How to apply for a loan online, step by step

Applying online takes about 10 minutes: work out what you can afford, compare offers, submit your ID and bank statements, then read the pre-agreement quote carefully before you accept. Legitimate lenders never ask for payment before you receive your loan.

What lenders check

• Identity verification
• Income and bank statements
• Credit record and affordability

Documents you'll need

• Green barcoded ID or smart ID card
• Latest 3 months' bank statements
• Latest payslip (if employed)
• Proof of address not older than 3 months

Watch out for

• Check the website address and NCR number before entering personal details.
• Read the quote: interest rate, initiation fee, service fee and credit life.
• You have a 5-business-day cooling-off period on some credit agreements signed away from the lender's premises.

Is applying online safe?

Yes, with registered lenders using secure (https) sites. Never share your banking PIN or OTPs.

How long does approval take?

Often minutes for a decision; payout within one to two working days.

Does applying affect my score?

A formal application creates an enquiry; several in a short time can lower your score.

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