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Applying For A Loan Online

Applying for a loan is not what it used to be. Today, most banks will give you the option to apply for a loan online, which can make the application process very quick and simple. Instead of visiting your local branch or calling a call centre and speaking to a rep, you can complete it online, on your own time, at your own pace.

Before you get started, there are a few tips that you should know.

Check the Eligibility Criteria

Most lenders have certain basic requirements that need to be met before your application will be considered.

  • You must be a permanent resident of the UK with a permanent address.
  • You must receive an annual income above a certain amount.
  • You must have an active bank account in the UK.
  • You must be over a certain age. Most lenders require that you be at least 18 years old.
  • There could be excluded purposes (there are some lenders who will offer loans for a car or a home improvement project, however, they might not offer loans for other purposes such as investments.

Most lenders will include the excluded purposes in the eligibility section of their website.

** It’s a good idea to make sure that you meet the lender’s criteria before you apply for your loan. If you fill out multiple loan applications, it can have a negative effect on your credit rating.

Information You Should Have On Hand

After you have determined that you meet the necessary criteria and you have decided that you are going to apply for the loan, you should gather all the documentation that you will need to help answer all of the questions you will be asked on the application.

You will need:

  • Your residential address and any other addresses you have had over the last three years.
  • Details regarding your monthly income and your spending.
  • Your employer’s address
  • Details of any type of credit that you have including loans, credit cards, and store cards.
  • The account number and the sort number of the account that you want your money to be deposited into.

Security

To be sure that the information that you are providing is safe and secure, you should look for the padlock icon before the URL. This will let you know if any of the information that you are sending is encrypted. If a hacker were to intercept your information, they wouldn’t be able to read up unless they have the encryption code.

Most lender’s websites will log you off if you have been inactive on the site for a certain period. To keep this from happening, make sure that you have all the necessary information before you start the application. This should allow you more than enough time to fill it out completely.

When you are ready to start the application, you will be taken through the entire thing, question by question. At the end, you will be given the opportunity to review your answers before you submit the application.

Will I Get an Instant Decision?

The amount of time that you need to wait for a decision would depend on the lender. There are some lenders who give you an immediate decision when you have completed the application. There are others that require that you wait a few days for the answer.

If you change your mind and decide that you no longer want the loan, you have 14 days to change your mind. If you do change your mind, you would need to contact the lender directly.

7.8% APRC Representative

Representative example: Assumed borrowing of £37,700 over 180 months, with a fixed borrowing rate of 6.4% per annum for the first 36 months, followed by 144 months at the lenders standard variable borrowing rate of 5.9%. There would be 36 monthly instalments of £356.89 followed by 144 instalments of £347.59. Total amount payable £63,021 comprised of; loan amount (£37,700); interest (£21,791); Broker fee (£3000) Lender fee (£530). This would result in an overall cost of 7.8% APRC.

 

Accepted.co.uk is a trading style of Paloma Digital Limited. Paloma Digital Limited is an introducer and we will search our panel of brokers to find the right loan for you. Data Protection Registration Number: Z9868049.

Paloma Digital Limited is authorised and regulated by the Financial Conduct Authority. Firm registration number 769794. See www.fca.org.uk

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

 

7.8% APRC Representative

Representative example: Assumed borrowing of £37,700 over 180 months, with a fixed borrowing rate of 6.4% per annum for the first 36 months, followed by 144 months at the lenders standard variable borrowing rate of 5.9%. There would be 36 monthly instalments of £356.89 followed by 144 instalments of £347.59. Total amount payable £63,021 comprised of; loan amount (£37,700); interest (£21,791); Broker fee (£3000) Lender fee (£530). This would result in an overall cost of 7.8% APRC.

Accepted.co.uk is a trading style of Paloma Digital Limited. Paloma Digital Limited is an introducer and we will search our panel of brokers to find the right loan for you. Data Protection Registration Number: Z9868049.

Paloma Digital Limited is authorised and regulated by the Financial Conduct Authority. Firm registration number 769794. See www.fca.org.uk

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

Paloma Digital Ltd. Company Registration No. 6934249. Registered Office: Office 229, 275 Deansgate, Manchester M3 4EL.