You must have a bank account in your name, or a joint account if your partner is applying as well. If you are self-employed, then we need at least one years audited accounts. No benefits can be accepted as income. If you are found out not to be telling the truth, then the lender will simply decline you. The amount borrowed is usually repayable over a period of between 1 - 10 years.
Lenders charge interest rates on the amount borrowed.
Their rates can either be fixed or variable. If the rate is variable, the rate changes with market forces and could change the amount you repay. Fixed rates offer more certainty but can be at a higher rate. Depending upon your circumstances, Personal Loans can either be secured or unsecured. Secured Personal Loans have your property set against them as security for the amount borrowed.