Personal Loans
£1k to £15k
- Get a decision online
- Compare options from 25+ lenders
- Know your rate before you apply
Comparing won’t affect your credit score.
What is a personal loan?
A personal loan is a lump sum paid into your bank account. You repay it monthly with interest.
It's sometimes called an unsecured loan because you don't need to provide an asset (like your home) as security. They can be taken out in either sole (on your own) or joint names (with someone else).
What can I use this loan for?
1
Debt consolidation
Combine your debts into one monthly payment
2
Home improvements
Renovate or improve your home
3
Large purchases
Cover one-off expenses, like a wedding
PERSONAL LOANS
Try our loans calculator
to see your monthly payments
Please note this calculator is a guide only. We will search both personal and secured loans. The actual rate offered will be based on your individual circumstances.
Representative Example: If you borrow £3,000 over 24 months at an annual interest rate of 48.9% (fixed), Representative 48.9% APR, you would pay £184.34 per month. The total amount repayable will be £4,424.16. Rates from 6% to 99.9% APR, which allows us to help customers with a range of credit profiles.
How do I get a personal loan?
1
Fill out our simple online form
2
We'll check your eligibility and rate
3
Complete application and receive funds
To apply, you'll need to be over 18 and have been a UK resident for at least 3 years.
How do personal loans work?
- Your personal loan will be paid into your bank account as one lump sum
- You pay this back with interest over a set period of time (your 'loan term')
- The cost of your loan will depend on the amount, interest rate, fees, and length of borrowing
It’s important that you always pay on time and only borrow what you need.
Our trusted lenders
We work with over 25 FCA-regulated lenders to match you with the best loan for your needs.
Can I get a personal loan with bad credit?
Yes, you can still be approved for a personal loan if you have bad credit.
Our panel of lenders consider applications from people with a wide range of credit histories. This means you could find an option with us even if you've been rejected elsewhere.
We also offer secured loans (homeowner loans) which can be easier to get accepted for if you own your property and provide it as security for the lender.
Will I be accepted?
You’re more likely to be accepted if you:
- Have a stable income - Factors like affordability matter more than your credit score to some lenders
- Pay off small debts - This can improve your debt to income ratio
- Are on the electoral roll - Lenders use this to confirm your details and residential stability
Personal vs.
Homeowner loans
| Personal loans | Homeowner loans | |
|---|---|---|
| Loan amount | £1k-£15k | £10k-£500k |
| Repayment period | up to 5y | up to 30y |
| Monthly repayments | Higher | Lower |
| Interest rates | Higher | Lower |
| Approval criteria | Credit history | Property equity |
| Must have a mortgage | No | Yes |
It’s all about you.
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Got questions?
If you are considering taking out a personal loan, ask yourself:
- What would the money be used for?
- How much do you want to borrow?
- How long should the loan run for?
- Do you want the ability to make overpayments?
- Interest rates can be higher than other types of credit, e.g. homeowner 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 they’re manageable
Application requirements vary depending on the lender, but typically, you would need:
- Proof of identity
- Proof of address
- Evidence of your income and expenditure
As with any type of credit, a personal loan can either help or hinder your credit score.
If you take out a personal loan and stick to making your repayments on time each month, over time it can improve your credit score, show you’re a responsible borrower and can give you access to better rates or deals in the future.
However, if you do not keep up with your repayments or pay on time, it can have the opposite effect. Missed or late payments can leave a negative mark on your credit history, making it harder to get credit again in the future.
It’s a good idea to set up a standing order or Direct Debit for your repayments, to make sure they’re paid on time each month.
An APR (Annual Percentage Rate) represents the total cost of borrowing to the customer over a year. It’s shown as a percentage and includes all interest and charges, for ease of comparison.
Initially, you’re likely to receive late payment fees, but if you miss several repayments, this will turn into a default, which can severely harm your credit score.
Following a default, the lender may take further action to reclaim the money owed. This could lead to County Court Judgments (CCJs) or debt collectors becoming involved.
If you’re struggling to keep up with repayments, it’s best to speak to your lender as soon as possible.
There are also organisations you can speak with who offer free, impartial advice:
Last updated
Reviewed by: Matt Waller
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