Apply for a loan
Compare loan offers with our partner, ClearScore, in 2 minutes with no impact on your credit score.
Representative 48.7% APR
*ClearScore is a credit broker, not a lender. Further information below.
On this page you’ll find:
How could you use a personal loan?
Personal loan eligibility requirements
Applying for a personal loan if you have bad credit
Applying for a personal loan if you’re self-employed
How to get a low interest personal loan
What are the alternatives to personal loans?
ClearScore can help you find personal loans:
- From £1,000 to £25,000
- Over 1 to 5 years
- No impact to your credit score
- Personalised offers tailored to your needs
- Know what you'll repay each month and over what term, upfront
Representative 48.7% APR
*Vanquis Bank acts as a credit broker, not a lender, introducing customers to our partner ClearScore. ClearScore acts as a credit broker and not as a lender. If you take out a loan, Vanquis Bank and ClearScore receive a commission payment from your lender. If you’d like further information about the commission Vanquis Bank or ClearScore receive as a result of your loan, please contact us. We will not charge you a fee for our services. Loans can only be offered to customers aged 18 or over. Credit is subject to status. Terms and conditions apply.
What are you looking for?
Bad credit loans
I have bad credit. Can I still get a loan?
No credit history loans
I want to understand my options if I have no credit history.
How could you use a personal loan?
A personal loan gives you flexibility to use the money in a way that works for you. ClearScore can help you find loans starting at £1,000. This is great if you want a smaller loan instead of borrowing more than you need. Common reasons people take out loans include:
Car repairs or motoring costs
Cover essential repairs, MOTs, or replacement tyres and keep your vehicle on the road.
Home improvements
This could include a new kitchen or bathroom, buying furniture or upgrading appliances.
Consolidating debts
Combine balances together into one monthly repayment that’s easier to manage.
Managing unexpected expenses
Manage urgent or unplanned costs like a boiler breaking down or medical bills.
When a loan might not be right for you
A personal loan isn’t suitable for every situation. You may want to consider alternatives if you’re:
- Struggling with everyday living costs
- Borrowing just to get by month to month
- Considering a loan for non‑essential or impulse spending
If you’re unsure, it’s always worth taking the time to consider whether borrowing is the right decision for you.
Can I get an ‘instant decision’ quick online loan?
If you want a quick online loan, ClearScore helps you check your options easily. You can see where you stand before committing to a full application.
Start with a no‑risk eligibility check
Before you apply, you can complete an eligibility check. This uses a soft credit check, which means it won’t impact your credit score. It provides you with an idea of whether you’re likely to be approved and what you could be offered. Checking your eligibility first is a good way to explore options. It also helps you avoid unwanted marks on your credit file.
Applying for a loan
If you’re happy to move on after your eligibility check, you can make a full application. At this stage, a hard credit check will be carried out and recorded on your credit file. Making several full applications in a short time can impact your credit score. So, only apply when you feel ready.
Quick decisions and speedy access to funds
Many customers get a fast online decision. If approved, funds can be available the same day. The exact timing can depend on your individual circumstances and lender.
Our loans expert says…
“At Vanquis, we understand that everyone’s financial situation is different. We work closely with ClearScore, who can help you find loan products designed to support a wide range of customers, including those who may have struggled to access credit elsewhere, while still being clear, responsible and affordable.
They work with a wide range of lenders, making sure customers can find a loan that fits their circumstances, not the other way around.”
Chloe, Loans Strategic Partnership Manager
How to apply for a loan
The application can vary from lender to lender. Here’s a common example of how it works through our partner, ClearScore if they find you a loan through their panel of providers.
Apply for your loan
If you find a suitable loan, you’ll complete a full application with more detail about you and your finances.
The lender will review your application and carry out a hard credit search.
Receive your money
If you’re approved, you’ll confirm where to send the money, provide any final info and sign your loan agreement.
In most cases, funds are received the same day.
Representative 48.7% APR
*Vanquis Bank acts as a credit broker, not a lender, introducing customers to our partner ClearScore. ClearScore acts as a credit broker and not as a lender. If you take out a loan, Vanquis Bank and ClearScore receive a commission payment from your lender. If you’d like further information about the commission Vanquis Bank or ClearScore receive as a result of your loan, please contact us. We will not charge you a fee for our services. Loans can only be offered to customers aged 18 or over. Credit is subject to status. Terms and conditions apply.
