Wed, 20 Nov 2019

Same Day Cash Loans- Does Your Repayment History Affect Your Loan Eligibility?

by One Hour Loans Australia

Same Day Cash Loans- Does Your Repayment History Affect Your Loan Eligibility?

Loans are all you need when there is a financial disruption in life. There are different types of loans in the life of conventional loans and same day cash loans. Irrespective of the type of the loan you want to avail, your repayment matters a lot. The complex procedures involved in processing the loan is all about making sure that you are capable of repaying the loan without defaulting.

Impact Of Repayment History On Your Loan Eligibility

Every lender be it conventional banks and online lenders are keen at checking your repayment history that is reported by the credit agencies. The traditional loans are strict on the approval of the loan when you have poor credit. In the case of same-day cash loans, the lender though checks your credit score while approving the loan but will consider your reasons behind poor credit before approving the loan. The lender of the same day cash loans neither guarantees your loan approval and rejection for your poor credit score. It all depends on the discretion of the lender to approve/ reject it when you have poor repayment capacity.

Why There Is Connectivity Between Repayment History And Credit Score?

The lenders of same day cash loans at are more concerned about the borrower repaying the loan without defaulting the loan when the loan sanctioned is unsecured. Your repayment capacity is reflected in the credit score to let the lender the fear of losing the loan amount. The credit score of the person is decided based on the past financial behaviour of the person. It provides the lender with complete details of the loans availed by the applicants and their adherence towards the payment of the loans, which gives the lender assurance about the repayment of the loan. This is the reason why repayment history is very important for loan approval.


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