• Alan Jose
  • August 21, 2018

You always go through the tips and ways of ‘how to choose a lender?’ But in reality, it is a two-way thing. Just as you pick lenders on your parameter, they also choose you by applying some of their rules.  Today or tomorrow, you may need to borrow funds. If you are aware, what they need from the borrowers, you can easily qualify for the loan and then the borrowing is easier.

Below Are Some Basic Things That the Lenders Check In You as a Loan Applicant –


The very bad credit loans with no guarantor by direct lender  work on a specific strategy. As it is very difficult to trust on a financially irresponsible person, the lenders give attention to the duration of bad credit score status. The applicants that are carrying the poor credit performance from a long time are not worth to trust. It feels as if they are in a continuous habit of doing defaults and for such people, lenders are reluctant.

On the other side, those who have credit score issues but not from long, have better chances of getting approval. This is because; their credit score issues might have risen due to a certain situation and not by the careless financial habits.

Repayment Capacity

Whatever you borrow, you need to repay it.  In the case of bad or very bad credits, sometimes, the applicant has poor credit performance but his/her current financial capacity is good. Online lenders believe in following the unusual lending practices, and for them, it is not wise to reject an applicant for some past financial mistakes. If currently the applicant is earning well, then a good repayment capacity can be expected. More you look efficient in your repayments, more are the chances of getting approval.

Loyalty of the Applicant towards Guidelines

The lenders do everything to find a suitable way out for the customers but in return, they want the applicants stay loyal to them. Transparency and cooperation are the factors that not only you expect from the lenders, they also want you to be perfect on your part. Follow the guidelines properly; provide all the information and do not hide anything. Actually, there is no point of hiding things from the loan company. Their reach is up to credit agencies where every smallest to biggest secret of your finances can be revealed.

Number of Applications Made In Recent Days

Loan companies do not like credit hungry people. During urgent money crisis, you lose your patience and make multiple applications to multiple lenders. This is perhaps, the reflection of the common perception of the borrowers that says ‘more you apply more are chances of getting funds’. If one lender rejects, one or others certainly accept the loan request and this saves time. This usually happens while looking for guaranteed payday loans by direct lenders where the chances of guaranteed approval are quite high. This is what makes people take either over-confident or uninformed decisions. If you think in this way, then sorry but that is a blunder mistake or more precisely, a financial suicide. Always space up the loan applications and never look desperate for funds.

These are the four parameters that lenders may use to judge you. Keep them in mind, they tell you how to play safe.

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Representative Example

Amount of credit €2,500 for 2 years. Interest rate: 75.3% pa (fixed). 24 scheduled monthly payments of €204.29. Total repayment of €4,902.91. Interest: €2,402.91.Representative 107.57% APR.

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