Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk
Get The Money You Need

Apply to Borrow £1000 to £25,000*



Apply for fast and secure online loans today

  • Apply For £ 50 – £ 1,000
  • Fast Payout
  • No Fees
  • Secure Appilcation
  • Available 24/7
  • Bad Credit

When you are faced with a huge expense but don’t earn enough money to afford it, you might want to consider taking out a loan. Personal loans are often a great choice because they are flexible and they let you deal with almost anything from financing a wedding, paying a huge medical bill, or even repairing your home.

Minimum requirements

Your credit rating needs to meet the minimum criteria. While requirement per lender varies, the lowest score is 640. Anything less and you will possibly have a hard time getting approved or you’ll likely get not so handsome terms. Your annual income needs to meet the minimum required as well. Most lenders would need you to be earning at least £25,000 a year to be considered for a loan. Lenders will consider your debt-to-income ratio. This is how much you are spending for debts compared to how much you are earning. Preferably, you should have a ratio of 45% or less and that excludes your mortgage.


A credit history, a good one at that, would give you a better chance of approval as well. In order to qualify, most lenders would prefer if you can show a credit history spanning several years. Other requirements include being 18 years of age or more, a resident of the UK, as well as having a regular income source. Personal and financial details will be asked of you as well as your contact details.

What to do before you apply

Decide what kind of loan you need before you apply. Generally, personal loans can be secured where an asset is used to guarantee it or it can be unsecured. Getting an unsecured loan is easy if your credit is good. if your credit rating is less than appealing, you can increase your chances of approval. Decide too how much money you are going to need. Consider the expense that you need to cover while also look into how much you are earning. This ensures that you won’t have a hard time covering the repayments afterwards.

Check your credit rating too. After all, it is going to determine how much you’ll be allowed to borrow. You’ll need to find the right loan too. Shop around to find the best possible deals in terms of fees, rates, payment options, and loan terms.

Do remember to make your loan payments on time. Paying late will not only hurt you in terms of extra fees but it will have a negative effect on your credit score. Find out too what your payment options are as this can impact the convenience and ease with which you can make your repayments later. 

There may come a point where you will need to borrow money. It could be a home renovation project, a medical emergency, a planned holiday, or anything that you cannot just afford by pulling out some funds out of your savings. When such a situation arises, however, the biggest concern would be whether you’d get accepted or not.

There are numerous factors that will likely affect your chances of getting approved for a loan or not. Different lenders will have different requirements set and depending on the type of loan you are getting, there may be additional requirements that you must meet. You will feel more confident about your chances of approval though when you know what is expected of you.

Your Credit History Matters a Lot

Your credit report shows a record of all the credit transactions and applications you have made were you are given a respective score. Actions where you have made a lot of credit applications before, have been rejected for a loan application, or have made late payments on a loan or a credit card can have a negative effect on your credit score.

The Right Credit Type is Crucial

The key to getting a good chance of a loan approval is choosing the right products to fit your current needs but your current financial standing as well. Depending on your circumstances, some lenders may be able to lend you a large sum or a smaller one. Some may even require you to apply for a secured loan.

Borrowers with a poor credit history will do best by asking for a smaller amount. Never borrow more than you need and most importantly, never borrow more than what you can afford to pay back. You’ll need a good reason for the loan as well as lenders would want to know how you intend to use the money lent to you.

Expect to be Asked for Documentation

Some lenders might need you to show additional documentation in processing the loan application. Among the most common things you will likely be asked to present are monthly bills, bank statements, as well as details of your expense and income. Lenders will also want to verify your personal and financial details so they know that you are exactly who you say you are.

Start with Your Bank

If you happen to have a savings or checking account with a bank and have been with them for so many years, you always have the choice to start your loan application from there. The bank knows you and can see how much you have been paid all these years along with the standing orders or direct debits under your name. This could give you a bigger chance at loan approval. 

Get The Money You Need

Apply to Borrow £1000 to £25,000*