Personal Loans

Borrow from £1,000 up to £15,000

  • Apply with confidence - see your eligibility instantly
  • Getting a quote is FREE & won’t impact your credit score
  • See personal or secured loan options tailored to you

How to apply for a personal loan

Apply online with our easy form

Check the loans you're pre-approved for

Decide which is best for you

Proceed and you're done!

Personal loans are unsecured. Ocean Finance is a trading style of Intelligent Lending Limited. We are a credit broker working with a panel of lenders to find you a personal loan. We receive commission upon completion. A Broker Fee is not payable. 79.5% APR Representative (fixed).

Homeowner loans are secured against your property. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Any quote is inclusive of the Broker Fee and all associated costs which is calculated as 12% of the net loan amount, capped at a maximum of £4,495. Loans are subject to status, and the rate you are offered may change based on your individual circumstances. 12.70% APRC Representative.

What is a personal loan?

A personal loan is a one-off cash payment, paid into your personal bank account. Then, it’s down to you to repay the loan (plus interest) with fixed monthly repayments.

When it comes to loans, there’s no such thing as a one-size-fits-all approach. The cost of your repayments will depend on the amount you borrow and how long for, and your circumstances.

How does a personal loan work?

Following an agreement between yourself and the provider, a personal loan is paid as a lump sum into your account.

You are then required to pay it back, usually in monthly instalments, over a set period - known as the ‘term’ of the loan.

The monthly payments are made up of the money you’ve borrowed and the interest charged to borrow it, along with any additional fees or charges associated with the loan.

What is an unsecured loan?

An ‘unsecured loan’ is the same as a personal loan. This means the loan isn’t secured against anything you own, like your house or car. The alternative is a secured loan, where the money you borrow is secured against an asset.

What can personal loans be used for

There are a variety of purposes for a personal loan, the most common are below.

Debt consolidation

You may find it beneficial to consolidate multiple debts into one loan.

Home improvements

You may be enticed to renovate your property, which could increase the value of your home.

Buying a car

Financing a car might be preferable and more accessible than buying it outright.

What should I consider when looking for a personal loan?

  • What would the money be used for?
  • How much do you want to borrow?
  • How long should the loan run for (up to a maximum of five years)?
  • Do you want the ability to make overpayments?
  • Interest rates can be higher than other types of credit, e.g. secured loans
  • Some personal loans have variable interest rates, meaning the rates can change
  • Late or missed payments can harm your credit rating, so make sure you can make your loan repayments on time each month
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Personal loans can provide you with the necessary funds to meet a range of needs. Remember, while they can be an effective solution, you should be cautious not to borrow more than necessary, or take on excessive debt.

Adele Kitchen, Personal Finance Writer

Need help with debt?

Life can take an unexpected twist when we least expect it. If you're struggling with debt, talk to your lender straight away to see if there’s anything they can do to help. For more information and free, impartial advice, get in touch with:

Citizens Advice

National Debtline



How could we help you?

Ocean has provided access to loans, credit cards and mortgages to people across the UK since 1991. In this time, we’ve pre-approved more than a million people, offering products and advice to suit their circumstances.

  • All credit histories considered
  • Check your eligibility without affecting your credit score
  • Save time finding the right loan deal

You can learn more about Ocean on our about us page.

Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your secured loan or mortgage repayments.

Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.

Written by: Zubin Kavarana

Edited by: Helen Fox

Reviewed by: Matt Waller

Last updated

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