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Personal loans online: The facts

Online personal loans are available on a secured or unsecured basis. The best way to get cheap loans in the UK is to manage your credit obligations properly and only apply for new credit when it is affordable to do so. Cheap APR loans are only available to people who are reliable payers who preferably have some sort of working relationship with their bank.

Getting accepted for online personal loans

Age of applicant
You will need to be at least 18 years old, possibly 21 years old. Young people are more statistically likely to default. Electoral roll
Unless you are registered to vote, it is difficult for the lender to verify that the address you have provided is accurate. If you want tenant or homeowners loans from any of the major banks, you must be on the electoral roll. Do not apply too often
An increasing number of banks will not accept people who have been rejected for credit during the last month. All credit searches are recorded for 12 months, so it is very easy for them to check whether you have been declined and when. As a rule of thumb, too many credit searches within a short time frame will be construed negatively by creditors. Credit history
If you have missed or made late payments on your credit obligations, this will be recorded by credit reference agencies for six years. If you have any defaults, you will be rejected. You may need to fix your credit before applying for a cheap home loan. This could mean that you need to repair credit or correct erroneous information that's held by Experian, Equifax and Callcredit.

How do I get a cheap personal loan online?

Price comparisons websites
Sites, such as and, can be used to trawl the market for the most competitive loan quotes. Although the best loan deals will not be available to people who have a bad credit history, you are still able to find the cheapest online quote for your personal credit profile. It is a lot easier than checking through all of the deals manually. Pre-existing offers
If you have a relationship with your bank, it is well worth checking to see if you have already been pre-approved for the best rate loan. The most valued customers are offered low APR loans, provided that they have managed their accounts properly. Banks are keen to establish a long-term financial relationship with people who are likely to sign-up for other financial products.

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