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If you're online looking for a loan of some sort, whether it's a payday loan or one with regular monthly repayments, you may have come across details about a loan eligibility check.
But what is that? Can you check eligibility for loan applications before you make them? It makes a lot of sense if you can, as it could stop you from applying for loans you won't be accepted for. Your personal details could help you find a relevant offer aimed at people just like you.
And since a rejection could adversely affect your credit score, this is a situation where doing some homework could really pay off for you.
Worry not, though - if you have any questions about a loan eligibility check UK, we can help. We've written this article to cover all kinds of queries about eligibility if you're a UK resident. Settle in and let's see what we can learn.
This often takes the form of a calculator, usually provided online, to help someone work out which offer they might have a chance of being accepted for.
Now, you could look at your personal information and get an idea of whether you'd be accepted for a specific loan. However, it's often difficult to know for sure.
Fortunately, you don't need to seek proper financial advice to get the information you're looking for.
That's because you could also check eligibility for personal loan products by using a site like ours. People often tell us they find our site faster and much simpler to use than going it alone when checking their eligibility rating.
Let's look more closely at Loanza and how we could help you discover your eligibility status today.
You may already have an idea of the type of loan you'd like, depending on your financial situation. Perhaps you know your credit score is poor or, conversely, that you have a good credit history. You may want a single repayment on a payday loan or one that allows you to spread the payments using monthly repayments.
Yet you still need to find the ideal loan for your personal circumstances. This is often the trickiest and most time-consuming part. Yes, you might get hold of your credit file to make sure it's all correct, and that credit reference agencies hold the right information about you.
(Incidentally, if you find your credit file has any mistakes in it, you can request that the credit reference agencies correct it. This could help improve your credit score, no matter what it was to begin with. Just a handy tip that might help if you're a UK resident.)
You could use our site as your own loans eligibility checker with none of the hassle you'd have when striking out on your own. We have many existing customers who return whenever they're searching for a new loan.
You could use our search facility to find the best loan offer. Our search takes a few minutes only, it's free, and it doesn't affect your credit score.
You can use our soft search system whenever you wish. Our free service can search for a loan based on your current circumstances.
If you thought finding a loan eligibility checker would be complicated, Loanza may just have made it far more straightforward than you thought.
A soft credit search is an 'in theory' search if you like. Lenders may look at your personal details to work out if you might be suitable to lend to.
They'll see certain portions of your credit report, gaining an insight into parts of your credit history... but this process won't affect your credit score. You're safe when soft searches are involved, as they allow you to see if you'd be accepted if you applied for a specific loan from a certain lender.
Think of it as a pre approved loan. While there are no guarantees, i.e., you won't be 100% certain of acceptance, loan providers use these credit searches to gain enough info about you to decide how high are your chances to borrow money you want from them.
When completing our form, you need to add facts such as your date of birth, your job details, your address and home status, and so on.
So, make sure you check all the information you enter in our convenient online form. Our system is designed to present you with multiple offers based on your personal circumstances and employment status, among other factors. We can only do this accurately if the information you provide is correct.
Absolutely. We are authorised and regulated by the Financial Conduct Authority and must adhere to their regulations. We have a firm reference number issued by the FCA. While some companies are limited, registered in England, our registered office is based in Glasgow.
We're not a lender, but we have links with more than 50 direct lenders offering personal loans, payday loans, and similar products to people like you. You might think of us as an approved representative of those lenders, giving you the chance to see if you could be pre-approved for an offer.
Most loans are created with a specific audience in mind. For example, certain lenders may target those with a good credit score. Other lenders may offer personal loans to those with an average or poor credit rating.
You can often gain some clues about the likely target audience a lender might have by reading more about the loans they offer. When you compare loans, you can see whether some are aimed at people with a poor, medium, or good credit score.
However, you might still end up making a credit application for an inappropriate loan. It's tricky to know exactly what an individual lender looks for. If you make a formal application without using an eligibility checker or similar tool, you could be risking your credit score.
