Most lenders have their own assessment criteria but ultimately whether or not you qualify for a loan will be determined by your personal details and credit history. To get a loan you must be at least 18 years old and be a UK resident. You will need to provide proof of your income and pass a credit check.
The higher your credit score, the more likely you are to qualify for a loan and it may also have an impact on the interest rate you’re offered. By answering a few questions on MoneySpider about the loan you are interested in, you’ll be provided with a tailored list to suit your needs.
Before you apply for a loan, it’s very important you choose the right loan for your circumstances.
Check your eligibility on MoneySpider, it will save time and won’t affect your credit rating.
Work out how much you can afford to borrow and if you can afford to pay it back.
Compare interest rates and pick one that works best for you.
Work out how much time you need to repay the loan, extending the term reduces monthly repayments but could mean increased interest rates.
Watch out for any fees or charges, always check the small print.
You can use a loan for a variety of reasons, from home renovations to buying a new car, paying for your wedding or even that once in a lifetime holiday. You could also use it to simply help you deal with existing loans or debts.
Once you know which type of loan you need, MoneySpider can help find the right one for you.