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More than 40% of young people use loans or other financial services in order to attain quick cash. However, many established lenders dismiss these individuals due to lack of confidence, financially.
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Young people find it challenging being approved for a financial loan, regardless of the lender. The simple explanation for this is that young people tend not to have a sustainable or stable credit-rating to aid as proof for the lender. Also, the individual may have been in full-time employment for just a short amount of time and does not suffice the lender’s criterion.
Lenders reject an applicant’s who is unable to provide this evidence due to the inability to calculate the risk. A lender will typically borrow money to someone who they can ensure will pay the instalments back on time. Despite being rejected by conventional financial establishment’s, young people still demand short-term, quick-cash loans as a means to survive. From dealing with educational, personal, and leisurely expenses, it is easy to stress if an unexpected cost appears.
Unfortunately, the majority of financial institutes discredit young people, and they are tarred with the same brush. This ‘brush’ is conjured through sweeping stereotypes and pre-dispositioned thoughts that young people are less likely to keep up their finances in a timely fashion. The conventional financial institute’s primary goal is to profit and make as much money as possible, imperative to how they function.
This creates a never-ending cycle as young people more than ever require access to emergency funds and short-term loans. However, merely missing one payment or direct debit can impact your credit rating massively. Erasing the possibility for you to obtain a standard mortgage or loan.
Also, adverse stereotypes that are cast do not improve the relationship between lenders and young people. Leaving individuals struggling, and having to turn to stress or other means to get funds or repay debts.
Apply for a loan today…
Do not allow yourself to be worried about your finances anymore! Although you may not have a perfect credit-rating or be employed, we can help you resolve your financial headaches by matching you exclusively to a lender who can fulfil each of your requirements.
If you need financial help and perhaps have been previously turned away, please take 2-minutes to complete our online application. Creditpoor offer the free application and loans with guarantors or no guarantors. Applying will not leave a mark on your credit status and is completely free.