Apply for a personal loan today
On average, every adult in the UK has about £23,000 in secured and personal loans . That’s a lot of money, so it makes sense to shop around for a good deal before applying for a personal loan.
Borrowing money is becoming increasingly popular. With interest rates ranging from under 5% to over 14%, choosing the right loan can make thousands of pounds of difference to your bank balance.
We are working with uSwitch.com to provide you with an objective comparison of all loans on the market. That means you can be sure you’re getting a good interest rate. And if you find a personal loan you like, you can apply immediately.
The lowdown on personal loans
A personal loan differs from a secured loan in that you don’t need to use a property as security. Instead, the amount you can borrow is based on your credit rating (held by Equifax) and on the lenders own ‘credit scoring’ system taking into account things such as your job and salary. You can borrow up to £25,000 for up to ten years.
But before you get too carried away thinking about all the things you could do with £25,000, it’s important to make sure you know what you’re getting into. Committing yourself to years of monthly repayments can be a drain.
Draw up a budget to work out how much you can afford to pay each month. Also keep in mind that the quicker you pay the loan, the cheaper it will be overall. But take into account all the variables: What if you lose your job? Can you still afford to take holidays and enjoy the lifestyle you want? Have you got enough money leftover for emergencies and savings?
Show me the money
When you perform a comparison on our site, your results give you a list of suitable loans from all the major lenders. You can easily see what each one offers:
- the monthly repayments
- the typical APR
- the total repayment
- the early settlement fee.
Of course, you can dig deeper and read all the nitty gritty details too.
If you find a personal loan you want, you may be able to apply immediately. We direct you straight to the lender’s website where you can complete their online application.
After it’s completed, the lender will make a decision, usually within 48 hours though some can provide an instant online decision. If they approve it, they will send you some paperwork to check and sign. Then they double check everything (including your credit rating) and, if all is OK, the money is transferred to your account.
It normally takes about two to three weeks to get your money, though there are lenders that pay funds faster. For example Northern Rock pays funds within 4 days.
Apply for a personal loan today.