credit profile. Likewise, if you have a stable credit score, lenders consider it reliable. Moreover, you may qualify for better and more affordable rates and terms.

To improve your credit history and payment habits, you must:

  • Pay the due repayments timely
  • Should not have any high-interest loan default
  • Limit using credit cards and paying the dues timely
  • Register yourself on the country’s electoral roll
  • Ensure a permanent and clear residential address and proof
  • Ensure sufficient balance in your account before setting direct debit

Keeping a check on your credit score before applying can save you from unnecessary credit harm. Check terms and lenders’ eligibility criteria before applying for instant loans.

3)      Apply for the only amount you need

It is one of the common mistakes that borrowers commit while applying for loan amounts. Placing an amount higher than you can realistically afford can ruin your credit and lifestyle. Conversely, applying for a lower amount would not help the situation.

Hence, one must be calculative enough to pick a stable amount that one can manage to pay back along with the interest and other fees. You may not notice, but you have often missed counting interest costs and other costs before signing the agreement.

Analyse the payment through pre-qualification and apply for the just right amount. It would help you pay it back comfortably without disrupting your finances and keep your credit score healthy.

4)      Mention all income sources (if called for)

It is generally important for unemployed individuals like students and tenants (looking for work). Lenders may need extra proof of you paying the loan back. Thus, he may ask for alternative proof if you are yet to receive your first income from benefits or to receive it.

Here, you may reveal another income source like- rental income, scholarship, grants, part-time income, etc., that you may be engaged in for a comfortable lifestyle or to meet essential survival requirements. By revealing any of these, you may increase your chances of qualifying for the loan. Note that do so only if the lender asks for it; otherwise, there is no need for it. It may help you qualify for a higher loan amount (if you need it).

  • Enquire about the loan prepayment penalty

It is one of the most crucial aspects of loan filing. You must analyse loan fees that could prove troublesome at a later stage. Charges like prepayment penalties can sincerely impact your budget’s bottom line. These often come unexpectedly.

Unexpected because the borrower shares no knowledge of the same and needs to encounter the same on the agreement as well. It is advisable to read the terms written in the fine print to avoid any surprises later. Or, if you are familiar with the prepayment penalty, ask the lender the same.

It is a good idea to clear dues early and boost your credit score. However, certain fees may ruin your plans to ensure the same. Be conscious of such terms while filing.

6)      Check if there is flexibility to halt payments

 Life is unpredictable, and hence the finances. With the economy turning down gear, finances suffer the worst. What if you lose your job unexpectedly?

Could you cover up the debts? Thus, asking the lender about the proceedings that follow the post-financial drop is ideal. It would help you prepare for finances better and avoid the anxiety associated with loan defaults or the possibility of the same.

With the flexibility to halt the payment or payment holidays, you can relax and invest time in re-tracking your finances. As one of the responsible money lenders in Ireland, we priorities customer comfort and hence allow them to halt their payments if their finances do not abide by repayment terms.

Bottom line

You must be familiar with these aspects before applying for instant loans in Ireland. Also, use the facility only for emergencies, not luxuries. Having a clear grasp of qualifying parameters, you may get the cash almost quickly in your account.

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