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Getting another loan provident is subject to varied circumstances. Like every lending company, the provident also have to follow some sort of lending circumstances. It is better if you read about them in advance and avoid any kind of confusion later. There is no chance to compromise with the rules set by the regulatory authorities.

Multiple conditions make the final decision

Yes, that is the ultimate fact because financial decisions are never about just one or two factors. Every small and big condition is responsible for making a considerable change in the lending decision. You may get rejected if you miss any of them because it is all about a logical approach.

Apply within one month if you borrowed small in the previous loan 

Yes, it is possible to get another loan in just one month if your last loan was about a small amount. Usually, with a past loan of up to €2000, the provident company allows you to apply and avail funds for a new purpose. However, the company can be a bit particular about the purposes of the loan.

The loan amount you apply for next time is also an important aspect. The calculation is clear. If you want to borrow a more significant amount, it is necessary to see how big it is. You may get funds up to €25000 as the previous money you borrowed was relatively small.

The fact is that there should be a balance between the current loan amount and the past amount you borrowed. After all, the lender also needs to consider some factors. Perhaps the best thing is to contact the lending company and get clarity on this aspect.

Ignorance on this aspect may bring rejection because provident loans have decided terms and conditions. They may not act flexibly despite the fact that you are an existing customer. Better is to apply all the precaution ways beforehand. 

You may get rejection if you apply same day

The most common question of the borrowers is, do provident give loans same day? The answer can be ‘Yes’ as well as ‘NO.’ Again, your condition depends on other states. Never forget that your next loan is always in the impact of the past loan. It is the reason that once again, here also the borrowed amount is a significant factor for the lender and you.

It is usually impossible to get another loan the same day from the provident because of the uncompromised strategies of the lender. You may try any other lender because here, you may not get a pleasant answer on your application. In fact, due to rejection, your credit record may get a degrade in the credit rating. Also, the fear of the impact of search footprint can be a big concern. If you are not sure about it, do the market research on your own.

It is better not to apply for another loan on the same day because the finance experts usually ask to avoid this habit. In ignorance, people apply to the same lender the same day without understanding the consequences of this fact. Always wait for at least one month because that is the safe play strategy and increases the chances of fund approval. For most people, it can be challenging to understand because they sometimes want money urgent and twice or thrice on the same day. But logic is logic, and the lending industry usually cannot favor this practice.

Credit history with the lender is also a significant concern

The loan company, first of all, does deep scrutiny of how you performed as a borrower in the last months in the previous loan. In most cases, people fail to notice this aspect, and they expect special treatment. They believe that they should get a particular response from the lending company because they are the existing customers. However, this is not the case. 

If you have made the timely payments of the previous loan, definitely it should not be a problem to take another loan. While on the other hand, if your repayment history with the provident was poor, the finance company may deny you the other loan. If you want to avail funds again from this company, in fact, from any lender, it is necessary to pay timely installments.

You are the actual decision-maker of your chances on the loan approval. The companies always want to keep a hold on the customers with sound financial behavior. It is because a good payment history shows the financial strength of the concerned customer. After all, the finance industry also needs to fight its insecurities after the general chaos of the pandemic. There are very few borrowers with satisfying financial behavior.

Conclusion

With the above points, it is clear that you can always get another loan from the provident, but terms and conditions apply. However, in the same-day application for another loan, you usually get a rejection from the thrifty. It is the lending policy that lender follows without any failure. However, in the case of the good credit history of a borrower and a small loan amount, the approval is possible conveniently.

Description – Read whether it is possible to take another loan from the provident or not. What are the factors that affect the final decision of the lender?

Can we name any sector that went untouched after covid-19??

NO, that is impossible because the notorious pandemic badly affected everything in the human world. The financial sector is one of the most affected ones because that directly relates to money that people require after the chaos. The finance companies and their customers have to face difficult circumstances due to this, and we really cannot miss overlooking the responsible reasons. 

Number of causes affected finance industry after corona 

Yes, we can make a big list of the causes responsible for presenting challenges in front of the finance companies and sponsoring an imbalance. The industry is working on them, but as the destruction is large, revival will take time. 

