Applying for a loan online

Most banks will now give you the option to apply for a loan online and the application process is usually fast and simple.

Rather than visiting a branch or speaking to the call centre you can access the application online. It means you can complete it at any time and go through it at your own pace.

Here’s a few tips before you start.

Check the eligibility criteria

Most providers will have a couple of basic requirements which you need to meet before your application will be considered so start by checking these. You should be able to find them on the website. Common criteria include requirements to:

  • have a permanent UK address
  • receive annual income above a certain amount
  • have a UK bank account
  • be over a certain age, usually around 18.

Excluded purposes

Also have a quick check for any excluded purposes. Some providers may offer loans to help finance a car or a home improvement and might exclude other purposes such as investment. You can usually find these next to the eligibility criteria.

It’s a good idea to check you meet any conditions before you apply because making multiple loan applications can have an effect on your credit rating.

Information to have to hand

Once you’ve checked the criteria and decided you want to go ahead and apply, gather all the documentation you need to help you answer all the questions.

It’s a good idea to look out:

  • your residential address for the last three years
  • details of your monthly income and spending
  • the address of your employer
  • details of any other credit you have including other loans, credit cards and store cards
  • the account number and sort code of the account you’d like your loan paid in to


You can check the information you’re providing is secure by looking for the padlock icon before the URL.

screenshot showing padlock icon on a web page

This tells you that any information being sent is encrypted. If anyone were to intercept the information, they wouldn’t be able to read it without the encryption code.

For additional security, you can often be logged out of an application if you are inactive for a period of time. Make sure you have all the information to hand and that you have enough time to complete it fully.

When you’re ready to start you’ll be taken through the application question by question. You’ll also be given an opportunity to check all the information you’ve entered is correct before submitting.

Will I get an instant decision?

Some providers will give you an immediate decision when you reach the end of the application while others might take a few days.

You usually have 14 days to change your mind and decide you don’t want to take the loan. If you do change your mind, contact the provider directly.

Your loan agreement

Once your loan has been approved, you’ll usually be sent a paper agreement to read, sign and return. Once this is done, the money will be transferred into your chosen account.

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