Comparing loans: step-by-step

Applying for a loan

If you’re looking for a loan, the uSwitch loan comparison service can provide a free, impartial comparison of both personal and secured loans.

We search through loans from a range of different lenders, so it’s quick and easy to find a great deal.

What you’ll need to have ready

Before you start, you need to decide how much you want to borrow. With uSwitch, you can apply for personal loans up to £25,000 and secured loans up to £100,000.

If you are applying for a secured loan you will also need to know:

• the current value of your property
• the amount still outstanding on your mortgage
• the total amount of any other debts
• your annual salary
• details of previous credit problems relating to any of the applicants e.g. arrears or County Court Judgments

Step 1: Choose a loan from our top deals tables

To compare loans quickly, use the personal loan and secured loan tables on the loans homepage.

Just enter the amount you would like to borrow and the period you want to pay it back over, and we’ll show you a table of our top deals – pick the loan that’s right for you and click ‘apply’.

We’ll show you a summary of the loan you have chosen and ask you for a few details, including your name, address, email and phone number and then redirect you to your chosen provider’s website to view and complete your application.

If you provide your phone number, you will receive a call from our expert loans brokers to discuss your options. The loans service may be able to find a loan which suits your circumstances better and also has deals that aren’t available online.

Any personal details you give us are protected by encryption software and sent securely to prevent fraud.

Step 2: Tell us how much you want to borrow, how long you need to repay the loan and whether or not you’re a homeowner

The APR on a loan can vary depending on how much you want to borrow and how long the loan is for - the shorter the loan term (the amount of time allocated to repay the loan), the more money you save on interest. Always be sure that you can afford the monthly repayments.

For loans intended to pay off other debts such as credit cards, remember you won’t have to pay the interest on those debts anymore, so this can come off your budget.

We also ask whether or not you are a homeowner, so we know whether or not include secured loans in your results. If you are a homeowner we will also ask how much your property is worth, how much you have outstanding on your mortgage, how much debt you have, your employment status and your annual income so that we can give you the most relevant results.

If you have any questions, call us on 0800 404 7968.

Tell us if you have any CCJs

We ask whether or not you have any CCJs so we can tailor you results accordingly. If you have had CCJs or credit problems in the past this does not mean that we won’t be able to find a loan for you.

Step 4: Tell us if you want to be able to apply online

If you choose to apply for a loan online through uSwitch, all the loans we show you allow you to go through to the lender’s website to complete your application.

If you do not select the option to see ‘Loans you can apply online for with uSwitch’ the results will include all the loans on the market, including those that aren’t available through uSwitch.

Step 5: Add your contact details

We keep your basic contact details so we can help you with any future queries. Your name and telephone number only will be passed on to our loans broker service who will give you a call to help you find the best loan for you.

You can apply online for the loan you choose if you wish, but the loans service may be able to find a loan which suits your circumstances better.

Any personal details you give us are protected by encryption software and sent securely to prevent fraud.

Step 6: Click ‘Continue’ for the loans that match your requirements

Our calculator works out which loans which loans are on offer, the typical Annual Percentage Rate (APR), the monthly repayments and the total amount you will pay back.

Step 7: See a list of loans and pick one

If applicable, we will show you both personal and secured loans – you can use the tabs at the top of the results table to choose whether you see both kinds of loans or one in particular.

Loans are ordered by cost - so the lowest monthly repayment comes first. You can choose to sort by other criteria, including APR or total amount repayable.

For loans that include online sign-up with uSwitch, click “Apply” to complete your application on the lender’s website.

No loans that match your specific requirements? You can go back and amend your details or start the application process again.

Step 8: Complete your application with your chosen lender

Your chosen lender will need additional information about your finances, employment status and your partner’s situation. They will then run a credit check.

What happens afterwards

What can you expect after you’ve applied for your loan online? Here are a few common questions:

I applied for a loan online and then got a call from the uSwitch loans broker – why?
Choosing a loan is an important decision. We believe you should have the best advice to help you make it. To help you find the right loan, our expert loans broker will give you a call to discuss your requirements. They have access to many loans, some of which are not available directly through the uSwitch website, which may be better for your personal circumstances and borrowing amount.  If you need any help at any stage of your application, call uSwitch on 0800 404 7968.

How long will it take for the lender to confirm that my application has been successful?

They should be in touch within a week or so, once they’ve done a credit check.

I’ve been turned down by a loan lender – what can I do?

You may not be eligible for a particular loan, but sometimes the lender will offer an alternative with a higher interest rate. To see if you can find a personal loan with another lender, do another comparison.

Your credit rating is a key factor in whether or not you are accepted for a loan. Check your credit rating online now.

I’ve noticed that my personal loan is being referred to as an unsecured loan – why?
They are one and the same. Both personal loan and unsecured loan refer to a loan that is not secured against any property (home or car). A personal loan is given on the basis of your credit rating.

Am I allowed to repay the full amount before the end of the loan term?
Yes, although some lenders will charge you. Read the small print and look out for the terms.