The drained repaying capacity of the customers 

Huge! Huge! HUGE CONCERN for the finance companies. Whether it is about the loan lenders, the insurance companies, the investment institutions, etc., all companies are worried about it. Due to large-scale issues of job loss, reduced salaries closed businesses, etc. The people are unable to make timely payments. 

• The loan bearers miss the repayments. The insurance holders miss their premium payments, the investors fail to invest the decided amount at regular intervals. Many such types of issues have left the finance sector in a big shock. Everyone is aware of the conditions and causes of this situation, but the world needs money to move on. 
• If, on one side, the money flow blocks, it surely affects the growth of the other side. If people stop making timely payments, the finance companies have to bear a big loss. This, in turn, is going to affect the economy FOR SURE. 
• Especially the big loan bearers such as mortgage are in a big financial fix, and they miss the installments. Despite the mortgage payment holiday, their situation is worst because recurring covid-19 waves and lockdown have caused sufficient destruction. The people have to depend on small term loans options that they can repay. The lenders of small loans in Ireland online receive a large number of applications because people are in desperate need of funds. 

Until the people do not get back to the normalcy of personal finances, the finance companies have to bear a big loss and need to wait. This is the only condition, and unfortunately, they have no choice. Soon the customers need to work on it because they also have to bear the big loss. The poor credit situation is a big threat to the people, stopping them from availing of financial services in the future.  

Financial fraud 

The number of financial fraud incidents has increased after covid-19, and it seems difficult to control them because the scammers are difficult to spot. They steal the identity of the normal customers and then conclude their tricky deeds and cause a loss of millions to the finance companies and the customers. 

• The fraud incidents may happen in any sector, such as pension transfer, investment options, insurance policies, etc. The companies need to work collectively to work on the threat because this is something that no part of the finance sector can bear. 
• With Cross-sector cooperation, the brands can also work on reputational risk. Financial fraud is not about a financial loss. It is also about the loss of goodwill of a financial institution. People never believe in a finance company that fails to save its customers. 
• Finance companies are also struggling with internal fraud in which their own employees are creating issues. The reason is the remote working due to lockdown and less control on the team. Every employee of the finance company has the company information, and if anyone is using it in the wrong manner, it can be a cause of big worry. 

The point is, the sector is working on it through the advanced tools of artificial intelligence, but the threat is much bigger than what the industry can manage. This situation was always beyond imagination for everyone, and that is why the finance companies got less, in fact, no time to get ready for such threats. The fraud people obtained money in the form of pension, loan, insurance, etc., while using the identity of the existing and innocent customers.  

Income valuation of the customers 

Just as the people have scattered finances and live on multiple but uncertain sources of income, the finance sector is also confused. When companies receive applications for various financial solutions, they struggle with income assessment. When many people live in the compromised financial conditions, it is difficult to spot the repaying capacity of an applicant exactly. 

• The job loss made many people start their own online business or earn through an additional source of income. In that case, the finance companies are always insecure when they approve the application because they always doubt the people’s financial capacity. 
• Those who are in a job are living on reduced salaries, and their future situations may be uncertain, at least in the eyes of the finance companies. The companies are confused about what part of the salary they should consider. The customers even present ample proof of current income, but they are not even sure about when their companies can make them redundant. 
• The customers earning from multiple sources due to unemployment may get a regular income, but the finance companies are unsure how consistent the income will be. For example – if a person gets income from freelance projects, it is not sure if he will get the projects regularly or not. Maybe he is earning good today, but what if the clients stop sending the projects. In such a case, if a person like this wants to get a loan, a lender may find it difficult to approve the funds. However, flexible direct lending may have some practicable solutions. 

The real solution is only in the normal circumstances where the economy is stable and the citizens are earning well. However, that sounds like a mirage, at least for now, because the circumstances are not in our favor. Even the world’s strongest economies are going through a difficult time and patience, and consistent efforts are the only two tools to get through. 

Conclusion 

From the above points, it is not difficult to imagine that the finance industry is going through a difficult time. With efforts in the right direction, the conditions are sure to be normal. We need to move on while taking the desired actions.