When can I get another loan from the provident?

When can I get another loan from provident

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?