PoundWise Team: You’ll usually compare loans using the representative APR, then complete an application covering your income, outgoings, employment and borrowing history. Many lenders offer an eligibility check using a soft search, which can indicate your likely rate without affecting your credit record; a full application normally involves a hard search. The lender decides your personalised rate and whether to approve the loan after assessing your circumstances, so it may differ from the advertised representative APR. Compare the total amount repayable and check that the provider is FCA-authorised before applying.