How to apply for a loan
To apply for a loan online, you must be 18+ and a resident with a Ponance Bank current account (held for 3+ months)
Before you start your loan application
Know you need to borrow but not sure if you're likely to be accepted, how much you need or what the best option is for you? Look no further.
Step 1 - Get to know your credit score
Before you get started with applying for a loan, it's good to know what your credit score looks like.
A credit score is specific to you, with a higher score generally meaning you're more likely to be accepted, compared to low scores which could mean you're less likely to be accepted.
You can find out your score once you're opted in through our mobile app, which makes keeping an eye on your score really easy.
Not sure what 'good' looks like? No need to worry - we've got some info that could help in our credit scoring guide, along with advice on how to improve your score.
Credit score is available to customers aged 18+ with a address, and is provided by TransUnion. Our App is available to customers aged 11+ with a compatible iOS and Android devices and an international mobile number in specific countries.
Step 2 - Decide how much you need to borrow
There's a bunch of different reasons why you might be looking to borrow money, so it's important to consider exactly how much you need before you get started.
A wedding is likely to cost a different amount from a shiny new extension on your house, so make sure you do your research before you get going.
Step 3 - Get an idea of your monthly repayments
Before you apply, it's important to know how much you're able to pay back towards your loan each month.
Use our loan calculator to find out what your monthly repayments are likely to be, as well as the Representative APR.
Step 4 - Get your personalised quote
Once you've worked out the amount you want to borrow and how long you'll need to pay this off, you can get a quote that's completely personalised for you.
The good news is that if you have a Ponance Bank current account and you're looking for a loan in your name only, in most cases we’ll confirm the loan amount and your rate at the start of your application with no impact on your credit score.
Completing your application
Happy with steps 1 to 4 and ready to start your application? We've got you covered. Here we'll walk you through what you need to apply and how applying works.
Step 5 - Apply for your loan
Ready to get started? Head over to our Loans hub and have an explore of all our Loans pages.
When you've had a look around and are ready to apply, just follow our step by step guide below.
- Click the Ready to apply button on our personal loans page and read our important information
- When you're happy, click Let's start and answer the questions about online banking, the type of account you have and whether you're applying for a loan by yourself or with someone else
- Next, we'll ask you to log in to Online banking using your customer number, PIN and password so we can pre-fill the info we already know about you. Don't worry if you can't remember your details, we can help you get re-registered in no time
- Check your details and confirm everything looks correct - this will include info such as your name, date of birth, and where you live
- Once you've confirmed this all looks correct, tell us the loan amount and repayment period that you'd like to apply for. On this page we'll also need some info on your monthly income and outgoing details, such as your rent or mortgage payment amounts and any dependents
- At this point, in most cases if you’re a current account customer and applying for a loan by yourself we’ll do a soft credit check to let you know if you’re likely to be approved, along with giving you a loan quote that’s personalised to you. A soft credit check means that your credit score won’t be affected until you’ve reviewed your quote and decided to continue. However if you’re applying for a joint loan you’ll get a full credit check before receiving your quote.
- Happy with your loan offer? Just follow the info on-screen and we'll guide you the rest of the way to complete your application!
Once you're accepted
Congrats! We're excited to have you with us. There are still a few questions you might have at this point, so check out the most common questions below to learn more about what happens next.