Give yourself the best chance of getting a loan by taking the time to:
There are a few basic qualifications for taking out a personal loan in the UK:
If you can tick these boxes, lenders will then look at your credit history and current financial situation to decide whether to lend to you. Having a good credit score and clear evidence you can cover your intended monthly repayments will make it more likely you’ll be approved.
If the lender feels there’s a risk you won’t be able to repay your loan on time – based on a history of late or missed payments on other loans for example – they may reject your application or charge higher interest rates.
Lenders typically offer unsecured loans in amounts ranging from £1,000-£50,000.
The amount you can borrow and the interest rate you receive is based on your personal circumstances. Lenders look at your credit record and the financial information in your loan application to decide whether you can reasonably repay the amount you’re asking for.
How long you can borrow money for – the term – varies by lender, but you can typically find personal loans with terms ranging from 1-7 years.
Although taking out a loan for a longer term will probably get you a lower repayment, the interest adds up as the years go by – and you will pay more overall. To pay less interest overall, choose the shortest term you can afford on the lowest rate you can find.
To pay off your debt even quicker, look for personal loan information from several lenders to see who suits your personal circumstances, as many personal loans have penalties if you repay early. That way if you come into some money, you can be free of your loan in less time.
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We want to find a product that’s right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.
To find out more you can read the statement of responsibilities, which details what’s expected of us, the lender and you the borrower.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Authorisation can be checked on the Financial Services Register at www.fca.org.ukVisit the Financial Conduct Authority website. Lloyds Bank plc is a member of the Financial Services Compensation Scheme and the Financial Ombudsman Service.
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.
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