Zopa Personal Loan | ||||

Loan Amount | Representative APR | Loan Term | ||
---|---|---|---|---|

£1,000 to £25,000 | 4.0% (£7,500 to £15,000) | 2 years to 5 years | ||

You must be at least 23 years old, with an annual income of at least £16,000 & have a good credit history / no CCJ's. | ||||

Representative Example: The Representative APR is 4.0% so if you borrow £10,000 over 3 years at a rate of 4.0% p.a. (fixed) you will repay £295.13 per month & £10,624.78 in total. This includes £544.78 interest at 3.5% (fixed) and a £80 fee. | ||||

Hitachi Personal Finance Personal Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£2,500 to £25,000 | 4.0% (£7,500 to £10,000) | 2 years to 5 years | ||

Representative Example: The Representative APR is 4% (fixed) so if you borrow £10,000 over 4 years at a rate of 4% p.a. (fixed) you will repay £225.47 per month & £10,822.56 in total. | ||||

Tesco Bank Personal Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £25,000 | 4.1% (£7,500 to £15,000) | 1 year to 10 years | ||

As a thank you, Clubcard customers get a 1000 points when they apply by 31st Oct through Money.co.uk, are accepted and receive their money by 30th Nov. Enter your Clubcard number when you apply. T&Cs apply. | ||||

Representative Example: The Representative APR is 4.1% (fixed) so if you borrow £10,000 over 4 years at a rate of 4.1% p.a. (fixed) you will repay £225.90 per month & £10,843.20 in total. | ||||

AA Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £25,000 | 4.1% (£7,500 to £15,000) | 2 years to 5 years | ||

Plus free AA Breakdown cover for a year. For T&C’s see website. Excellent credit rating required. Homeowners are more likely to be accepted. | ||||

Representative Example: The Representative APR is 4.1% (fixed) so if you borrow £10,000 over 4 years at a rate of 4.1% p.a. (fixed) you will repay £226.77 per month & £10,884.96 in total. | ||||

Nationwide Personal Loan Ex/C | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £25,000 | 4.2% (£7,500 to £14,999 ) | 1 year to 5 years | ||

Available to existing customers only. | ||||

Representative Example: The Representative APR is 4.2% (fixed) so if you borrow £10,000 over 4 years at a rate of 4.2% p.a. (fixed) you will repay £226.33 per month & £10,863.84 in total. | ||||

Santander Internet Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £20,000 | 4.3% (£7,500 to £15,000) | 1 year to 5 years | ||

You must have a direct debit facility. | ||||

Representative Example: The Representative APR is 4.3% (fixed) so if you borrow £10,000 over 4 years at a rate of 4.3% p.a. (fixed) you will repay £226.94 per month & £10,893.12 in total. | ||||

RBS Internet Loan Ex/C | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £25,000 | 4.9% (£7,500 to £14,999) | 1 year to 7 years | ||

If you choose to repay your loan early, an early redemption charge of up to 58 days' interest will apply. Other loan amounts are available at alternative rates. Rates depend on circumstances and loan amount. Available to existing customers only. | ||||

Representative Example: The Representative APR is 4.9% (fixed) so if you borrow £10,000 over 4 years at a rate of 4.9% p.a. (fixed) you will repay £229.36 per month & £11,009.28 in total. | ||||

NatWest Personal Loan Ex/C | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £25,000 | 4.9% (£7,500 to £14,999) | 1 year to 7 years | ||

If you choose to repay your loan early, an early redemption charge of up to 58 days' interest will apply. Other loan amounts are available at alternative rates. Rates depend on circumstances and loan amount. Available to existing customers only. | ||||

Representative Example: The Representative APR is 4.9% (fixed) so if you borrow £10,000 over 4 years at a rate of 4.9% p.a. (fixed) you will repay £229.36 per month & £11,009.28 in total. | ||||

Clydesdale Bank Personal Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £25,000 | 4.9% (£7,500 to £25,000) | 1 year to 7 years | ||

Apply online and get an instant decision. Any purpose loans. You can repay your loan in full and part at any time and they'll reduce the total credit payable under the agreement. | ||||

Representative Example: The Representative APR is 4.9% (fixed) so if you borrow £10,000 over 4 years at a rate of 4.9% p.a. (fixed) you will repay £229.57 per month & £11,019.36 in total. | ||||

Yorkshire Bank Personal Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £25,000 | 4.9% (£7,500 to £25,000) | 1 year to 7 years | ||

Representative Example: The Representative APR is 4.9% (fixed) so if you borrow £10,000 over 4 years at a rate of 4.9% p.a. (fixed) you will repay £229.57 per month & £11,019.36 in total. | ||||

Alphalend 2 Year Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £10,000 | 5.3% (£1,000 to £10,000) | 2 years | ||

Quick, convenient online application, approval within minutes. All fees included in the APR. Repay early without charges. Good credit rating required. Good credit rating required. | ||||

Representative Example: The Representative APR is 5.3% (fixed) so if you borrow £5,000 over 24 months at a rate of 5.3% p.a. (fixed) you will repay £220 per month & £5,280 in total. | ||||

Lending Works Personal Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£5,000 to £7,999 | 5.3% (£5,000 to £7,999) | 3 years | ||

If you want the money the same day you may need to pay a faster payment fee. | ||||

Representative Example: The Representative APR is 5.3% (fixed) so if you borrow £5,000 over 36 months at a rate of 5.3% p.a. (fixed) you will repay £150.17 per month & £5,406.01 in total. | ||||

