Loan Eligibility Checker

While applying for a variety of loans might seem like a good idea, every single application you make can leave a mark on your credit file. Frequent applications can worsen your credit score and limit your borrowing options if you already have a poor credit score.

Here are some other reasons to use a loan eligibility checker.

Discover borrowing options
Understanding your loan options means you can make a decision that aligns with your needs. For example, property owners might be able to access a secured loan, which usually offers a higher initial amount and longer repayment terms.

You could also find out if you’re eligible for other types of borrowing arrangements, including a debt consolidation loan, guarantor loan or unsecured loan (all of which have criteria in place).

Limit rejections
If you apply for multiple loans, lenders can see the applications on your credit report. Frequent applications can impact your credit rating, which might lead to more lenders refusing you.

An eligibility checker reduces the number of applications you make, protecting your standing with the credit reference agency and strengthening your future applications.

View the long-term implications of borrowing money
According to the Financial Conduct Authority, over seven million people struggle to manage credit repayments. While it’s easy to accept a loan amount, many people don’t factor in the long-term implications.

Dealing with a loan requires an ongoing commitment, regardless of whether your financial circumstances change. Knowing your monthly obligations can help you make a decision.

Compare loans
Using a loan eligibility tool lets you compare lenders and discover which suits your immediate and long-term financial goals. Whether you’re searching for personal loans or secured loans, our loans calculator helps you find the best deals.

You’ll also see which lenders are most likely to accept your application, saving a lot of time and hassle.

All loan applications are different, and each lender will have different criteria. For example, some lenders expect good to excellent scores from credit reference agencies, while others are more relaxed and open to people from all backgrounds.

Most lenders look at the following factors when determining your eligibility:

Employment details and income
Having a stable job makes a huge difference to your application, as it shows that you can manage the loan repayments. Even if you don’t have a stable employment status, the lender will want to see a regular income.

Credit report
You can still borrow money with a low score, but your options might be limited. Lenders will assess your current score and borrowing history when making a decision. For example, if you still have outstanding debts and want to consolidate them, your credit score will impact the interest rates you’re offered.

A history of defaulting on loans or having a CCJ will limit your borrowing options, and many lenders will refuse the application.