Personal Loans
<p>We found <strong>35 PRODUCTS </strong>in total, of which <strong>8 have links to providers</strong></p>
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DisclaimerAll loans are subject to the applicant’s status. The APR quoted is representative of the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you are offered may be higher, or you may not be offered credit. Fees and rates subject to change without notice. Please check all rates and terms before borrowing.
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For over 30 years, Moneyfacts Star Ratings have been the badge of quality for the retail financial industry. Every year, impartial Product Experts assess the features of financial products to identify the very best available in the market.
When looking at products a number of factors are taken into consideration. These include how many features a product has and whether it has any additional benefits, optional extras or add-ons that make it stand out from the rest of the products on the market.
The Moneyfacts Star Ratings for Unsecured Personal Loans are based on the weighting of specific product features, that are likely to be the most relevant to those looking to take out an Unsecured Personal Loan agreement.
A considerable number of features will add to the final score, and some of this information includes:
Before taking out a loan, you can use our loan calculator to see how much your monthly payments could be, based on the amount you want to borrow and your chosen loan term. You can change these fields, as well as the interest rate, to see how this would affect your monthly repayments and total amount you repay.
Once you have a better understanding of the loan you want, you can check your eligibility. This allows you to see the probability of being accepted for a loan, without affecting your credit score.
You can check your eligibility with Loans Warehouse, our preferred loans broker, to help you find the best personal loan for your situation.
Before you apply for a loan, it's important to check your eligibility as loan refusals can indirectly damage your credit score. Interested in quickly checking your eligibility? Click below to learn more with the help of our preferred loans broker, Loans Warehouse. Good and bad credit history accepted.
A personal loan is a popular form of unsecured borrowing. It allows you to borrow a lump sum and pay it back in fixed monthly instalments, with interest, over an agreed number of months or years.
Because personal loans are unsecured, you don’t need to put forward your home or any other item of value as security, unlike secured loans which require some kind of collateral.
You can usually borrow between £1,000 and £25,000 with a personal loan and repay it over a term of one to seven years. However, depending on the lender and your situation, it may be possible to borrow more or less than this over a shorter or longer period.
There are many reasons why someone may take out a personal loan. Some common uses include to:
You can’t typically get a loan for investing, gambling, paying for a house deposit or any illegal activities.
You can apply for most personal loans online, although some lenders may also allow you to apply for a loan via mobile app, in branch or over the phone, if you prefer.
When you apply, you need to provide the lender with your personal details, as well as information about your income, expenditure and employment status, for example. Based on this information, lenders will assess your affordability and run a credit check to decide whether to approve your application.
Your credit and financial history will also influence the interest rate the lender charges.
Lenders will use an annual percentage rate (APR) to show you how much a loan will cost over one year, taking into account the interest rate and any fees charged as standard. The APR can make it easier to compare the total cost of different loans.
Once you’ve applied for a loan and been approved, some lenders may be able to transfer the loan to your bank account within a few hours. Other lenders may take 24 hours or possibly even longer.
You can then spend the loan as you choose, making sure you repay it as specified in your agreement. The monthly payments are usually fixed and include the capital you borrowed as well as the interest charged by the lender.
To avoid accidentally forgetting to make a payment, it can be useful to set up a Direct Debit so the repayments come out of your account automatically each month.
Before taking out a personal loan, it’s worth considering if any alternatives may be a cheaper or more suitable option.
Most lenders state in their terms and conditions that you can’t use a loan to pay for a house deposit. Mortgage lenders will also want to see where the money for your deposit has come from and, if you’ve borrowed money to pay for it, this could affect your application.
Applying for a personal loan involves a hard credit check which could affect your credit score. Once you have the loan, repaying it as agreed could help to improve your credit score while any late or missed payments could cause it to drop.
Bear in mind that comparing personal loans and checking your eligibility for a loan won’t affect your credit score.
If you can afford to, you can usually pay off a personal loan partially or in full before the end of the term. Even though lenders may charge a certain number of days’ interest to clear your balance, you should still save money by paying off your loan early.