A soft search carries no risk where your credit score is concerned. As a credit broker, we have contacts with dozens of lenders in the industry. This means our loan eligibility checker can connect you with offers from multiple lenders who are likely to approve you for a loan, looking at your credit history and the information the soft search has highlighted in your credit file.
And if you're wondering (and perhaps worrying) whether your credit report is going to show this search, don't worry. The soft credit check is designed to reveal enough information to give a likely answer to whether you'd be approved for that loan. It doesn't leave a mark behind and doesn't knock any points off your credit score.
It's not a guarantee of acceptance, but it gives you a reasonably good idea of what you might expect.
Let's say you go it alone and look for a loan amount online. This might be a payday loan, repaid in one hit on your next payday, or a loan repaid over a few months or even years.
In both cases, you find a dozen or so possible lenders that seem to offer the type of loan you're searching for. All good so far, right?
Now, while each lender has the loan amount you are looking for, you would not be able to tell whether they'd accept you without discovering your eligibility for each loan. The loan eligibility checker comes into action here.
Let's imagine you didn't use a checker and therefore could not figure out whether the lender would be likely to accept you. If you apply with them anyway, they will perform a hard check on your credit file to make a decision, which affects your future credit applications.
Soft credit searches protect your credit score while allowing lenders to verify relevant personal data from your credit file. They'll be able to learn a lot about you, making it easier for them to see if you meet their criteria when assessing whether you could join their existing customers.
If you went through your list of potential lenders and made a proper application to each one, this would cause issues with your credit report, as we mentioned above already.
This isn't good as they'd all appear in quick succession inside your credit report. We mentioned the idea of finding a dozen lenders to consider for a loan amount. Once you've begun applying to the first two or three, these multiple applications are going to flag up to future lenders - and this is going to be a red flag. It looks as if you're desperately after as much cash as you can get, even if that isn't the case.
And as you're having points deducted for what could be a string of applications, your credit rating is going to suffer considerably.
Your credit rating is important - hugely so, in fact. This is where the power of finding out about eligibility is most easily seen.
In a sense, it doesn't matter if you have excellent credit, bad credit, or a rating that falls somewhere between those extremes. In every case, the soft approach will protect your rating and allow you to narrow the field of potential credit applications before you make any.
It also doesn't matter whether you're looking for a loan for debt consolidation, home improvements, or anything else. Going about it in a sensible way could make a huge difference.
Yes! Join our existing customers and start your personal loans' eligibility search with Loanza today. Your full details, including date of birth and other important financial information, are secure with us.
You can search for a loan whenever you wish, and we'll give you the details about the top recommendation for each search.
Yes, existing customers and newcomers to our site are welcome to search for loans with us. This might be to consolidate existing debt, perhaps if you've missed payments and you're struggling to meet the monthly repayment for each. Even if your record includes a county court judgment or similar, you might still find an alternative deal with us.
Many of our existing customers find loans with a competitive annual percentage rate (APR) and make the repayments from their current account. Some may charge more interest than others, but there are many with less interest too - and we'll point you in the direction of other loans that might fit. Some have a fixed interest rate that means you always know what you're going to pay from your current account each month.
And with no hard credit check until you're ready to make that application, you could be closer than you think to finding something that would work for you.
Yes, we could help you look for a loan using our personal loan eligibility check service. Our existing customers have praised our pre-approval process. On thing to keep in mind is that having a regular income really helps with getting good loan offers.
We could also help you if you're looking to check payday loan eligibility, however our process there is different. There we connect you with the best match payday lender, you won't see multiple offers. You could always try your chances for personal loans, and if lenders don't quote you, you can use our payday service.
One of over 50 direct lenders in our network could pre approve you for personal loans in the future, or you could always use our payday loan eligibility check direct lender search facilities for a direct connection.
Are you ready to search? You won't have an appointed representative to contact - just fill in the form, and you'll have our top recommended deals in front of you within the next few minutes.