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A wise guide to…

Online Loans

Online loans are personal loans that you apply for online. The reason that they are so popular is that everything can be done from the comfort of your own home using your computer, tablet or phone. Our Choose Wisely lender search tool is also available online and can help you find the best loans online today.

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No obligation. 100% secure.
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Representative 99.8% APR (fixed). Representative example: If you borrow £500 over 52 weeks at a Representative rate of 99.8% APR and an annual interest rate of 99.8% (fixed), you would pay 52 monthly instalments of £13.41. The total charge for credit will be £197.32 and the total amount payable will be £697.32.
Choose Wisely is a trading style of Choose Wisely Limited and is a free to use price comparison website. Choose Wisely Limited is authorised and regulated by the Financial Conduct Authority as a credit broker not a lender, firm reference number 730574 and is registered with the Information Commissioner’s Office number Z3106681.

A quick, easy way to get a online loan today.

  • Borrow from £300 to £10000.

  • Choose between lenders who have accepted your application.

  • Absolutely no fees, ever.

Representative 49.7% (variable).

How to get a online loan in 3 simple steps.

Affordability assessment.

1 form - takes 2 minutes to complete and your data is 100% secure.

Compare products.

Choose from lenders that have accepted your application.

Speedy finance.

If approved, the cash can be in your account in as little as 15 minutes.[†]

Table of contents

Written by Andrew Freelander
Read time: ~5 mins
Published: 11th September 2020 Updated: 11th September 2020

Borrowing money online

If you ever find yourself needing money quickly for something like car repairs, then you’ve probably considered applying to borrow money online. Most lenders nowadays offer an online loan application process. The majority will look to provide you with an instant decision and if approved can often transfer funds the same day.

What is the easiest online loan to get??

There isn’t one online loan that is easier to get than others. The ease of the process all depends on your personal circumstances and preparation. One way you can simplify the online loan application process is by using the loan search tool from Choose Wisely.

Choose Wisely uses modern technology and a simple 2 minute application form to match you with a suitable panel of lenders to compare. Choose Wisely collects key information which we then send to our panel of UK online loan companies. The lenders each review your application and send back a decision in principle which are then presented to you in a comparison table. This makes the whole search process a lot easier and prevents you having to submit multiple, lengthy applications in which you may be declined.

Is it safe to find an online loan?

Finding a loan online is safe if done correctly. We would always suggest that you start a loan search by using a reputable comparison site such as Choose Wisely. We are authorised by the FCA and only work with lenders that are also fully authorised and have also gone through our in house due diligence process.

If you do choose to apply with a direct lender online remember that you can check the lender’s website for an FCA registration number (this is usually displayed at the bottom of the page). You can then go on to check that this number matches the records the FCA have on their register.

Will I get an instant decision if I apply online for a loan?

You can use the search tool online at Choose Wisely to find out who will accept your application in principle. Once you submit your two minute application form you will instantly be presented with a panel of lenders that have accepted your application in principle. If you do choose to apply with a lender direct then they will go on to carry out their own final checks, including a hard credit check, before they make a final decision. Some lenders may ask for supporting documentation before approving your loan, like your bank statement and proof of address. To speed up the process make sure you provide accurate and up to date information on your application.

Online Loans FAQs

Why is Choose Wisely the best place to compare online loan companies?

It’s free, easy to use and only takes 2 minutes. On submission of a Choose Wisely online loan search, you’ll find out who will accept your application in principle without having to apply directly. This puts you in control to compare your best options, protect your credit file and potentially save some money.

Will applying for a loan online impact my credit score?

Using the loan search tool on Choose Wisely will not impact your credit score. If you decide to choose to complete a full application with one of the lenders that we match you with, then that lender will perform a hard credit check on your credit report. This will have an impact on your credit score and can be seen negatively if you are subsequently declined, or make too many applications in a short amount of time.

Can I apply for a loan online with no credit check?

Whether you are applying for a loan online or offline you will almost always be credit checked. This ensures that you are comfortably able to pay back the amount you borrow and that lending to you is a safe, responsible and a viable thing for the lender to do.

Written by
Andrew Freelander
Brand & Content Manager at Choose Wisely

Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products.

The quickest way to find the best online loan for you.

No obligation. 100% secure.

Important Information.

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

Rates shown are quotes 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 3.9%APR to a maximum of 1575%APR Representative and loan repayment periods range from 3 to 60 months.

[*][†] Once accepted, your loan can be transferred to you in as little as 15 minutes. The time that it takes for the loan to show in your bank account will depend on your lender and your bank.

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

If you've been declined, please refer to your credit report to gain an understanding of why before making further applications.
Your score can be accessed for free via any of the main credit reference agencies such as Credit Karma, Clearscore or Experian.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk