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Loans applications

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If you’re thinking of applying for a loan, we have some helpful information below about eligibility, credit checks, and how long the application process will take.

To apply, you need to be:

  • 18 or over.
  • UK resident.
  • Earning a minimum Gross Annual Income (GAI) of £10,000.
  • An existing customer having held a Co-operative Bank or smile current account for at least 7 months (Cashminder, Student and Pathfinder accounts are not eligible).
  • Not had any County Court Judgements (CCJs), entered into any Individual Voluntary Arrangements (IVAs) or Trust Deeds nor been declared bankrupt within the last 6 years.
  • Not in arrears or have not missed more than 2 payments on any credit agreement in the last six months.
  • At least one applicant must be Employed full time, part time, self-employed or retired.
  • Consolidating an existing Co-operative Bank loan is subject to having made at least 6 repayments on your present loan.
  • To apply for a joint loan account, both applicants must be aged 18 or over, UK residents and reside at the same address.

Approval is subject to status and based on a credit check and an assessment of your personal circumstances.

What you need to apply

  • Information about your income and outgoings each month
  • Your previous addresses from the last 3 years
  • The account number and sort code of your main bank account
  • Details of any Co-operative Bank accounts you may hold
See our loans

How long applications will take

If you have all your information to hand, you can complete the application in around 10 minutes.

We will let you know if your application has been successful either on the day you apply or within 5 working days, depending if further checks are required.

How the credit checks work

We use a credit reference agency to decide whether or not the account you’re applying for is right for you.

This credit reference agency will produce a report on your credit history, and we’ll use this information to make a decision about the suitability of your application.

Their report tells us whether you have been declined for credit in the past, as well as whether you have failed to make payments on time for other agreements you have had in the last few years.

What happens next

If your application is accepted we'll send you your pre-contract information including a loan agreement form, a standing order mandate and a pre-paid envelope within 2-5 working days.

What to do if you've been refused

Customers that are not approved will have a note placed on their account that an application has been submitted and declined.

Being refused for a loan can have a negative effect on your credit rating. If this happens, you should avoid applying for the same loan again. All applications, positive and negative, will show up on your credit file.

You can improve your credit score by being on the electoral register and ensure you make your credit payments on time.