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
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.
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.
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.