Personal loan eligibility explained: soft searches and approval odds
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Quick answer: Loan eligibility checkers use soft searches to show likely approval before you apply. Hard searches on full applications stay on your file 12 months — space out applications and match loan amount and term to affordability rules.
Personal loans are regulated credit agreements — lenders must assess affordability under FCA CONC rules. Understanding eligibility tools helps you target the right APR band without damaging your credit file.
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Last reviewed:
Read the full credit cards & loans guide →Should I get a personal loan? →Primary source: www.gov.uk/consumer-protection-rights/loans
Before you apply
Check your credit file free via each agency's statutory report service — Experian, Equifax and TransUnion. Fix errors before applying. Use eligibility tools on comparison sites to see pre-approved bands.
Consolidation warning
Using a loan to clear cards only works if you close the cards and change spending habits. Otherwise you risk card debt plus the loan.
Common questions
Why was my APR higher than the representative rate?
The advertised rate is representative — your offer depends on credit score, loan amount, term and the lender's risk model.