The concept of guaranteed approval revolves around the likelihood of getting loans. It might sound like the lender is assuring you about approval before you apply. Think twice if it is practically a doable thing or not.
Offers like 100% guaranteed high-acceptance loans are enough to raise your eyebrows. You might make a mistake by jumping into getting these loans without validating a few aspects. First, you must know that a lender cannot provide any assurance about loan approval without examining your financial condition.
However, the reverse thing is possible. It means borrowers like you have the power to ensure successful approval for the loan application. It means the lender cannot directly play any role in making sure about approval in advance.
They have left a few aspects on you so that the decision must seem fair. Therefore, this type of loan option does not have a real existence. However, the lending conditions adjust in such a manner that gives you the flexibility to confirm loan approval on your own.
Stay here to read on and find out how you can accomplish this task as a borrower. Assurance about approval does not need you to depend on the lender. Keep exploring this blog to find out what best you can do to stay ahead in enhancing your chances of approval.
Possibility of guaranteed approval from the lender
Approval is completely a lender’s concern. How can you make sure about it? However, the fact is that they cannot straightaway offer you a loan.
They require assurance about loan repayment. Therefore, if your financial condition reassures the lender, there is no looking back. The elements in your borrowing profile that can set you apart are:
Fulfilment of eligibility
When it is about ensuring about highest chances of approval, you should not keep aside eligibility. It is the stepping stone to proceeding in this borrowing journey. You must satisfy the given conditions first.
After this step only, the lender will look into your application. Lagging in this step will result in rejection straightaway. In most cases, the standard eligibility criteria are set like this:
- The age of the applicant should be at least 18 years or above
- The applicant should have a steady job
- The bank account of the applicant should be active
- The applicant should prove the residency
If needed, the lender might demand some other details. However, basic information plays an integral role. You must validate your eligibility ahead of sending the application.
Including correct information in the form
The application form would need brief details of yours. There is no need to stuff too much information in the application. It is time-saving indeed.
However, borrowers often make a mistake by hurrying up out of excitement. Do not repeat the same thing! It can take away your chance of getting the nod of approval from the lender.
Keep vital documents by your side so that you can put in all the information after confirmation. Do not forget to review the application once you complete it. It will ensure spotting any potential mistakes.
It will also let you rectify the mistake also. Instead of rushing to finish the application in a few seconds, spend a few minutes entering and cross-checking every detail. The submission is easy. All you need is to click on the specific button.
The lender will notify you with a message. It will convey whether or not they have received your application.
Improving credit scores
A direct lender like Cashfacts is happy to see that your credit scores are upgrading. It means you can apply with poor credit scores also. However, the lender must be able to see the efforts you are putting in to improve your credit scores.
Please note that direct lenders can only have this mindset. You cannot expect the same kind of behavior from a traditional lender. Favorable credit scores are a must for them.
The potential signs that show you are working on your credit scores are:
- Planning and executing payment of dues
- Avoiding borrowing now and then
- Keeping up-to-date information on credit scores
- Taking out loans smartly
- Correcting errors in the credit report
Meeting affordability checks
A reliable lender can overlook your credit scores but not your affordability. It is an important parameter based on which they can confirm the possibility of getting money back from you. It is a small and soft check.
The speciality of this assessment is that it does not cause any harm to your credit scores. For it, the lender must carry out a thorough analysis of your present bills. It will help them acquire knowledge about your financial nature.
The on-time payments of bills clearly indicate you have a steady financial life. Most importantly, it ascertains the lender about your capacity to repay. With convincing affordability, your chances just get to the next level.
Earning steady income from any source
Direct lenders are ready to accept any income means. As long as you earn that can support repayment, your chances of getting acceptance from lenders are pretty high. You should not necessarily be an employed individual.
You can be anyone who is running their business or is self-employed. You can be a freelancer who is living on a part-time income. Earning money does not need you to do a job.
If your income is legit and adequate to fulfil repayment conditions, you can look forward to getting a green signal from the lender.
Borrowing within limit
The range within which you can select the loan amount will be quite attractive. It can accommodate any necessity. However, you must get overboard and choose any amount.
The basis of borrowing should be clear to you. Applying for loans without a purpose will encourage you to exceed the safe borrowing limit. When such things happen, repayment becomes tough.
The bottom line
Before borrowing, you must always justify if 100% successful approval is achievable in the case of loans. This blog must have proved you wrong. Therefore, pay attention to the points that can help you improve the chances of approval.
Jessica Rodz is the Senior Content Writer at Cashfacts. She has a long career in the field of content writing and editing. Jessica has the expertise in the UK lending marketplace where she has worked with 7 different lending organisations and acquired many responsibilities from preparing loan deals and writing blogs for their websites.
At Cashfacts, Jessica is managing a team of experienced loan experts and doing a major contribution in guiding the loan seekers via well-researched blogs. She has done graduation in Business (Finance) and now currently doing research papers on the UK financial sector.
