What to prepare before asking for a loan quote

Documents lenders usually ask for

• Your latest payslip. It shows your pay and the deductions already taken each month. Lenders use it to judge how much you can repay without falling short.
• Your ID. To confirm who you are.
• Recent bank statements. Some lenders check that your pay goes into your account and look at other regular payments.
• For some loans, a letter from your employer or proof of address.

Know your numbers

Before you ask, write down how much you need, what it is for, and how much you can comfortably repay each month after your essential costs. Borrowing only what you need keeps the total cost down.

Questions to ask the lender

• What is the total amount I will repay, including all fees?
• How much is each instalment, and for how many months?
• Is there a fee if I repay early?
• What happens if I miss a payment?