{"id":1871,"date":"2018-05-16T09:34:57","date_gmt":"2018-05-16T09:34:57","guid":{"rendered":"https:\/\/demo.credibble.co.uk\/blog\/?p=1871"},"modified":"2025-02-14T18:24:51","modified_gmt":"2025-02-14T18:24:51","slug":"loan-affordability-checks","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/credit-score-account\/loan-affordability-checks\/","title":{"rendered":"24-Factor Credit Check: Short-Term Credit"},"content":{"rendered":"\n<p>One of the six Credit Factors on Credit-Score\u2019s 24-Factor Credit Check is based on your use of short-term credit. Some short-term credit looks good on your credit report. Some doesn\u2019t. In this article, we\u2019ll be talking about the dos and don\u2019ts of short-term credit.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/loan-affordability-checks\/#Card_Repayments\" >Card Repayments<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/loan-affordability-checks\/#Overdraft\" >Overdraft<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/loan-affordability-checks\/#Payday_Loans\" >Payday Loans<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/loan-affordability-checks\/#Shopping_Accounts\" >Shopping Accounts<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/loan-affordability-checks\/#Credit-Score_offers_a_fabulous_solution\" >Credit-Score offers a fabulous solution<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-card-repayments\"><span class=\"ez-toc-section\" id=\"Card_Repayments\"><\/span>Card Repayments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"825\" height=\"902\" src=\"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Card-Repayments.png\" alt=\"\" class=\"wp-image-7891\" srcset=\"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Card-Repayments.png 825w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Card-Repayments-274x300.png 274w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Card-Repayments-768x840.png 768w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Card-Repayments-380x415.png 380w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Card-Repayments-800x875.png 800w\" sizes=\"auto, (max-width: 825px) 100vw, 825px\" \/><\/figure>\n\n\n\n<p>In another article, we talked about how credit cards can be useful for building credit. Having and using one can be good, of course, but you also have to pay the money back! The name of the game here is keeping on top of credit card debt. Aim to pay off the total balance every month, not just the minimum payment the card issuer requires you to pay. This is easier, of course, if you\u2019re only aiming to use less than 30% of your limit.<\/p>\n\n\n\n<p>Credit card issuers will often let you keep paying the minimum for months and months, but remember that interest will start to accrue (even if you have an interest-free offer \u2013 remember, it will end sooner than you think). So it\u2019s no skin off their nose if you don\u2019t pay off the balance \u2013 it just means more money for them!<\/p>\n\n\n\n<p>Lenders might see you failing to pay off your balance as a sign of irresponsibility. It suggests someone who borrows money but isn\u2019t reliable when it comes to repayments. So making repayments in full and on time is a great way to show you have good habits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-overdraft\"><span class=\"ez-toc-section\" id=\"Overdraft\"><\/span>Overdraft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"815\" height=\"522\" src=\"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Overdraft.png\" alt=\"\" class=\"wp-image-7894\" srcset=\"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Overdraft.png 815w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Overdraft-300x192.png 300w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Overdraft-768x492.png 768w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Overdraft-380x243.png 380w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Overdraft-800x512.png 800w\" sizes=\"auto, (max-width: 815px) 100vw, 815px\" \/><\/figure>\n\n\n\n<p>Arranging an overdraft on your current account is similar to having a credit card, but with some key differences. For starters, withdrawing from an account with an overdraft doesn\u2019t affect your credit score in the same way that withdrawing on a credit card does.<\/p>\n\n\n\n<p>Because an overdraft is attached to your account and your money, credit agencies don\u2019t generally have access to detailed information. This is for privacy and security reasons. It\u2019s simply whether or not you have an overdraft.<\/p>\n\n\n\n<p>Not having an overdraft sends the message that your income is too low or irregular to repay. It can be good to have one, even if you have enough cash in your account to never feel a need to tap into it.<\/p>\n\n\n\n<p>Just remember that an overdraft is a form of credit, so it does charge interest, often at a higher rate than credit cards. It does not, however, have a minimum repayment. However, the institution with which you hold the account can usually demand partial or full repayment at any time.<\/p>\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-payday-loans\"><span class=\"ez-toc-section\" id=\"Payday_Loans\"><\/span>Payday Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"815\" height=\"712\" src=\"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Payday-Loans.png\" alt=\"\" class=\"wp-image-7895\" srcset=\"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Payday-Loans.png 815w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Payday-Loans-300x262.png 300w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Payday-Loans-768x671.png 768w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Payday-Loans-380x332.png 380w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Payday-Loans-800x699.png 800w\" sizes=\"auto, (max-width: 815px) 100vw, 815px\" \/><\/figure>\n\n\n\n<p>Let\u2019s cut right to the chase: Payday loans are usually a bad deal.<\/p>\n\n\n\n<p>They\u2019re short-term but extremely high-interest. Many payday loans have APRs in excess of 1,000%! To put that in context, most credit cards have APRs under 50%.