How to compare loans – a guide to using our site

It only takes a few minutes to compare loan rates and find the right loan for you using MoneySuperMarket.

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Our Eligibility Checker will scour the market for the best loan deals for your individual circumstances, all without harming your credit score.

Below, we’ve explained the steps to take when you compare loans on our site.

1. Enter your details

Once you’ve clicked on “Find a loan” on the “loans” section of the website, you will be asked a number of questions and will need to enter your details.

These questions are designed to help us find the most suitable loans for you by conducting a “soft credit search” which won’t affect your credit score.

The information we need includes:

  • What you will use the money for (for example, a car, a wedding or to pay off debts)
  • How much you want to borrow
  • How long you want to pay it back
  • Whether you own your home
  • Whether you are employed
  • How much you earn per year
  • How much you pay in rent/mortgage each month

Then all we need is your name, your home address, your date of birth, and an email address we can contact you on.

2. See your eligibility

Once you’ve entered all your details, our Eligibility Checker will get to work seeking out the best loan deals.

The quotes that pop up will be from lenders whose terms suggest they will accept your application, based on the information you provided and our “soft credit check” of your credit file.

How likely you are to be accepted for each loan will be expressed on a dial and colour-coded red, amber and green, with green meaning you’re most likely to be accepted.

Don’t worry: this check will not show up on your file and will have no impact on your credit score.

3. Compare your loan quotes

You can choose to see the quotes listed in the order of chance of approval or according to the interest rate charged.

Each quote will show the type of loan (personal, secured etc), the Representative APR or interest rate you can expect to pay, and the amount you will have to pay back each month.

It will list out both the benefits and what to watch out for for each deal, as well as basic information such as how much you have to earn to qualify.

At the bottom of each quote, there will also be a Representative Example showing how much you will pay overall.

Here’s how that information is displayed:

Representative example: If you borrow £10,000, you would make 36 monthly repayments of £289.35. The total amount repayable is £10,416.51. Representative 2.7% APR, 2.7% (fixed) p.a.

4. Complete your loan application

Once you have chosen which loan you want, the next step is to click on the “Go to site” tab.

You will then be redirected to the application page on the lender’s website.

Your questions answered

Why do you need my address and date of birth to show me loan quotes?

Applying for lots of loans can damage your credit score, especially if your applications are rejected.

MoneySuperMarket avoids this by using the personal information you provide to find your credit file and check which deals are suitable via a “soft credit search”.

What is a “soft credit search”?

A "soft credit search" is a way of checking your credit file without it showing up on your file or affecting your credit score.

The loan quotes we show you will be based on this search. 

It’s to give you a better idea of what loans are available to you and which ones you’re most likely to be accepted for, so you can apply more confidently.

What is the “representative APR”?

The Annual Percentage Rate (APR) is the interest rate charged, plus any other fees.

The “representative APR” is the advertised rate providers must offer to at least 51% of those accepted for a loan.

Depending on your credit score, you may therefore be offered a loan at a higher APR.

How do I pick the right loan for me?

We have done our best to provide all the information you need to choose the right loan for your individual circumstances.

Things to check include:

  • The total amount you have to repay
  • The Representative APR
  • The terms (will you be penalised for making overpayments for example?)
  • The requirements (do you meet all the criteria set by the lender?)

MoneySuperMarket is a credit broker - this means we'll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a commission by the lenders - though the size of that payment doesn't affect how we show products to customers.

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