How Soon Can I Take A Secured Loan
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When you apply for any form of credit, it's not just a case of the loan provider accepting or rejecting your request on the spur of the moment - it all comes down to your credit rating.
Your credit rating is a financial reflection of the credit risk you present - that is to say, whether a loan provider should give you a personal loan or shouldn't, all determined by whether you are seen as a high or low risk. Your credit record - which is kept by all the principal credit reference agencies, for example, Equifax and Experian - shows any type of credit you have had in your history (going back six years), as well as current debts.
When you attempt to get credit, the lender will perform a credit search - and will allocate you a credit score calculated from the information found in your credit record. Should you have a large number of debts - and notably if you have ignored payments or made them late - you will have a poor credit score.
The smaller your credit score, the less chance you have of being granted credit since a smaller credit score suggests there is a high risk of you not covering your debt when it is due.
It also shows if you are on the electoral roll plus any financial associations. If your information is not included on the electoral roll, it might affect your prospects of being accepted for credit, as your address is not 'confirmed'. A financial association is anyone with whom you have been financially linked, now or in the past. It could be an ex-partner, your parents, or perhaps a person who lived at your address prior to you being there and who is still not removed from your record.
In the event the individual or people included as a financial association are not associated to you - i.e. you no longer have connected financial responsibilities and they are not presently living where you do - then you can request that the credit record agency correct the information.
Continuing to have them on your credit record - in particular when they have had financial struggles before - can have a harmful influence on you obtaining any credit.
When determining whether to approve credit, loan providers will also look to see what amount you are paying on other existing debts - if you have lots of them, they may deny you a personal loan, even when your rating isn't that low. This is because they might feel that you would be financially overstretched with a further debt to service.
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