Am I Eligible For A Loan?Are you wondering whether or not you are eligible for a loan or have you unfortunately been declined or refused a loan elsewhere? My Sort of Loan`s reputation has been built on customers obtaining loans who have been let down elsewhere or have unique / extenuating circumstances. We do this by quickly establishing exactly which of our loans you are eligible for. This means you will then know how much you can borrow and what your monthly repayments will be before you commit to taking out your loan.
The fastest way to establish that you are eligible for a loan & to find out how much you can borrow is to either:
- call our loan criteria team for free on 0800 0159 295 or dial 0330 0536001 (mobile friendly)
- or complete our short, no credit check online enquiry loan eligibility form
Let us answer all those little niggles that run through your mind, such as:
Who`s going to be looking at my information?
Who`s going to be checking which loan plan I could be accepted on?
Am I applying to the right sort of loan company?
Then of course the big one is always - am I eligible for the loan at all? And there`s the real question, as you often don`t know if you`re going to be eligible for a loan until you apply. Then you apply for a loan which is not a match and so you get refused. This can be a very stressful cycle to be in - especially as the more loans you are declined for the less likely you are to be accepted for a loan elsewhere.
To avoid this My Sort of Loan use our experience and in depth knowledge of loan criteria to check and confirm which loan and rate you qualify for from our extensive panel of lenders. Our dedicated loan advice team will then recommend the loan most suited to you, to help ensure that not only do you get the right sort of loan - but that you also get your money quickly and efficiently.
Loan Eligibility Checker
Below are some of the high level key areas to check your eligibility for our lender plans. You will see there is a lot of flexibility in who we could to help:
- AGE: You will need to be at least 18 years of age and no older than 80 years old to be eligible for our lenders loan plans.
- LOAN TERM: Loans can be paid back over a period of 3 years up to 25 years based on your budget and to keep the repayments affordable.
- INCOME: You will need to be able to demonstrate your income, i.e. whether you are employed, self-employed or in receipt of money from other sources (such as alimony, a pension or certain benefits). This is to help check that you can afford to meet the agreed repayments.
- ADDRESS: Having a UK address is important for the loan to be approved as the lenders need to know that you are resident in the UK. You do not necessarily have to be on the voters roll, so long as you can prove where you live in others ways (such as utility bills).
- LOAN PURPOSE: There is a lot of flexibility here. Money borrowed can be used for virtually any legal purpose, common examples are: home extension or renovation, vehicle / chattel purchase, debt consolidation, education fees, tax bills, conservatories, major holidays, plastic surgery, buying a second / holiday home, starting a business….the list goes on. Loans however cannot be used for gambling, or to fund any illegal activity.
- ADVERSE CREDIT: This is a more complex area and you will usually find that the worse your credit history the higher rate you will be offered. This is known as rate for risk. You will be advised of the rate you qualify for before you accept any loan offer. In the case of significant bad credit some secured loan plans accept up to 6 months current mortgage arrears, recent county court judgements, defaults and clients in a debt management plan (subject to conduct). However - if you are in an IVA (individual voluntary arrangement) or are currently bankrupt (within 6 years) our lenders will not be able to help.
So you`ve decided that you need a loan and you pass the key eligibility areas – so what happens once you call or fill the enquiry form in? Will your details just be scanned by some algorithm designed to screen out the difficult cases? Will your application be dropped by the machine because you can`t explain the finer details to the computer?
In a word `no` - at My Sort of Loan your enquiry can be reviewed by a qualified member of our UK based loan team who will establish the priority aspects of your application and use them to identify the right loan plan for you. Once we have found out your needs and requirements we will work hard to get your loan arranged swiftly.
Lenders Criteria For Homeowners
Having decided that you may be eligible for a loan you might find yourself wondering what further lenders criteria there is with regards to you being a homeowner. This is best left to for us to explain and establish for you. Some more common aspects are listed below:
- You will normally need to have been a homeowner for at least 6 months.
- If you wish to borrow more than £15,000 you will need some equity in your property. The more equity you have the more you may be able to borrow against it.
- The property you wish to use for security (be it a buy to let or your residential home) will need to be suitable for a mortgage. I.E. Not in a state of disrepair where a mortgage lender would refuse to lend on it. Such as if it was suffering from bad subsidence.
- Anybody who is registered as an owner of the property will need to go on the homeowner loan application.
At My Sort of Loan we have excellent knowledge of a wide ranging panel of lenders who each have several plans which we believe represent a good cross section of the homeowner loan market. Your loan adviser will establish for you which plans you are eligible for.
Joint Loan Eligibility
Cohabiting couples, Married couples and even relations who share a home will often wish to apply for a joint loan. This can help a lot with the affordability aspect as there is usually more income between you and so you may be able to borrow more if required for your project.
When you apply for a loan against your home there are scenarios where you may find that you will have to submit a joint application, this may be because you needed to apply for your first mortgage in joint names or you have married your partner giving them certain rights over your property even if the mortgage is just in your name. As an interested party they could potentially have to join you on the second mortgage application with you or sign a waiver. We will establish this with the lenders for you. My Sort of Loan will consider all of the circumstances that could affect your application to help avoid finding out at the last minute that there`s something amiss.
Bad Credit Borrowing Criteria
Of course if you`ve had credit problems in the past (such as defaults, mortgage arrears or ccj`s) you may already be well aware of borrowing criteria for bad credit clients as something that often stops you from borrowing money. At My Sort of Loan we have an extensive panel of lenders with bad credit borrowing options for clients who have hit a few bumps in the road. So even if you don`t think you`ll pass, we will know where you can fit a lenders bad credit loan criteria and avoid being refused a loan. Our qualified loan advisers are on hand to discuss your individual case why, not call us and let us take a look to see what we can achieve - you might be surprised by what we are able to arrange for you.
Loan eligibility calculator
So how do we calculate your eligibility for a loan? This varies by type of loan and by lender. For example for a homeowner secured loan initially it comes down to three main factors, credit history, affordability and equity. Once you`ve established there is enough equity in your home to borrow against you need to consider how much you can afford to repay every month , this will enable us to calculate how much you can afford to borrow at the rate you qualify for. Your credit worthiness is determined by a number of factors such as your past credit history, time at your address, your credit score and time in your job to name a few. At My Sort of Loan a qualified adviser will calculate your eligibility and advise you on the most appropriate product that matches your eligibility with no obligation on your part to proceed with an application.