Welcome to High Acceptance Loans
Online loans which can be applied from anywhere at any time are the good alternatives for short term cash need. We at High Acceptance Loans are providing such type of real time loan matching facility, so that you can find suitable loan even with your mobile.
Now a natural question will arise, what will be the acceptance rate?
Loan acceptance rate depends on few factors like loan repaying capacity, your past credit history, your regular employment, proper bank account and UK citizenship. Last three requirements i.e. you should a UK resident age above 18 and engaged in regular job for more than last six month and your salary is credited in bank account are mandatory without which you can not apply for these loans.
Now we will take other two loan requirements your credit score and monthly savings to loan repay.
As per new guidelines for direct lenders in UK, which is popularly called “responsible lending policy” every lender have to verify loan suitability of borrower before any loan approval. So if you are not in position to afford loan then this option will not work for you.
Now final factor to evaluate your loan acceptance rate is your credit score. The good news is that all loan seeking persons can apply here irrespective of their credit history. The basic logic behind this is that, you may have failed to repay your loan or other dues in past, but one cannot draw inference that you will fail this time also.
Of course every lender will verify your credit score before loan approval to assess his loan risk but if your current fiscal status is strong enough then despite of your bad credit, your loan may be accepted.
|Loan Amount||Credit score||guarantor||Acceptance rate|
From above table it is clear that for bad credit scores applicants, lenders may ask for a guarantor before loan approvals. Guarantor is a person who signs the deal with you and lender with a declaration that if you fail to repay loan, then lender can recover loan from him.
We can easily draw other inference from table that for small loans approval rate is always high in comparison to high sum.
Loans with brokers or direct lenders
Loans with direct lenders have many benefits over loan through a broker. As brokers are associated with many lenders and they will try to sale your loan lead to lender who will pay the maximum commission. Till broker will not find good deal for this sale he will keep your loan application on hold. This will delay your loan processing at the time when you are expecting early funding.
|Loan with lender or broker||Loan cost||Processing time|
|Brokers||Same or more than direct lender||Time taking|
Frequently asked questions
How to get payday loans?
Now a day’s searching and getting payday loan is on your finger tips.
Yes, with the smart phone it is matter of only few minutes only.
Just give input of little personal information and get instant results about loan proposals.
The required details like loan type, your source of income, your credit score (if known), cash purpose, loan amount and term for repayment will be sufficient.
For small amount like 100 pound to 300 pound you can get simply by sending text massages to your known direct lender, as he already have your above details.
For higher sum like 500 pounds to 1000 pound you can apply for payday loans for which many lenders are offering same day payouts.
Payday loans for bad credit
If you have bad credit history then also no problem some lenders have specialisation in bad credit loans.
What about credit check?
Credit check is a big challenge in any loan approvals but this does not stop you from applying for loan because credit check is done at lenders only at the time of credit decisions.
What about cost of payday loans?
As text loans and payday loans both fall under category of Short Term High Cost Credit so interest rates are always high.
Requirement of guarantor or collateral
You should not worry about guarantor or collateral for these text or payday loans as these loans are unsecured loans.
Payday loans with direct lender or broker
Text loans with direct lenders are always beneficial in comparisons to apply through brokers; this will save your time as well as money.
Brokers are paid by lenders for every loan lead forwarded by them and ultimately lender will recover from borrowers only.
Are same day payday loans are possible?
Same day loans are possible if you apply in working days for your bank as well as the lender so that they can transact money in your account.
Where to apply for payday loans?
Now loan application process for text and payday loans is automated and online so you can apply anytime from anywhere.
Lender will use soft or hard credit search
If you are hesitating for hard credit search then relax, normally broker and lender go for soft credit search, means they access your credit details which is available without your permission and this will not be recorded to affect your credit score.
Is Text loans no credit check is possible?
Text loans direct lenders no credit check is not realty because as per responsible lending concept every lender have to check this to gauge your loan suitability.
when we get bad credit payday loans?
Bad credit payday loans are available in cases where credit score is affected by other than loan defaults for example because of CCJ or other legal actions.
For whom text loans are suitable?
Text loans are very high cost loans so these should not be used for repayment of other loans otherwise chances of spiral loan trap may happen.
How FCA regulation is protecting payday loan borrowers?
Although FCA has tightened the regulations of payday loans but you should read each and every line of loan terms before going ahead.
