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5 solid ways to improve your chances of obtaining 10000 loans

10000 loans can be the solution to any vital need. Whether it’s purchasing a new car, starting your own business, or taking a trip around the world, there is plenty that you can do with an extra £10,000 in your pocket. And the best part is, you don’t have to wait until you receive your next pay check or beg for your family and friends who frown every time you request to borrow money. All you need to do is to apply for a 10000 loan from a reputable lender whether online or from a brick-and-mortar store and get approved if you meet the requirements.

However, not everyone will be eligible for 10000 loans and you might be one of them. Banks and conventional lending institutions in particular, tend to provide financing only to borrowers who have stellar credit rating. With that being said, here are 5 solid things that you can do to improve your chances of obtaining 10000 loans in the UK.

why choose 10000 loans

5 Things To Do to Obtain 10000 Loans

1.) Add more points to your credit score

Every time you apply for large amounts of financing like 10000 loans, lenders will always pull out your credit file from one or three of the of UK’s major credit agencies: Equifax, Experian, and Callcredit so they will have an idea on how you manage debt. If your credit history is free from any form of late payments or defaults in the last 3 years, then it will tell lenders that you are credit worthy. A positive credit history will reflect a higher credit score and this is an important factor that lenders will look into in determining whether or not to approve an application.

Simply put, having a solid credit score is vital in taking out 10000 loans in the UK. If you want to improve your chances of getting approved for the loans, here are some things you can do with regards to your credit score:

Never be late in paying off your bills

Make it a point to clear off any debt levied against your name

Never go beyond your credit limit

Avoid incurring foreclosures, bankruptcies, CCJ’s, and the like, as they can negatively impact your credit history

2.) Be responsible in managing your debt

Sarah has a single credit card that has a £3,000 credit limit and clears it off at the end of every month. Sheila on the other hand, maintains a couple of credit cards with a £3,000 and £5,000 limit respectively. She also pays them off completely at the end of every month. On top of that, Sheila also has a mortgage loan that she pays off every month.

Now both are equally responsible in managing their debts and paying them off on time but majority of banks and other lenders would favour lending 10000 loans to Sheila because she is an individual who:

Keeps up with her credit duties and responsibilities.

Is disciplined enough to maintain numerous types of credit (in this case a pair of credit cards and a mortgage loan) and cover its monthly payments in full.

Has an extensive history of using debts properly according to the agreed terms and conditions.

Overall, majority of lending companies are more willing to lend 10000 loans to people who have a proven track record of handling numerous types of credit and covering their repayments on a consistent basis.

3.) Borrow only what you can genuinely afford

If you’re looking to apply for 10000 loans, make sure that you choose a payment term that is suited to your monthly earnings and outgoings. For instance, if you’re monthly earnings total £5,000, then your monthly payments (including those other credit that you currently have) should not exceed more than 40% of your monthly income or in this case, more than £2,000.

Not going over 40% means that you will have enough money left in your account every month to cover various vital expenses and necessities like groceries, utilities, and rent or mortgage. Otherwise, it would be hard for you to keep up with your repayments and this could lead to missed payments and even defaults. As a good rule of thumb, it would be best to choose a payment term that is less than 40% of your monthly income so it would be easier for you to get approved of 10000 loans.

4.) Prove your financial capacity to pay off the loan

Lenders offering 10000 loans or any type of credit product for that matter will always look to get back the money that they lend. That’s why it’s extremely important that you prove to your financing company that you have the financial capacity to pay back the money that you owe them in a timely manner. If you show banks that you are employed and enjoying a reliable source of income (which is your salary) every month for example, it would be easy for lenders to gauge your financial ability.

What if you are self-employed or unemployed but are enjoying some form of outside income or benefits? If such is the case, you can provide the documents that will help the lender determine your level of income such as:

Tax Returns

Financial Statement for the past 3 years

Banks Statements for the past 3 years

Business permits, payment invoices, benefits, and other documents that will verify any source of income

5.) Compare 10000 loans in the market

Just like you should before purchasing or using any type of product or service, doing your homework will help you a lot in landing the best deal. When it comes to 10000 loans, it helps to do some research and shopping around on the available options and the lenders providing them as well. Try to bear in mind these important things in your search:

Determine what the most affordable offers are and inquire if you can apply. There are eligibility requirements that you need to meet and you need to know them firsthand before you make an application.

Choose a loan term that is ideal to your present needs and circumstances. Lenders will only approve your loan application for its 10000 loans and credit services if it something that you can genuinely afford.

Choose a lender that is FCA licensed to ensure that you will be applying for a credit product that is guaranteed safe and legal for use.

why choose 10000 loans

CashComet is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative Example: Borrow £200.00 for 60 days. Repay in 2 payments, first payment in 30 days
Each Payment: £147.04. Total Repayment: £294.08, Interest: £94.08.
Interest p.a: 365%(fixed). Representative APR 1058%

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

Finding the Right Loan for You

There are many kinds of loans that you can get while using a guarantor. We have divided our site to focus on specific kinds to make it far easier for you to make sure you are getting the finance plan you are looking for.

If you are looking for something specific then check to see if our sub-sites cover what your after. If they don’t just get in contact with us and we will definitely be able to help.

5 most recent personal loan reviews

Review of Ikano Bank

Honest, realistic and genuine, I can't say anymore than that. I had problems with credit in my past that were cleared but unfortunately my credit score was very poor but thankfully Ikano loans gave me a chance to rebuild that. High rates, but that's expected when getting a loan with such bad credit. Thanks again for your support.

Review posted by Peter Harrow, Thornbury

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Money Guru

Excellent communication and a very quick and easy process. Authorisation telephone call was conducted by a friendly and polite lady who explained everything clearly. Would highly recommend this company.

Review posted by Melanie Steele

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Satsuma

The service was simply amazing. I have never taken loans service seriously, my view point has now changed. I needed the money for flight tickets to attend a funeral and I could have not been dealt with in such an amazing manner. The interest rate was also better than I expected. Certainly will be paying the money back early as this was really an emergency and a life saver.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews acquired from trustpilot.com for authenticity.