Below we have outlined the most common questions asked about loans.
Please click on a question to get the relevant answer.

How can OnlyFinance help you?
What are the different types of loan?
What lending criteria is considered?
What happens if I have been refused credit?
Top Tip for using OnlyFinance
How much can I borrow?
What is the difference between secured and unsecured loans?
How do I pay it back?
Where do I get a loan?
What is an annual percentage rate (APR)?
If I apply for a loan, are any checks made on my financial history?
If I have a bad financial history can I still get a loan?
Can I repay my loan early?
What happens if I’m late or can’t make a repayment

What lending criteria is considered?

Banks look at a range of criteria before approving a loan, such as age, income, existing financial commitments, home status, credit history as well as postcode and purpose of loan. Each Bank or financial institution decides its own lending criteria, and in the vast majority of cases it will use a matrix to score the various information relating to your application, hence the term credit score. If your “score” exceeds the target, then you will be approved; if not, then the application will be declined.

Because most financial institutions register a ‘search’ every time they access a credit reference agency / bureau for your credit history, a declined application may hinder your chances of securing credit elsewhere. Some banks take the view that if one bank refused you credit, they will do the same. So taking the time to apply for the best loan for your individual circumstances not only saves you time in the long run, it also protects your credit history.

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