{"id":131827,"date":"2016-11-02T18:18:53","date_gmt":"2016-11-03T01:18:53","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=131827"},"modified":"2025-06-18T17:28:09","modified_gmt":"2025-06-18T16:28:09","slug":"personal-loans-how-to-apply","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/personal-loans\/personal-loans-how-to-apply","title":{"rendered":"How to apply for a personal loan"},"content":{"rendered":"

If you\u2019re strapped for cash or have an unexpected expense that needs taking care of then a personal loan<\/a> might be the right option for you. A personal loan can help you deal with costs that are above and beyond your savings, from repairing a car to financing your wedding. Our page will help guide you through the process of applying for a personal loan.<\/p>

Jump to the step-by-step walkthrough<\/strong><\/a><\/p>

Before you apply<\/h3>

Before you start on the application process, confirm what type of loan you need<\/strong>. Personal loans are generally fixed-term, fixed-rate, unsecured products. They use your credit history to reduce risk, rather than using an asset like your house or car as collateral. If you need a larger loan or an ongoing, flexible source of credit, for example, then you may want to consider other financing options like secured loans<\/a> or credit cards.<\/p>

The amount you borrow<\/strong> will normally be based on the expense you\u2019re trying to cover, and the duration of the loan<\/strong> will normally be based on how much you can afford to pay back each month. It\u2019s better to determine how much you can spend each month and borrow less than your maximum so you can avoid stretching yourself too thin. You should never borrow more than you can afford to repay.<\/p>

Taking out a loan that\u2019s too small can leave you with remaining financial needs, but if you take out a loan that\u2019s too large, you\u2019ll be stuck paying interest on a larger amount than necessary. This is why you should carefully calculate the debt you can handle and the amount of your purchase before you apply.<\/p>

By comparing lenders<\/a> you can ensure that you pay as little interest as possible, and can keep the loan as short as possible.<\/p>

Most personal loan applications are fairly straightforward and take around 15-20 minutes. To make the process straightforward, and so that you don\u2019t waste your own time, you should take a moment to considering the following points:<\/p>

  1. Eligibility requirements:<\/h4>

    Each lender will list its own minimum criteria for applicants, and if you don\u2019t meet these terms, you shouldn\u2019t apply. Meeting these terms doesn\u2019t guarantee approval, just that your application will be considered. While criteria can vary from lender to lender, below is a typical example:<\/p>