Personal loan eligibility requirements
Before you apply for a personal loan, you’ll need to make sure you meet the lender’s eligibility criteria. Eligibility can vary by lender, but you usually need to meet these requirements:
- You must be at least 18 years old
- You must be a UK resident
- You’re not legally restricted from getting credit, e.g. because of bankruptcy
- Affordability criteria, this is based on your incomings and outgoings
Before approving a loan, lenders check that you’ll be able to manage the repayments alongside your current financial commitments.
If you’re eligible to apply, lenders generally take some extra info, like how much money you bring in and spend each month, as well as details of any dependants. They use this extra info alongside a full credit check when deciding on your application.
Applying for a personal loan if you have bad credit
If you’ve had credit issues in the past, getting a personal loan can feel challenging. While personal loans require a credit check, help is available for those with bad credit or no credit history.
Before you apply, you can use an eligibility checker to see whether you’re likely to be accepted. This uses a soft search, which won’t affect your credit score and isn’t visible to other lenders. It gives you an initial idea of whether you can apply. While this isn’t a guarantee of approval, it helps you make an informed decision.
If you go ahead with the full application, a hard credit check will take place. This can impact your credit score.
Applying for a personal loan if you’re self-employed
While self-employed people can apply for a loan, decisions depend on the individual lender, so criteria can differ between them. Self-employed applicants might need to give extra info, like proof of income and bank statements.
How to get a low interest personal loan
A low interest personal loan is usually offered to customers who show a lower level of risk to a lender. Interest rates can vary for everyone, but you can take a few steps to improve your chances of getting a better rate.
Keep your credit score in good shape
Lenders normally offer lower interest rates to people with stronger credit histories. Paying your bills on time and keeping balances low can help improve your credit score over time.
Only borrow what you need
Borrowing a smaller amount can help keep costs down. Borrowing only what you need can lower your total interest. Avoid taking extra ‘just in case’.
Check your eligibility first
An eligibility checker shows if you might get accepted, and it won’t affect your credit score. This can help you avoid unnecessary applications that could impact your score.
Choose your repayment period carefully
Spreading repayments over a longer term can lower your monthly payments. This makes them easier to manage. But longer terms usually mean you’ll pay more interest across the life of the loan. A shorter term can reduce the total cost, but repayments will be higher.
Look at overall cost, not just monthly repayment
The cheapest personal loan isn’t always the one with the lowest monthly payment. Lower payments could mean a longer repayment term, which can increase the total interest you pay overall.
What are the alternatives to personal loans?
If you need to borrow money, a personal loan isn’t the only option. A credit card can be a flexible option, especially for small or short-term expenses. But this depends on how much you need to borrow and your repayment plan.
Vanquis offers a variety of credit cards, from balance transfer credit cards to credit builder cards. If the strict monthly repayment terms of a loan might cause you problems in the short term, credit cards allow you to repay a higher or lower amount each month (depending upon your circumstances), as long as you’re making the minimum repayment. This can help if your income or expenses change.
If you have a limited or poor credit history and worry about getting a personal loan, the Vanquis Credit Builder Card might be a better option. This card helps customers build their credit over time when used responsibly.
Representative 42.9% APR (variable)
What to consider before taking out a personal loan
Before applying, consider how much you can afford to borrow and repay each month. Missing repayments could affect your credit score, and your lender may need to take steps to recover the money owed. It’s also important to think about the total cost of the loan. This includes interest and any fees, and whether borrowing is the right choice for you.
Personal loans FAQs
How much can I borrow, and for how long?
If you find a loan when you search through our partner ClearScore, you can borrow up to £25,000, depending on your eligibility and the lender. Repayment terms are flexible, and you can choose a loan length of up to five years. This way, you can find an option that fits your budget and monthly repayments. The amount you can borrow and the loan term will depend on your situation and eligibility checks.
When will I receive the loan?
If you accept a loan offer and get approved, the funds are usually paid into your bank account on the same day. But timescales can vary depending on the lender and the checks required.
Can I manage my loan in the Vanquis app?
No, you can’t manage your loan via the Vanquis app. Vanquis is not a loan provider. We partner with ClearScore to help you find personal loans with other providers. You would need to reach out to your lender for more info on this.
Do I need to state what the loan is for?
Yes, you’ll be asked during the application process what you plan to use the loan for. This info helps lenders do responsible affordability checks. You can use loans for various needs, like consolidating debt, improving your home, or covering car costs.
Will applying for a personal loan affect my credit rating?
