What is a personal loan?
A personal loan is a type of credit that makes a one-off payment of cash into your account. You then make a single fixed repayment each month, with interest, for the lifetime of the loan to pay it back.
At Ocean, you can borrow between £1,000 and £5,000 with a personal loan. You then pay this back over one to four years.
Personal loans are unsecured. This means you don’t need to provide us with something you own, like your home, as security.
But because the lender doesn’t have this added security, the amount you can borrow is less with a personal loan than with, say, a homeowner loan that is secured to your property. The interest rate is also likely to be higher.