Life can come up with situations where you need money urgently. You might have a credit in your wallet to counter these problems. However, what to do when you have already exhausted its limit?
The personal loans can take forever to process. You don’t want to use your car or home as a mortgage for a small amount of money. To your rescue, there are many easy loans available in the market, ready to deliver cash at your doorstep.
The provident loan is one such doorstep loan by which you can borrow some money from £100 to £1000 instantly. Therefore, instead of waiting for loan approval, you can get the required amount in your account by the end of the day.
The application process for a Provident loan is quite simple with complete assistance from the company’s representatives. These are the steps involved in the application process of the Provident loan.
You need to decide the amount you want to borrow from the lender. Here you can choose any amount between £100 and £1000. Then you need to select the repayment time for the loan. It can vary from 13 weeks to 52 weeks.
You must be very careful with your financial condition while deciding the amount and the repayment time. The monthly instalment you need to pay is based on these two factors. The larger amount you borrow, the more you need to pay interest over time. Selecting the repayment period is, however tricky.
While 13 weeks of repayment means the least possible interest on the amount, it also puts the burden of higher monthly instalments.
The whole process of applying for the Provident loan can be completed at the comfort of your couch. You need your Smartphone or laptop to apply for it with no queues and offline forms to fill.
Before applying for the loan, you need to make sure you meet a specific criterion. It includes that you must be a resident of the UK. You should be over 18 and below 74. Besides, you must provide a telephone number and details of your address for the past few years, generally 3 years.
In the end, you need to check the box which states you agree for a home visit from the representative to verify the details and assess affordability.
The process is made smooth and comfortable with the explicit loan approval after the visit from a company’s representative. After filling the online application, you will receive the principal amount approved within minutes. After that, a representative will visit your home for an affordability assessment. It will make sure that you can manage the loan amount, and it is sustainable with your financial condition.
You can verify the employee with the official ID they carry. Besides, the interaction will be recorded to ensure the best possible service to you. The amount offered to the borrower might change based on the affordability assessment.
Provident loans are doing consider your credit ratings, but it is not the only criteria to decide the eligibility. However, to increase your chances of approval with bad ratings, you need to keep documents ready for the verification by the representative. These documents include proof of ID and income.
You can use government-issued documents for the ID proof from the predefined list of documentation. The proof of income depends on your employment status. The loan will be offered to you even if you are unemployed or receiving benefits.
After the loan is approved, the representative will bring in the amount to your doorstep in cash. In addition, the instalments will be collected from your home. You can select the time and day based on your preference. A bank account is not required for a Provident loan since the whole loan delivery and repayment is available in cash mode. The entire process is convenient and based on your comfort.
Provident loans are one of the best options for you in case you need cash on the same or the next day. Since the whole process is completed at the comfort of your home, this easy loan is an excellent option for older people and differently-abled. However, you need to consider other options if you’re looking for a long commitment or more money than £1000.
Summary-
The application procedure for Provident loans is mentioned in this blog with some related information in the end.