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Personal Loan Eligibility: Check online

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Robert Bester, Consumer Finance Expert

21st June 2021

4 minute read

Check your eligibility

Personal loan eligibility can be crucial for finding the right personal loan for you, matching up with your personal circumstances and ensuring you can easily afford to make repayments. Checking your eligibility can also make your search for a personal loan even easier, with a soft search of your credit file that will not affect your credit score.

Making a personal loan eligibility check online using a free tool such as MoneyMatcher has several benefits, as well as being the safest way to search for your next credit product. An eligibility checker is:

  • Free to use
  • Makes searching for a personal loan safer for your credit score
  • Find loans that are suited to your personal circumstances
  • Discover how likely you are to be approved (as well as pre-approved options)
  • Narrows down your search
  • Helps search for the right type of loan for you

If you would like to find out personal loan eligibility works online, then we have outlined the process from start to finish to make it clearer to navigate. You can also find out the facts about the process of personal loan eligibility and discover what affects your eligibility before you’ve even started.

Personal loan eligibility: the facts

If you want to find out more about eligibility when it comes to personal loans, it’s worth finding out what it means and how it can benefit you, as someone looking to borrow money.

Eligibility means “having the right to do or obtain something through satisfaction of the appropriate conditions.” In this case, you will have the right to be accepted for a personal loan if you satisfy the conditions or criteria set by the lender. For example, if you earn a certain amount per year or have been a UK resident for a certain amount of time, this will mean you are eligible for a personal loan.

To investigate the process, it’s also worth understanding the following facts:

Free to use

Eligibility checkers such as MoneyMatcher are completely free to use. This is great for narrowing down your options without committing to anything just yet, making it easier to browse and compare personal loans before you apply.

Personal details

You will have to provide certain personal details in order to check your eligibility. This can include your name, address, date of birth, income and dependents. These personal details will help determine your eligibility so you must make sure they are correct.

Soft search

When you fill in an eligibility checker you will receive what is known as a soft search of your credit file. That means it will show that you performed a search, but this will not affect your credit score. When you eventually apply for a personal loan, that is when a hard search will be performed, which can affect your credit score.

Approval ratings

Once you have received the results of your eligibility check, you will be able to see how likely you are to be accepted for a personal loan. For MoneyMatcher, this is in the form of a score out of ten. In addition, you can also get pre-approved for a personal loan, which means you’re guaranteed to be accepted by the lender, as long as your personal details are correct and you pass other important fraud checks they will make when you apply.

Am I eligible for a personal loan?

An eligibility checker will be able to tell you how likely you are to be accepted for a personal loan, giving you a sneak peak before you actually fill out the application.

However, there are certain criteria that will make you more or less eligible to take out a personal loan, so it’s worth understanding these prior to using an eligibility checker, as it will help you understand the results a bit better.

Remember, the criteria are set by the lenders themselves based on your personal details so double check what you have written before clicking ‘Get Results’.

UK resident

A lender may request that you have been a UK resident for a minimum amount of time, indicating you are staying in the country and are planning to make repayments as normal

Regular income

A lender might also have a minimum income they are checking for, just so that they can see you are able to make repayments every month. For example, if you are unemployed, a lender could be less likely to accept your application as you cannot prove you will have the money to make repayments

Age

Some lenders will prefer to lend to a certain age group or will only accept applicants between a minimum and maximum age

Good credit rating

While this isn’t always indicated through an eligibility checker, your eligibility to borrow money will also be based on your credit history. For example, if you have struggled to make repayments or have fallen into debt before, a lender could see this as a reason not to accept you for credit again

UK bank account

A lender might also want you to have a UK bank account where you receive your income and pay for regular expenses such as direct debits. This is an indication that you will have the facility to make repayments on time every month from a fixed bank account

How to check personal loan eligibility online

We have listed the individual steps to checking your eligibility online below so you know exactly what to expect. Remember, it will not affect your credit score so is a safe and easy way to narrow down your results and find the best personal loan for you from the panel of lenders on offer.

  • Find an eligibility checker – there are plenty out there, including our very own MoneyMatcher
  • Make a decision – choose your loan amount, loan term and loan type to help narrow down your search for a personal loan. Find out more here about making a decision
  • Fill in your personal details – make sure your personal details are as accurate as possible; any errors might give you a result that doesn’t reflect your personal circumstances
  • Agree to T&C’s and Get results – indicate you are happy to accept the Terma and conditions and click ‘Get Results’
  • Results page - you will receive a list of results alongside approval scores that will indicate how likely you are to be accepted for that particular personal loan

Ready to start your personal loan comparison journey? Head over to MoneyMatcher and enter your personal details to get your results. You can also save your results in MyAccount so you can view them later on.