Lenders assess the likelihood of borrowers paying back a loan on time and in full and the information they gather indicates that probability and whether you are approved for a personal loan. The level of risk they are willing to take depends on many factors from the size of loan, to income, credit history and major expenditures (e.g. rent) and generally speaking traditional lenders like banks and credit unions are much more risk averse than alternative lenders like private short-term and peer-to-peer lenders. The more risky the loan is deemed the higher the interest rate but in the majority of cases there is a lender for every situation given the applicant is a UK resident with bank account; over 18 years old; and has employment income. It is advisable to research what options are available to you before applying and having your credit checked as each assessment acts as a mark on your history and could make future applications more difficult.
The Money Platform may be a viable option as we offer peer-to-peer short term loans to people that need quick cash, transparent terms, and great customer service. Matching lenders with borrowers and cutting out the middleman we ensure borrowers get their funds quickly with full support every step of the way, thereby benefiting British people, not banks. See if you qualify in under 90 seconds.