Follow these three steps:

  1. Work out how much you need to borrow

  2. Choose how long you need to pay it back

  3. Compare interest rates to find the cheapest loan

You can use our loan calculator to see how much your peer to peer loan payments could be based on different amounts and loan terms.

Other things to check

When you have found the cheapest p2p loan that match your needs, check you meet all the chosen social lending platform's rules before you apply. Some of the rules may include:

  • Being over a set age e.g. 21 years old

  • Earning a minimum income e.g. over 12,000

  • Having a UK bank account

  • Having a strong credit record, with no defaults or missed payments

Here is how your credit record affects your loan application.

How are they different?

When you choose a peer to peer loan, rather than borrowing from a bank or building society you are borrowing from other people.

Social loans are arranged through a peer to peer lending platform, which matches up potential borrowers with savers who have deposited money.

  • You still only make one monthly repayment

  • You still have to pass a credit check

  • You are still charged interest in the same way as a standard personal loan

The loan amounts and borrowing terms available with peer to peer loans are the same as normal personal loans too, and the rates are very competitive.

Peer to peer loan FAQs


How long does it take to apply online?


Applying online can take minutes if you have your details ready.


Can I still get a peer to peer loan if I have bad credit?


Yes, if you meet the other rules for lending and can show you can afford the loan you could still be able to borrow even if you have bad credit.


How much will my repayments be?


This depends on the interest rate and how long you take to pay back the loan. You can use our loan calculator to check what your payments could be.


What can I use the loan for?


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.

About our loans comparison


Who do we include in this comparison?


We include 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.


How do we make money from our comparison?


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.