What do you need to apply?

Before you apply for a loan you need the following:

  • Bank details
  • Address and previous addresses
  • Employment details
  • Personal details e.g. date of birth

 

Proving your income

As part of your application you need to include what you earn each month, but not all sources of income are accepted by the lender so check before you apply.

Any of the following could be excluded from your loan application:

  • Benefit payments e.g. child benefit, income support or housing benefit
  • Business profits
  • Expenses
  • Maintenance payments
  • Non guaranteed bonuses
  • Overseas income e.g. from holiday lets abroad
  • Rental income
  • Sales commission
  • Student loans

 

What happens after you apply?

If you have been approved and you accept the loan offer, you will then have to sign the loan agreement. If you apply online this can more often than not be done digitally, otherwise the documents will be posted out to your address.

Once you have returned the signed agreement, the lender will transfer your loan to your bank account – this could take just a few hours but it may take one or two days.