Sainsbury's Bank Standard Small Loan (£5K-£7499) (4-5 Yrs) | ||||

Loan Amount | Representative APR | Loan Term | ||

£5,000 to £7,499 | 5.4% (£5,000 to £7,499) | 4 years to 5 years | ||

Representative Example: The Representative APR is 5.4% (fixed) so if you borrow £5,000 over 4 years at a rate of 5.4% p.a. (fixed) you will repay £115.76 per month & £5,556.48 in total. | ||||

Alphalend 3 Year Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £10,000 | 5.8% (£1,000 to £10,000) | 3 years | ||

Quick, convenient online application, approval within minutes. All fees included in the APR. Repay early without charges. Good credit rating required. Good credit rating required. | ||||

The Representative APR is 5.8% (fixed) so if you borrow £5,000 over 36months at a rate of 4.5% p.a. (fixed) you will repay £152 per month &£5,460 in total. | ||||

Ulster Bank Personal Loan Ex/C | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £25,000 | 6.4% (£7,000 to £14,950) | 1 year to 5 years | ||

Available to existing customers only. | ||||

Representative Example: The Representative APR is 6.4% (fixed) so if you borrow £10,000 over 4 years at a rate of 6.4% p.a. (fixed) you will repay £235.86 per month & £11,321.28 in total. | ||||

Moneyway Plus Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£3,000 to £15,000 | 7.5% (£7,001 to £15,000) | 1 year to 5 years | ||

Representative Example: The Representative APR is 7.9% so if you borrow £7,000 over 3 years at a rate of 7.9% p.a. (fixed) you will repay £218.15 per month & £7,853.40 in total. | ||||

Alphalend 1 Year Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £10,000 | 8.0% (£1,000 to £10,000) | 1 year | ||

Quick, convenient online application, approval within minutes. All fees included in the APR. Repay early without charges. Good credit rating required. Good credit rating required. | ||||

The Representative APR is 8%(fixed) so if you borrow £5,000 over 12 months at a rate of 4.37% p.a. (fixed)you will repay £435 per month & £5,219 in total. | ||||

RateSetter 1 Year Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £25,000 | 8.9% (£4,000 to £4,999) | 1 year to 23 months | ||

Quick and simple online process, approval within 24 hours. No early repayment charges and all fees are included in the APR. Need good credit history. | ||||

Representative Example: The Representative APR is 9.4% (fixed) at a rate of 9.4% p.a. (fixed) Arrangement fee from £92.10. | ||||

1st Stop Homeowner Plus | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £10,000 | 18.2% (£1,000 to £10,000) | 1 year to 6 years | ||

This is an unsecured loan, but you must be a homeowner to apply as it is designed for homeowners who would prefer not to secure a loan against their property. | ||||

Representative Example: The Representative APR is 18.21% so if you borrow £5,000 over 5 years at a rate of 8.5% (fixed) you will repay £124.59 per month and £7,475.40 in total. The total charge for credit is £2,475.40 which includes a processing fee of £375. | ||||

Moneyway Personal Loan | ||||

Loan Amount | Representative APR | Loan Term | ||

£1,000 to £15,000 | 18.9% (£12,001 to £15,000) | 1 year to 5 years | ||

Representative Example: The Representative APR is 24.9% so if you borrow £5,000 over 4 years at a rate of 22.46% p.a. (fixed) you will repay £158.73 per month & £7,619.04 in total. |

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There are many ways to find cheap £5,000 loans without breaking the bank, and with interest rates fixed at record lows, in many ways there hasn't been a better time to get in debt!

We take a look at some of the factors you should consider when looking for the best loan rate for £5,000 and how to find the most competitive deal.

## Use a £5,000 loan calculator to budget for repayments

Most people know that the APR relates to how expensive a loan will be, but have you got any idea how this correlates to what you will actually pay?

Loan repayments can vary significantly depending on the interest rate being charged but whilst it's helpful to know the APR, this won't explain in monetary terms how much the borrowing will cost.

This is particularly the case when you are comparing £5,000 loans at a glance because the Representative APR quoted by lenders only has to have been available to 51% of borrowers. If you don't have a perfect credit rating or want to borrow outside the limits of their headline Representative APR you may get quoted a higher interest rate which, in simple terms, means you will be charged more.

For example, if you wanted a £5,000 loan over 3 years, and found a lender that advertised a Representative APR of 58.5% (a high interest rate compared to some of the best loans on offer) you would not know without applying whether you'd pay this rate or much higher. By using a loan calculator and getting a pre-approval check on the lenders' website you should be able to get a more accurate idea of what you'll pay without affecting your credit rating.

If you compare £5,000 loan rate and borrowing amount from different providers then do the above for those that you are considering applying for you should be able to find the provider most likely to give you the cheapest deal.

## Get fixed rate loans for £5,000 from elsewhere

If you are looking for a £5,000 loan over 5 years, you might think that the only place to apply is your own bank. And whilst you can certainly try if their rates are attractive, in the majority of places you don't need to bank with a lender in order to apply for one of their loans.

Although it can certainly be easier borrowing money from your own bank as you may not have to provide proof of ID and other documentation, you must carry out a loans comparison because you could save a significant amount by going further afield.

The same principles apply even if you have a history of bad credit. By applying to a lender who has a policy of being willing to consider applicants with a less than perfect credit record, you stand a better chance of a loan £5,000 or whatever figure you request.

It'll really pay to think outside the box though. A life of balance credit card, a 0% balance transfer credit card or one that offers 0% money transfers could give you access to the money you need for less interest and with more flexibility so this is definitely an option worth considering before you apply for a personal loan.