Checking your eligibility usually involves a soft credit check, which won’t affect your credit score. If you choose to apply for a loan, a hard credit check will be carried out, which can have an impact on your credit file. These types of searches are visible to companies and can lower your credit score.
Can I get a personal loan without a guarantor?
Yes, you can get a loan without a guarantor. When you explore loans, you’ll be able to see whether a guarantor is required before you apply.
What happens if I miss a personal loan repayment?
If you’re struggling with repayments or have missed a payment, contact your lender right away. They can talk through your situation and discuss what options are available to you.
If you miss a personal loan repayment, a record of the missed payment will be recorded on your credit file. This will have a negative impact on your credit score. If you miss several repayments, your lender might default your account. This means you’re not meeting the terms of your agreement. They could then begin debt recovery actions against you. This will further damage your credit score.
What happens if I can’t repay my personal loan?
If you’re having money problems or can’t make your loan payments, please contact your lender. They will help you find a solution.
If you ignore this, your lender might default on your account and begin debt recovery. This might result in a County Court Judgment on your credit file. This can damage your credit score and make it harder to get credit. It will also stay on your credit report for six years.
Can I repay a loan early?
Each lender has different rules for this. If you take out a loan, the fees and rules for paying it back early will depend on the lender and the offer. You’ll see all key details, including any fees, clearly upfront before you proceed.
Do the monthly repayments change?
Personal loans – including the ones you can compare through our partner ClearScore – usually have a fixed interest rate. This means monthly Direct Debit remains the same for the loan’s duration. This makes budgeting easier, as you’ll always know exactly how much you’re paying and when. Your repayments will remain stable, helping you stay in control. You’ll also see your monthly repayment amount upfront before you apply, so there are no surprises.
Will my loan be secure or unsecured? What’s the difference?
ClearScore works with a range of lenders, who offer both secured and unsecured loans. With a secured loan, you need to provide collateral, an asset with a value similar to the amount you’re borrowing. If you’re unable to repay the loan, the lender can take that asset to recover the money owed.
Unsecured personal loans don’t require any collateral. But missing or delaying payments on a personal loan can impact your credit score. The lender may also try to recover the unpaid balance, including interest and fees.
What borrowing options does Vanquis offer?
At Vanquis, we offer a range of credit cards designed to help you build, rebuild, or manage your credit. Credit cards can provide flexible access to credit, allowing you to spread the cost of spending over time when managed responsibly.
What is APR (Annual Percentage Rate)?
APR stands for Annual Percentage Rate and shows how much interest you’ll pay each year on the amount you borrow. When comparing loans, it’s important to look at the APR, as a higher rate usually means you’ll repay more. To be sure, check the total amount you’ll pay back.
How can I check if I have bad credit?
Bad credit means a low or negative credit score. Someone may have this if they’ve not paid bills or missed a payment. It could also be because they haven’t had many credit agreements.
You can check your credit report with the three main credit reference agencies (CRAs) in the UK: Equifax, Experian, and TransUnion.
If your options are limited, you might still find help with bad credit loans. These loans can give you access to funds while you work on improving your credit.
The good news is there are practical ways to rebuild your credit history. Taking steps to improve your credit score can make a real difference over time.
Can I get a loan with no credit check?
It may be possible, but unlikely. Most lenders will carry out checks to make sure lending is affordable and fair.
If you have no credit history, it doesn’t mean you can’t borrow. Many lenders can check your eligibility without it affecting your credit score. This helps you see your options before applying.
Vanquis Bank Limited can be contacted at its registered office, which is at Fairburn House, 5 Godwin Street, Bradford, BD1 2AH. Registered number 02558509 England. VAT number 180555952. Vanquis Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 221156).
Vanquis Bank acts as a credit broker, not a lender, introducing customers to our partner ClearScore, which is a trading name of ClearScore Everywhere Limited (company number 06297533) of Dakota House, Concord Business Park, Wythenshawe, M22 0RR. ClearScore acts as a credit broker and not as a lender and is authorised and regulated by the Financial Conduct Authority (FRN 662079).
Terms and conditions apply. UK residents aged 18 and over. If you take out a loan, Vanquis Bank and ClearScore receive a commission payment from your lender. Different amounts of commission are received from different lenders and will be either a fixed amount or a percentage of the sum you borrow, but will never affect what you pay under the loan you are offered. If you’d like further information about the commission Vanquis Bank or ClearScore receive as a result of your loan, please let us know. We will not charge you a fee for our services.