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Getting A Quick Decision On A Loan

Sep 11, 2008
If you are applying for any sort of loan the last thing that you want is to be kept on tenterhooks whilst you wait to find out whether you have been approved or not. These days there are no guarantees that you will be approved for a loan even if you think that your credit rating is worthy. The fact that lenders have tightened their lending criteria to such a degree because of the global credit crunch means that even those that may have been pretty confidence of being accepted for a loan in the past may now feel the sting of rejection when they apply for finance.

With such uncertainty in terms of whether you will be approved for loans or not being kept waiting around to find out the answer can be a nail biting process. This is particularly true if you need the money for something really important and if your options are limited when it comes to alternative ways to raise the finance that you need. However, in the past borrowers had very little choice but to hang around and wait to hear whether they had been approved for the loan that they needed.

In the past many people applied for loans by post, and this involved waiting for the application forms to come through, completing these lengthy forms, which could be a laborious task in itself, posting the forms back to the lender, and then waiting days or even weeks to hear back with regards to whether the loan had been approved. Even if the news was good it was then a case of waiting for the whole process to go through before you got hold of the money you needed.

In recent years, however, telephone and online applications have made things far easier and faster, and these application methods have made it far easier for consumers to get a fast decision on their loan applications. When applying by phone you may find that the process is still a little time consuming, as you first have to wait to get through, which can take some time depending on how busy the call centre is, and you then have to answer what seems like hundreds of questions before you get an answer. You also have time restrictions to consider, as you can only apply within the call centre opening hours.

A far easier method is to apply online, as you will be able to browse, compare, and apply for a loan at any time of the day or night and from the comfort of your own home. You will find many lenders offering both secured and unsecured loans online, and you can complete the application process quickly and easily without feeling embarrassed about having to answer personal financial questions. Moreover, in many cases you will be able to get an instant decision in principle on your application, which means that you are not left hanging around to find out whether you have been successful.
About the Author
Peter Kenny has been writing financial articles for 10 years and is a writer for The Thrifty Scot, please visit us at Personal Loans and Compare Loans
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