Applying for a Loan Online

3rd July 2018

By Kurt Wood

How to get a loan

Before you start your loan application, it’s important to take the right steps to ensure your finances are fit and healthy, as they’ll come under some scrutiny during the process. Lenders have a legal obligation to ensure the loan arrangement is realistic for all parties involved, which means it isn’t always easy or straightforward to get the loan you want. So how do you get a loan, what’s involved in the application process, and how can you give yourself the best chance of a successful application?

Before you apply

Before you apply for a loan you should prepare yourself to make the best impression possible to any potential lender. Here are our top tips on what to do before you submit that application.

Perform a soft credit check

While a hard credit check can leave you with a smudge on your credit history, a soft credit check is the best option if you want to check your chances of getting a loan without harming them. A soft credit check works in the same way as other types of credit checks but takes just a snapshot of your finances to give lenders an indication of your history, without leaving an indication that it’s been checked. This allows borrowers to apply for different loans from different lenders without being concerned about the negative consequences of shopping around.

Shop around

The most important thing you can do as a borrower is shop around. There’s a wealth of options out there for potential borrowers, so whether you have a strong credit score and a spotless record or if you’ve had problems with your credit score in the past, there’ll be a lender and a loan to meet your needs. The more tailored the loan is to your situation the better chance you have of success and the quicker you can get your money. To get a full picture of all the offers out there and find your perfect loan, use a loan comparison tool.

Get on the electoral register

One simple way to improve your loan aspirations is to ensure you’re on the electoral register. This simple fix gives lenders an immediate method of verifying your identity, one of the important parts of the background checking process.

How to apply for a loan online

More and more lenders offer an online application process for borrowers, which makes it quicker, easier, and more convenient for both parties. However, it does mean the burden of the application falls on you, as the borrower, when it comes to the information you provide and the accuracy of it. Always double check your application forms for mistakes and typos and ensure all the information on your finances is up to date, otherwise you could find yourself facing a failed application.

So, what information do you need when you’re applying? Each loan application is different, so you may have to supply different details depending on the lender, but there are a few things you’ll definitely need:

Your address: Not only do you need to provide the address you’re currently at, but also details on where you’ve lived for the past three years. Just as your bank statement gives a snapshot of your financial circumstances, your address gives a lender an overview of your personal circumstances and how reliable you might be as a borrower.

Employment details: You should have proof of your employment including your employer’s address and annual salary before tax, so a wage slip should do the trick. A lengthy period of employment will demonstrate stability, which is always helpful for a loan application.

Proof of income and outgoings: To give an overview of your finances over a sustained period of time, you need to provide proof of activity going in and out of your account. This gives lenders an indication of how suitable the repayment schedule is to your financial situation.

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giffgaff gameplan is a trading style of giffgaff Limited, we are a credit broker and not a lender and introduce loan applications to its selected provider of loans Retail Money Market Limited trading as Ratesetter. Terms and conditions apply. Finance subject to status. 18s and over. Credit is provided by Retail Money Market Limited trading as Ratesetter, 6th Floor, 55 Bishopsgate, London EC2N 3AS Ratesetter is authorised and regulated by the Financial Conduct Authority – Firm Reference Number 633741

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