Loan Application Checklist

What you are taking the loan out for, is it essential?

When taking out a loan are you sure that you really need one? In today’s society there is a culture of needing things immediately and not saving for them; when thinking about purchasing the product or paying for the service, could saving up over several weeks or months be an option instead?

It is important to remember that all forms of credit will usually incur interest, this means that you will always pay back more than you borrow. The amount you repay will depend on the principal loan amount and your individual circumstances.

If so, have you weighed up your options?

There are many forms of credit available. Depending on what you need it for and your circumstances, a certain type of credit may be best for you. As mentioned credit can come in many forms, below are a few with explanations.

Credit Cards- can be taken out up to any amount, but usually it will depend on your credit rating and history with the company that decides the limit.

Store Cards- Many companies will now offer store cards which enables you to buy items on credit and repay over a period of time.

Car Loans- For bigger purchases, such as cars, companies will offer specific products that are tailored to what you want to buy. In this instance we use car loans as an example, many companies offer ‘car loans’ and we have written a guide to them.

On you will find a number of different types of loans available and you may want to take a look at our loan guides to find the most suitable for you.

Check your credit rating

Checking your credit rating before applying can give you some indication as to whether you will be accepted or not. If you are unsure as to what your credit score is or what your credit report might say, then it may be worth checking our Credit Rating loan guide to get more of an idea.

There are many companies who can provide you with a quick overview of your credit rating; many provide this service free of charge.

Find the right loan for you

UK Loans provides you with a complete comparison table of a variety of loan types. Whether you are after a small short term loan or a longer term personal loan, UK Loans provides you with a variety of lenders to compare and choose from.

The UK Loans Smart Search is a single application form that provides access to multiple lenders, beginning with the cheapest APR first. This gives you the best chance of getting the lowest available ARP for your financial circumstances.


If you are worrying about debt, or need help with you finances UK Loans suggests you visit the following site:

Are a Debt help charity, and offer support and advice on financial matters.

Use our award winning technology to search our panel of lenders for some of the most competitive rates.