We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%
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Applying for a loan might seem like a challenge. You know you need the extra cash but there are so many to choose from and it can be hard to understand all of the terms, from APR to secured or unsecured – how do you know where to start?
But that’s where we come in. We can help you to get to the bottom of the different types of loans, from personal loans, to homeowner loans and loans if you’ve got bad credit. We can also help you to understand what to expect from the amount you borrow, whether that’s £1,000 or £5,000 or even more and tell you about the providers themselves. The most important thing is to make sure you can afford the repayments – if you can’t keep up with these, you will be charged extra penalties and could end up getting yourself into greater debt.
How to get the cheapest loan
- Decide how much you need to borrow
- Choose how long you want to pay it back
- Compare rates to find the cheapest loan that suits your needs
- The best loan deals let you borrow the amount of money you need at the cheapest cost while still being affordable to pay back.
What type of loan should you pick?
There are lots of different types to choose from, but all of them are either:
- Unsecured, which includes personal, peer to peer and guarantor loans
- Secured, which includes homeowner, logbook and some debt consolidation loans
- The best type of loan depends on your personal circumstances, how much money you need to borrow and for how long.
- Secured loans can be for much larger sums than unsecured loans, but they put your property at risk.
Check you qualify
Before you apply for a loan you should check that you meet the lender's requirements, which could include:
- Earning more than a set amount, e.g. £15,000 per year
- Being a homeowner
- Having a strong credit record
Some lenders offer a soft quote which can tell you if you will be accepted for a loan without damaging your credit record.
Find out more
Applying online can take minutes if you have your details ready. Some secured loans take longer as the lender will need to value your property.
If your application is approved it could be in your account within 24 hours. However, some lenders take up to 5 working days to transfer the money.
It is an interest rate that at least 51% of borrowers will get if accepted for a loan. The other applicants can be offered a higher interest rate instead.
No, while most unsecured personal loans offer fixed rates, some secured loans offer variable interest rates that may change.
Most loans can be used for almost any purpose. Some cannot be used to pay other debts, for buying property or land, or for gambling or investing.
Yes you can apply for a loan with someone else, but you will both need to meet the lending criteria and may have to live at the same address.
Most lenders check your credit record so bad credit may limit your options. You could consider a guarantor loan or loans for borrowers with bad credit.