Follow these three steps:
Work out how much you need to borrow
Choose how long you need to pay it back
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
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.