There are many ways you can apply for payday loans or any type of short term loans. The best route is to use a facilitator wherein you can get immediate access to multiple lenders and thereby receive various quotes. You must always consider as many options as you can. Payday loans should not be chosen without comprehensive comparisons and analyses of different quotes. If you can consider all the lenders offering short term loans using Flex Repay in UK, then you should do that. It would only help you to find the best deal for yourself.
When you apply for payday loans and a lender turns down your application, you would naturally ask for a reason. Many lenders will offer you an explanation. Some may not. It is possible some lenders will not offer you an explanation even after you ask for one. In an ideal scenario, the letter of rejection should have a reason. Even if it is a virtual correspondence wherein you are told that your application has not been accepted, there should be some explanation. You cannot be kept in the dark as that does not help your case moving forward. The problem when you are applying for payday loans and your application is being sent to multiple lenders is that you may or may not know exactly why some lenders have turned down your application. Some borrowers may not even realize that their applications have been turned down because the initial correspondence is the absence of a quote. Some lenders will send you a quote after receiving your application. This does not mean you have been approved for payday loans. Those that do not send you a quote have basically not accepted your application. In other words, your application stands rejected.
It is these lenders that do not send you a quote that should be your focus and that is if you want to find out the reasons for rejection. Most borrowers don’t bother about these lenders because they have other quotes to fall back on. When you have quotes from five lenders and three others have turned down your application, it does not really make a difference. If at the end of the process you are getting the payday loans or short term loans you need, then the rejection of those three lenders would have absolutely no significance. However, if the five lenders that have sent you a quote or an offer don’t end up approving your loan, then there was and is something that led the first three lenders to not accept your application in the first place.
All lenders have their own policies determining who they should consider and who they would reject straightaway. Some lenders of short term loans have more stringent policies than others. None of these policies should bother you as long as you get your payday loans from someone. But you want the loans from the best lenders, you want to pay the least interest and you want the most favorable repayment terms. When you go beyond the simple reality of getting approved and down to the nitty-gritty of getting the best loan, the reasons of rejection will matter immensely. You would need to know if the quotes you have received from are of the best lenders or if they are the most lenient with their consideration and then end up charging enormous rates of interest.
Make a list of your preferred lenders and also include the others that you don’t find particularly suited for your needs or how you wish to go about your payday loans. Apply for short term loans through Flex Repay in UK and keep a tab on how many quotes you receive. If there are some preferred lenders that have not sent you a quote, then you should delve deep into it and find out the reasons why. If some lenders send you a quote but then reject your application later at the time of approving your loan, then too you should ask for the rejects why your application has been turned down. There is more than one stage of rejection. You should know what about your profile, perhaps in your application or the loan amount you are asking for is becoming the main issue for the lenders.