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How To Check Your Eligibility Using A Loan Eligibility Checker

Availing a loan can be a difficult task. Old techniques would require the loan applicants to fill up a form and check whether or not they were eligible for a certain loan amount. This method proved to be damaging to the credit score as lenders could see that their eligibility had been searched. A tool has been developed to remedy this issue – Loan Eligibility Checker.

The checker allows the users to input specific data to obtain an estimate of their eligibility rank. The score signifies the amount of money that may be borrowed from a particular lender. The loan eligibility checker also helps the customer find out how much more credit score is required to avail a certain loan amount.

Checking Eligibility

A loan eligibility checker is provided as a self-help guide for customers to understand how much loan they are eligible for. Data must be provided related to the UK loan criteria and based on these assumptions; a score is generated. The accuracy of the score is dependent on the latest data provided.

Factors required to calculate eligibility are age, financial position, credit history, credit score, and more financial details. The checker is on an online platform and lets the user input the gross monthly income in the UK currency of pounds, loan duration in years, the interest rate per annum and other monthly EMIs. With the information mentioned above, a loan eligibility checker then estimates an indication of eligibility, allowing the user to apply for loans accordingly.

Eligibility Criteria For Availing Loans In The UK

To avail loans in the UK, a loan eligibility checker will guide the applicant for the following criteria:

  • Age of applicant and the working years remaining: the age of the applicant is an essential factor for availing a loan. The maximum loan term is availed at 30 years.

  • The financial position of the applicant: The applicant’s current salary, as well as the future salary, determine if a loan can be availed. The financial status of the applicant must be well met for easy loan approval.

  • Credit History: Lenders keep a close eye on the credit history of applicants. To ensure only soft searches are present, using a loan eligibility checker proves to be useful. A clean record is a must to avail loans with ease.

  • Financial Obligations: Liabilities in the form of car loans, credit card debt, mortgages, etc. are reviewed conscientiously when determining whether or not to approve a loan.

How To Increase Loan Eligibility

It is natural to feel stuck when you have a low eligibility score. It may even demotivate applicants to apply for future loans. However, there are ways in which applicants can increase their loan eligibility. To increase your loan eligibility in the UK, the following measures can be taken:

  • Adding a co-applicant to the loan application. Usually, it proves to be more convenient and beneficial to add a family member as the co-applicant.

  • A structured repayment plan can do wonders. Seeking professional help and using a loan eligibility checker to make smooth sailing repayment plans will make applicants more confident and less stressed when applying for loans. Lenders are more likely to approve loans if they see that there is a definite repayment plan in place.

  • Applicants must ensure that they have a steady flow of income, periodic savings and well-planned investments. With these factors, there is a definite assurance given to the lenders that their money will be in safe hands.

  • Applicants must provide information on regular additional income sources. If applicants receive their incomes from more than one source, they need to mention the same in their application form.

  • Applicants must record the components of the variable salary provided to the applicants. Using a loan eligibility checker to record variable incomes, eligibility can easily be calculated. If applicants get a variable amount of wages in different periods, it is essential to keep receipts and a short history of the salary slips.

  • The credit score must be updated at all times. If the credit score has any discrepancies, it is essential to rectify those errors immediately and taking action on how to improve your credit score. A healthy score creates a good impression on the lenders, thereby increasing the chances of loan approval.

  • Clearing existing loans and short-term debts. Repaying ongoing loans can be beneficial to avail future loans.

Best Loans Provided In The UK

Submitting lender details in the loan eligibility checker helps you discover the chances of loan approval by a specific bank. Based on the borrowing of an amount of £10,000 over five years, some of the best banks in the UK that provide loans are as follows:

Tesco Bank

The monthly repayment on this UK loan is £170.09, and the total repayable amount is £10,744.20 with a representative rate of 2.9% APR.

Sainsbury’s Bank

The monthly repayment on this loan in the UK is £179.51, and the total repayable amount is £10,770.60 with a representative rate of 3% APR.

AA Financial Services

The monthly repayment on the AA Personal Loan in the UK is of £179.94, and the total repayable amount is £10,796.40 with a representative rate of 3.1% APR.

Ikano Bank

The monthly repayment on this loan in the UK is £192.15, and the total repayable amount is £11,529.00 with a representative rate of 5.9% APR.

Post Office

This UK loan requires a monthly repayment of £180.37, and the total repayable amount is £10,822.20 with a representative rate of 3.2% APR.

Zopa

The monthly repayment on this loan in the UK is £196.12, and the total repayable amount is £11,767.20 with a representative rate of 6.8% APR.

RateSetter

The monthly repayment is £196.56, and the total repayable amount is £11,793.60 with a representative rate of 6.9% APR.

Shawbrook Bank

The monthly repayment is £227.97, and the total repayable amount is £13,678.20 with a representative rate of 13.9% APR.

Citrus Loans

The monthly repayment is £241.68, and the total repayable amount is £14,500.80 with a representative rate of 16.9% APR.

Monevo

The monthly repayment is of £249.04, and the total repayable amount is £14,942.40 with a representative rate of 18.5% APR.

The concept of loan eligibility checker is revolutionizing credit search for customers. With a comprehensive idea of the best banks in the UK and eligibility score details, customers can now accurately estimate their chances of loan approval. The checker aids the loan applicant by bringing the applicant’s situation to their notice so that they can take the ideal course of action.

 
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