Loan Eligibility Checker

Use our loan eligiblity checker to compare personalised quotes in minutes. Know where you stand and Choose Wisely.

Table of contents

Written by Mark Grimley
Read time: ~5 mins
Published: 2nd October 2023

What is a loan eligibility checker?

A loan eligibility checker, sometimes referred to by our customers as a loan approval checker, will give you an indication of which loan providers are most likely to lend to you based on the information in your credit report and the lending criteria of the provider.

Using an eligibility checker only takes a couple of minutes and you’ll be given your results instantly. Use of our eligiblity checker to compare options will not impact your credit score.

Why is it a good idea to use an eligibility checker?

Every time you apply directly to a provider for any type of credit, the application will leave a record on your credit report that other lenders will be able to see.

If you apply for a loan and are rejected, this will lower your credit score, most likely making it harder for you to be approved for credit in the future. The more applications you make, the more harm these will do to your credit score.

By using a loan eligibility checker you can take the guess work out of knowing which providers are most likely to accept your application before you apply, helping you to protect your credit score. Eligibility checkers perform a soft search when assessing your application, which can’t be seen by any other credit providers.

What information do I need to use the eligibility checker?

The information you need to provide when using a personal loan eligibility checker include;

  • How much do you want to borrow
  • How many months you want to borrow the money over
  • What you need the loan for
  • Your name
  • Your contact details
  • Your date of birth
  • Your address
  • Your employment status
  • Your monthly income
  • Your monthly expenditure

What if I'm rejected for a loan?

Ask the lender if there’s a particular reason you’ve been turned down for a loan. It’s also a good idea to check your credit report to see if it reveals anything about your credit history you’re unaware of. You can then start to work on improving your credit score if it’s poor.

There are free websites and apps that can help you to improve your credit score including ClearScore, Credit Karma and Experian.

If you’re refused a loan the last thing you should do is apply for another one with a different provider immediately. The reason for this is when you apply for credit, lenders will perform a hard credit check of your credit report. Too many applications over a short period of time may make you appear desperate for money which isn’t attractive for lenders. It’s best to wait at least 6 months between applications.

The most common reasons for being rejected for a loan include;

  • Insufficient income
  • A poor credit score
  • Too many credit applications in a short period of time
  • Limited or no credit history
  • You're not registered to vote
  • You're financially linked to someone with bad credit
  • You don't meet the eligibility of the loan provider
  • Unstable employment
  • Incorrect details

Loan eligibility checker FAQs

What is a soft and hard credit check?

A soft credit check is when a loan provider looks at the information on your credit report to give them an initial indication of whether lending to you is the right thing to do. A soft search won’t necessarily examine your report and credit history in detail.

Soft credit checks are helpful because they aren’t visible to other lenders - so they have no impact on your credit score. You’ll be able to see a record of them on your credit report, but soft credit checks can’t be seen by other companies looking at your report.

A hard credit check on the other hand is performed when a lender takes a detailed look at your report. Every hard check is recorded on your report so any lender or company looking at your report will be able to see that you’ve made an application for credit.

If you apply for too many credit products in a short period of time your credit score is likely to suffer, which will reduce your chances of being approved for credit products in the future.

In summary, a soft credit check isn’t visible to anyone except you. A hard credit check is visible to other lenders and companies and too many in a short period of time may lower your credit score.

How does the loan eligibility checker work?

To use our eligibility checker, you’ll need to answer a few questions about how much you want to borrow, your personal details, income and outgoings and we’ll perform a soft credit check to help us match you with lenders.

Once you’ve submitted the information we’ll run it through our system which holds data about the different criteria lenders have. If you pass the criteria check, lenders will then look at your credit report to review how you’ve managed your money in the past and if you’ve applied for credit recently.

Your credit report will include information from different credit reference agencies, and each will give you a credit score, which indicates what sort of borrower you’re likely to be. Having a good credit score will improve your chances of getting approved for a loan.

Will checking my eligibility impact my credit score?

No. Using a finance eligibility checker will not affect your credit score because it performs what is known as a soft credit check, which means you’ll be able to see a record of the checks that have been made, but other lenders will not. If you decide to complete a full application directly with a lender, the lender will then conduct a hard credit check.

Written by
Mark Grimley
Head of Partnerships & Take Control Author at Choose Wisely

Mark joined Choose Wisely in 2015. He continues to work in close contact with the providers, brokers and journalists operating in the world of consumer credit.

Important Information.

All of the information in this guide is correct at the time of writing.

If you complete a loan search application on the Choose Wisely website, the rates shown may vary based on your personal circumstances, are subject to status and are available to those aged 18 and over. Rates available range from a minimum of 13.9%APR to a maximum of 1721%APR Representative and loan repayment periods range from 3 to 60 months.

If you need financial advice you can visit stepchange, speak to citizens advice, call the national debtline or speak to

If you've been declined, please refer to your credit report to gain an understanding of why before making further applications.
You can access your credit report for free from Credit Karma, Clearscore or Experian.