How can I improve the chance of my loan application being accepted?

There really is no set way to improve your chances of a loan application being accepted, as every lender will use different scoring criteria to help them make a decision.

Different personal loan products are specifically designed for certain customers. You could find that, if a low-APR loan isn’t deemed suitable for you, for example, you may be accepted for a loan product with a slightly higher interest rate.

There are multiple ways to improve your credit report and likely your credit score too, though how to go about this will depend on your own circumstances:

• If you have very little past credit experience, your focus should be on naturally building up your credit profile over time
• If you have experienced financial difficulties in the past, your focus should be on improving your affordability and lowering your credit risk. Make sure you can prove that, though you’ve struggled to repay credit previously, your situation and your approach to managing money has now changed by making reliable repayments
• Perhaps you have a good credit history, but want the best chance of getting a low rate on a personal loan. There are a few basic things you can do, such as making sure you’re on the electoral roll and demonstrating you can manage credit cards with higher credit limits. However, as the best rates on the market are usually reserved for those with a spotless repayment record and near-perfect credit file, there may be factors at play that you just can’t change