Follow these three steps to find the right loan:

  1. Decide how much you need to borrow

  2. Choose how long you want to pay it back

  3. Compare rates to find the cheapest loan that suits your needs

The best loan deals let you borrow the amount of money you need at the cheapest cost while still being affordable to pay back.

You can use our loan calculator to see how different interest rates and loan terms affect how much it will cost.

What is a personal loan?

A personal loan is a type of unsecured loan that lets you borrow a fixed amount of money over a set period. It usually has a fixed interest rate and you repay the loan in regular monthly instalments.

Unlike a credit card or an overdraft, the borrowing limit is fixed from the outset and you can borrow a higher amount.

Which personal loan should you choose?

There are different types to choose from, but the main two are:

  • Secured loans, which are fixed against an asset you own, like your property or car. They allow you to borrow more money, but if you fail to pay back the loan, your lender can sell your assets to clear your debt.

  • Unsecured or personal loans, aren't secured against any asset. They include peer to peer and guarantor loans.

If you want borrow money for your business, you will need to compare business loans.

The best type of loan depends on your personal circumstances, how much money you need to borrow and for how long. Compare personal loans to find the right one for you.

Check you qualify

Before you apply for a loan you should check that you meet the lender's requirements, which could include:

  • Earning more than a set amount, e.g. 15,000 per year

  • Being a homeowner

Some lenders offer a soft quote which can tell you if you will be accepted for a loan without damaging your credit record.

Loan FAQs

Q

How long does it take to apply?

A

Applying online can take minutes if you have your details ready. Some secured loans take longer as the lender will need to value your property.

Q

How quickly will I get the money?

A

If your application is approved it could be in your account within 24 hours. However, some lenders take up to 5 working days to transfer the money.

Q

What is a representative APR?

A

It is an interest rate that at least 51% of borrowers will get if accepted for a loan. The other applicants can be offered a higher interest rate instead.

Q

Do all loans offer fixed APRs?

A

No, while most unsecured personal loans offer fixed rates, some secured loans offer variable interest rates that may change.

Q

What can I use the loan for?

A

Most loans can be used for almost any purpose. Some cannot be used to pay other debts, for buying property or land, or for gambling or investing.

Q

Can I get a joint loan?

A

Yes you can apply for a loan with someone else, but you will both need to meet the lending criteria and may have to live at the same address.

Q

Can I get a loan if I have bad credit?

A

Most lenders check your credit record so bad credit may limit your options. You could consider a guarantor loan or loans for borrowers with bad credit.

About our loans comparison

Q

Who do we include in this comparison?

A

We include every unsecured loan you can get in the UK and peer to peer loans from our panel. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.