Before applying
Acceptance criteria differs slightly with each lender but the basics are:
- aged between 18 and 75
- must have a UK bank account and mobile number
- must be a UK resident (with 3 years of address history)
Approval can never be guaranteed until you have completed the final stages of an application with a lender.
During the application process
The information that lender’s request may differ slightly but in order to be able to go through the Choose Wisely get accepted application journey, you’ll be asked for your personal and contact information, a UK bank account, 3 years of UK address history and an estimate of your incomings and outgoings - such as your salary and any benefits you receive as well as your share of the rent/mortgage, bills, food and transport, etc. costs.
Choose Wisely has put together an application form that covers all of the important information that lenders require. By doing this, we’re able to do our best to match customers with suitable products, because the results are based on the information provided during the application.
Next steps after applying
After completing a loan search through Choose Wisely, you’ll need to continue to the lender’s website to complete the final stages of your application. In most cases, if your application has been successful with the lender then you can expect your loan to be paid into your account within as little as 15 minutes. This is not the case with all lenders so check if you're unsure about how long it will take to receive your funds.
If you’ve completed a loan search through Choose Wisely’s Get Accepted application process, you will be shown a panel of lenders to compare before being redirected to the website of the lender offering your cheapest, most eligible option. If you don’t complete your application there and then you can still claim your loan offer by clicking the link in an email you’ll receive from us 15 minutes after you complete your application. That email link takes you to the website of the cheapest, most eligible result from your loan search.
Once you’re on the lender’s website you can complete the final stages of your application. The lender will then carry out their own final checks, confirming your identity and your credit history. They can then give you a final decision on whether or not to lend to you.
Some lenders will use your online banking as a form of identity verification - if you hold a UK bank account this shows that you’re a UK resident. Online banking may also be required by most lenders as a way to pay the loan out to you and for you to make your loan repayments via direct debit. If you don’t have online banking, you contact your bank they'll be able to help you get set up - it’s usually easy to get set up and easy to use.