Caps for loan interest is fixed with 0.80% per day means £24 for £100 loan with loan term 30 days.
Penalty is also limited with a cap of £15 for a whole loan term.
Main clause of payday regulation to protect borrower is of total repayment amount cannot exceed double of the basic loan amount.
Means if you have borrowed £100 from a lender then under no circumstances he can claim more than £200 including all fees, interests and penalty.
Who should avoid payday loans
The basic purpose of text or payday loan is to come out from short term cash crunch when your present financial condition is good enough to repay loan on scheduled date.
Getting loan is not a big issue as this is lender's business to do approve loan to all eligible borrowers, the most important part of loan cycle is of its repayment on due time. Most cases the salary day is taken as fixed repayment date for payday loan. If your net salary is not enough to recover loan through direct bank account debit method then this may lead to a bad era for your finances as well as for your credit history.
For loan default lender may impose a penalty of £ 15 plus interest till you repay whole amount and also he may send data to Credit score agency for adverse entry.
Any negative entry will reduce your chances for getting loan in future so be alert well before loan repay due date and if you find Difficult take your lender into confidence to reschedule date.
Why borrowers search text loans no credit check
Many borrowers attracted by the head line "text loans no credit check" or "payday loans no credit check" because of two reasons.
First they think that lender may reject their application due to poor credit as lenders are not willing to approve payday loans for bad credit.
Other reason of avoidance of credit checks that every credit check will leave foot print in credit history to pull it down.
What are different loan options?
Unsecured loans for short term are popular in UK with different names like text loans, payday loans, payday text loans, txt loan, 100 pound loan, bad credit loan, high acceptance loans etc you have many options to select.
Role of source of income in payday loan approval
As payday loans are short term finances and their approval depends on current repaying capacity of the borrower so present income and source of earnings is key point in loan approvals. You have any type of regular income and if you can prove it via salary slips or bank statements then loan approval chances are high. Your income may be any one of following type:
Credit score and loan acceptance chances
Good credit score help you in to way for payday loans, first you are eligible to negotiate with lender for better rate. Second your loan approval chances will be high. Every lender is happy to fund borrower with good credit ratings as their loan risk will be less means loan recovery probability will be high and vice versa for bad credit score. For first time borrower have no credit history this is also not good in lender’s point of view as he will be unable to draw any conclusion. Your ratings may be from very good to very bad if you know better to tell the lender.
For what purpose payday loans are fit?
For any sudden cash requirement, payday loans are good option it may be bill payment, house or equipment repair need, holiday or party planning or so. You can tell lender about your purpose for this loan.
Payday loan amount
As payday loans are high cost short term unsecured loans so loan amount is not very high to avoid risk both from lender as well as borrower point of view. If lender approves for large sum and borrower becomes defaulter then this will be a loss for lender. After FCA new regulations, lender has only limited options of penalty and interests. You should loan amount wisely and at minimum to fulfill current obligations only.
Selection of loan term in payday loan
The basic purpose of payday loan for arrangement of temporary funding till next payday means 7 days to maximum 30 days. But now scope of payday loans is raised further, some lenders are giving choice up to 12 month for payday loans. Keeping in mind the high interest rate which are calculated on day to day basis, loan term should be keep as minimum as possible.
We at HighAcceptanceLoans.co.uk are not a broker or direct lender. We are working with a group of lenders who have all required licenses and permissions from payday loan governing body in UK. At our end we do not hold your data and pass it to lenders directly. For our online loan application facility we do not charge any brokers fee, our services are free to use.
All credit checks are done by direct lender only, we are not involved in this process. All loan approvals are on the lenders will, we have no role in approval. We do not guarantee about loan approval time lines as well as requirements, if lender need more information he may contact you.
For all query related to loan approvals, repayments or rescheduling of loan term please contact to your lender only.
Non repayment consequences
If at any point of time you feel difficulty in loan repayment inform your lender immediately, he may offer you some options for extension of loan term.
For any loan default, lender may forward your case to third party loan collection agent who will also add recovery charges in outstanding loan amount, or lender may refer your name to credit score agency for adverse ratings.
As short term loans are high rate of interest loans so should not be used as regular borrowings. If you have already loan balance then never try to repay by this loan, this misadventure may cause you financial loss or you may trap in spiral loan trap.