<\/p>\n\n\n\n<p>Bear in mind, however, that this is mostly meaningless since payday loans aren\u2019t meant to be paid off over years, just weeks or months.<\/p>\n\n\n\n<p>Still, this should clue you in to the fact that even payday lenders who do everything above-board and in accordance with FCA regulations can be offering a bad deal to borrowers.<\/p>\n\n\n\n<p>While there are certain limitations to the amount lenders can charge you in a short timeframe, these loans are still bad for your credit report.<\/p>\n\n\n\n<p>When a lender sees you have applied for a payday loan, it sends the message you are desperate for money. Much like withdrawing cash on a credit card, it indicates that you can\u2019t live on your income alone.<\/p>\n\n\n\n<p>Before applying for a payday loan, we suggest that you seek out alternative solutions first.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-shopping-accounts\"><span class=\"ez-toc-section\" id=\"Shopping_Accounts\"><\/span>Shopping Accounts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"815\" height=\"740\" src=\"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Shopping-Accounts.png\" alt=\"\" class=\"wp-image-7896\" srcset=\"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Shopping-Accounts.png 815w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Shopping-Accounts-300x272.png 300w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Shopping-Accounts-768x697.png 768w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Shopping-Accounts-380x345.png 380w, https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/08\/Shopping-Accounts-800x726.png 800w\" sizes=\"auto, (max-width: 815px) 100vw, 815px\" \/><\/figure>\n\n\n\n<p>You\u2019re shopping for a new outfit on a clothing website, and go to the payment screen. Once there, the checkout offers you a choice: Pay the balance in full now, or pay the balance in instalments over a set period of time. Wow, you might think. I can wear this outfit to next week\u2019s party and not have to worry about paying for drinks!<\/p>\n\n\n\n<p>These \u201cbuy now, pay later\u201d offers may be tempting, but racking up too many of them can cause problems. They are a form of short-term credit known as \u201cshopping accounts\u201d, even if they don\u2019t seem that way.<\/p>\n\n\n\n<p>It\u2019s perfectly normal in some cases to pay for items in instalments. Appliances and furniture are often sold this way, so you don\u2019t have to spend thousands in one go. However, these repayments often take place over a much longer period of time, meaning they\u2019re more like proper loans.<\/p>\n\n\n\n<p>As with many things, a \u201cbuy now, pay later\u201d once in a while may not do much harm, but doing it repeatedly, for every new outfit you buy? That\u2019s when lenders will start to get leery. Once again, it makes you look strapped for cash, and lenders simply can\u2019t afford to take the risk.<\/p>\n\n\n\n<p>So, be cautious, and consider whether you can afford to pay for that outfit in full. Plus, do you <em>really<\/em> need those extra drinks? Your credit score, and your liver, will thank you to be a bit more wary!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-credibble-offers-two-fabulous-solutions\"><span class=\"ez-toc-section\" id=\"Credit-Score_offers_a_fabulous_solution\"><\/span>Credit-Score offers a fabulous solution<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>More focused on your credit rating? Well, get started for free with\u00a0<a href=\"https:\/\/www.check.co.uk\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score\u2019s 24- Factor Credit Check<\/a>\u00a0to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t just use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n\n\n<div style=\"background-color: #e9ecef; border-width: 2px; border-color: #ECECEC; \" class=\"ub_call_to_action wp-block-ub-call-to-action-block\" id=\"ub_call_to_action_985355e2-3721-43af-a67c-41947573c485\">\n\t\t\t<div class=\"ub_call_to_action_headline\">\n\t\t\t\t<p class=\"ub_call_to_action_headline_text\" style=\"font-size: 30px; text-align: center; \">Check your Credit File Today<\/p>\n\t\t\t<\/div>\n\t\t\t<div class=\"ub_call_to_action_content\">\n\t\t\t\t<p class=\"ub_cta_content_text\" style=\"font-size: 15px; text-align: center; \">Get personalised insights into your Credit File<\/p>\n\t\t\t<\/div>\n\t\t\t<div class=\"ub_call_to_action_button\">\n\t\t\t\t<a href=\"https:\/\/www.check.co.uk\/register?utm_source=blog-registration\" target=\"_self\" rel=\"noopener noreferrer\" class=\"ub_cta_button\" style=\"background-color: #7bdcb5; width: 250px; \">\n\t\t\t\t\t<p class=\"ub_cta_button_text\" style=\"color: #FFFFFF; font-size: 14px; \">Sign up, its FREE<\/p>\n\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"One of the six Credit Factors on Credit-Score\u2019s 24-Factor Credit Check is based on your use of short-term&hellip;\n","protected":false},"author":19,"featured_media":3611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[319,317],"tags":[376,366],"class_list":{"0":"post-1871","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-lender-report","8":"category-credit-score-account","9":"tag-affordability","10":"tag-lender-report"},"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2019\/03\/Affordability-02-01.png","author_info":{"display_name":"Robert Edwards","author_link":"https:\/\/www.check.co.uk\/blog\/author\/conor-mullinsaffalo-co-uk\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Loan Affordability Checks: How To Pass The Test | Credit-Score<\/title>\n<meta name=\"description\" content=\"When you borrow money, lenders need to know that you\u2019ll be able to pay that money back. This is where loan affordability checks come in.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/loan-affordability-checks\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loan Affordability Checks: How To Pass The Test | Credit-Score\" \/>\n<meta property=\"og:description\" content=\"When you borrow money, lenders need to know that you\u2019ll be able to pay that money back. 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