“If you’ve recently moved house some lenders may want to know your previous address too...”
What will I need?
If you meet the criteria for a loan and you’ve got a good chance of being accepted, it’s time to start your application. If you’re applying for a loan online, you won’t really need much in the way of documentation. You’ll just need to give some basic information about yourself, including your name, your address and your date of birth, as well as why you want to borrow the money – if it’s for home improvements or a new car, for example.
You’ll also have to give details of how much you earn, whether you’re in work and any debt and other financial commitments you have. This is so that the lender will be able to decide whether it thinks you’ll be able to afford the loan repayments – and ultimately whether or not it’s happy to offer you a loan. You may find it helpful to have a recent bank statement and payslip handy so you can check what you monthly income and main outgoings are.
Lenders will also ask for your address – the address that you give them should be the same one that is on your credit file. It should also be the same as the address you have on your passport and driving licence and on your electoral roll entry. If these don’t match up lenders may struggle to verify that you are who you say you are. If you’ve recently moved house some lenders may want to know your previous address too.
Loans for bad credit
Don’t worry if you’ve had problems managing credit in the past, such as late or missed payments or even an IVA – this doesn’t mean you’ll automatically be locked out of applying for a personal loan. You don’t need a perfect credit history to apply for a loan although it’s true that the best rates are usually reserved for those who have managed credit better.
Instead, you could consider applying for a bad credit loan*, like the ones available from Ocean. You might be more likely to get accepted for these types of loans than some other loans with better rates and if you are accepted, a bad credit loan could even help to improve your credit history. This is because when you make repayments, it will show on your credit history and if you come to borrow in the future, lenders will be able to see this. Making your repayments on time every month will show that you’re able to manage credit responsibly, which could help you if you looking to take out other forms of credit in the future.
*Personal loan APR 44.9% Representative