Are you Eligible? The basic criteria to use 'I Need Cash'.
To Apply for a Loan
1. You will need a UK Bank Account
All lenders require you to have a UK bank account, as this is where they transfer the cash loan to. If you do not have a UK bank account, you will not be able to borrow money from any of our lenders. This isn’t the only reason you need a UK bank account. Lenders need to confirm the details you have provided, and having a UK bank account in your name is one of the checks they perform.
Not all but some lenders, also require access to information from your bank statement and will use Open Banking to do this.
2. You can afford the repayments?
Part of being in control of your finances, is being able to afford the repayments on any borrowing you have. Each lender has a different level of what they class as ‘affordable’, however the basic model of working out if you can afford to repay, is the amount of income you have left each month after your outgoings.
Josh is single, lives on his own and works full time.
He wants a loan but needs to work out what he can afford to pay.
- Rent 600
- Utilities 150
- Entertainment 55
- Food 225
- Mobile Phone 32
- Credit commitments 45
- Travel/petrol 150
- Clothing 100
- Holidays 50
- Going out 100
How your eligibility is calculated
On the above calculation the amount Josh can afford to repay each month is £243.
When applying for a cash loan, always look at what you can afford to repay versus what you need to borrow. This will determine how long you need to repay the loan.
Josh is apply for a £2,500 cash loan
with repayments on a fixed interest rate of 59.77 APR%
-
12 monthly repaymentsRepayments each month £266.03Repayment total £3,192.39Total cost of credit £692.39
-
18 monthly repaymentsRepayments each month £197.12Repayment total £3,548.20Total cost of credit £1,048.20
-
24 monthly repaymentsRepayments each month £163.5Repayment total £3,926.15Total cost of credit £1,426.15
-
36 monthly repaymentsRepayments each month £110.03Repayment total £6,602.04Total cost of credit £4,102.04
If Josh wants to repay the loan over 12 months, he would be declined.
With an income of £1750 after tax and expenditure of £1507 a month, with this example, the lender would decline an application for a £2,500 cash loan repaid over 12 months. This is because the amount of the monthly repayment is more than what the person can afford.
Each month they would be short £23.03.
Josh selects 18+ months to repay the loan, he has a greater chance of being accepted.
If when making the loan application the 18 month repayment terms were selected, the lender can see the person can afford to make the repayments. This greatly increases the chances of being accepted for the cash loan.
Although the monthly repayment amount reduces the longer you repay the loan, the total amount you will repay increases. Before deciding on how long you want to repay a loan, ALWAYS look at how much it will cost you.
3. Start your application
Using the I Need Cash service is more beneficial to you when you want to borrow money. We do all the searching for you. When you search for car insurance or holiday deals, you will often use a comparison site to search and find you the best price. Using I Need Cash works in a very similar way. When you complete our form, we search our panel of lenders to find you the best loan, and the cheapest loan, for you.
This keeps you in control, saving you time by not having to visit each lender individually.
