How to Qualify for a Peachy Loan
In need of urgent car repairs? These are but a couple of reasons that households and individuals face when they need an injection of cash quickly.
At first, you’re likely to check whether you have space in your bank overdraft or any unused limit on your credit card. If that is not an option, then you may consider a bank loan or ask your friends and family for financial support.
If any of those options are not available then what you? Luckily Peachy has loans for those applicants who find themselves in this precarious position. However, to ensure that you are approved for a loan assessment with Peachy, read on below to ensure you qualify for a payday loan.
Eligibility for a Peachy Loan
To apply for a Peachy Loan, our customers must first have the below criteria:
- Valid UK Bank Account
- Received regular employment income
- UK resident
- At least 18 years old
Applying for a Peachy Loan
Should you meet our eligibility requirements, then you are welcome to apply for a Peachy Loan. New customers can complete our online application form in a few minutes. Returning customers can apply by logging in to their online account.
Peachy will ask for the below information as part of our assessment of your application:
Address and contact details are needed so we can both verify your identity and ensure we can contact you regarding your loan.
We ask for your employment details to check if you are receiving a regular salary before considering your application. Peachy will never contact your employer and only use a third-party service to verify your employment.
We require financial income and monthly expenses to provide us with a picture of your financial circumstances, so we can offer you a loan that matches your circumstances.
Bank account details are needed so we can pay your loan into your account should you be approved.
What loan decisions can you expect after submitting your application?
Once you have submitted your application with Peachy and we have assessed you, applicants can expect to see one of the three responses below:
- Approved – If you’re accepted, your loan will be funded within minutes after approval.
- Review – If your application is under consideration, Peachy will need either more information from you, or we need to do some additional checks before deciding to offer you a loan. We shall be in contact.
- Declined – If your application is rejected, that means we at present we unable to offer you a Peachy loan. Applicants can apply again in the future by merely logging in.
Why was my application rejected?
Meeting Peachy’s minimum eligibility criteria state is obviously no guarantee of success.
We always attempt to include the reasons why an application has been declined on the decision page at the end of an application. Our customer support team do not have access to any further information beyond what is included on that page, but sometimes this isn’t enough to satisfy rejected applicants.
The most common reason for being turned down for a Peachy loan is that we don’t feel confident that you will be able to afford the loan. This could be down to numerous factors including your level of stable income, existing financial commitments (including any other outstanding loans) or your credit history.
Unlike other lenders, we do not approve every loan application. In fact, only 12% of all loan applications are approved.
Peachy is a responsible lender and only offers loans to those we believe can afford it and will not get into debt.
Peachy take into account all personal financial circumstances, even those with bad credit scores. However, if you have been rejected for credit multiple times, missed a lot of scheduled payments, filed for bankruptcy or applied for an individual voluntary arrangement (IVA) in recent years, these could be valid reasons to decline applicants.
Furthermore, if you’re unemployed or lack a steady income, this could have contributed to your application being rejected. Please note a poor credit score could be because you have never borrowed previously as much as reckless borrowing.
Best practice advice when applying for a loan
Before applying for a Peachy Loan borrowers should check the following with regards their financial circumstances:
What is the status of their credit score? Credit scores, typically rated as good or bad, are formed by various actions within an individuals life. For example, not borrowing any credit during a borrowers lifetime can cause them to have a ‘bad’ credit rating, the same as those who have not repaid credit on time. Whatever the reason, a ‘bad’ credit history will likely impact your application.
If borrowers have existing debts, then they should attempt to pay off as much as they can as too much credit loaned often means that newer lenders are unlikely to consider and offer you more.
There may be situations when borrowers have credit cards with high credit limits, yet the cards, are fully repaid and simply not being used. For these borrowers then, there is the potential for them to use this credit. This may scare newer lenders who may be concerned that if they lend borrowers more, then subsequently these borrowers max out those high limit credit cards, will cause them to get into unmanageable debt. Thus, borrowers should try and reduce their ‘credit exposure’ and reduce card limits.
For those who do have debts, and have not been making payments on time for a period. Now is the time to begin doing this for a while. Demonstrating that you can repay debts is a good sign that you can be trusted.
Loan assessment applications are recorded on credit reports. Too many applications made within a short period of time can be alarming by those checking credit records.