Advertisements:
Figures released by the Financial Ombudsman Service (FOS) have revealed a 75% rise in complaints abo... More
The Minister for Welfare Reform, Lord Freud, has announced the Association of British Credit Unions ... More
The Financial Conduct Authority (FCA) has claimed that proposals to impose limits on payday loan rat... More
Moneyfacts research has revealed a fall in personal loan rates over the past two years, dropping fro... More
Tesco Bank has announced a 3.1% reduction to its unsecured personal loan rate for borrowing amounts ... More
Payday loans are a very expensive way to borrow money. Make sure you’ve considered all the alternati... More
Zopa led the way in peer-to-peer (P2P) lending, the internet phenomenon that matches borrowers direc... More
A personal loan or unsecured loan is a way of borrowing up to £25,000 from a bank or building societ... More
Derbyshire Building Society has cut the rate on its Online Personal Loan by 0.1%, pushing it to the ... More
Hot on the heels of Tesco Bank’s revised loan rate comes this rate cut from Sainsbury’s Bank, affect... More
Tesco Bank has reduced its Personal Loan rate by up to 0.8% across selected borrowing tiers, boostin... More
For a limited time only, Derbyshire Building Society has cut rates across its Online Personal Loan r... More
The Barclayloan Plus, available to existing Barclays Bank customers who apply online or by telephone... More
Moneyfacts.co.uk Limited is an independent credit broker. We will receive a payment from credit providers where customers link to them from Moneyfacts.co.uk. None of these arrangements affects our independence.
Unsecured personal loans usually allow you to borrow between £1,000 and £25,000. This type of loan tends to be on a fixed rate of interest, and will be over a set term – so you’ll know exactly what you’ll have to pay every month.
If you’re thinking of applying for a loan, make sure you think about the following:
Remember that a “Representative APR” is just that – you may pay a different rate of interest depending on your credit rating. Read our guide about APRs for more information.
When you take out a loan, your lender may offer you the option to defer (or not make) payments for a couple of months at the start of the term.
Sounds great doesn’t it? However, while you’re not making payments interest will be mounting up, making both the monthly repayment and the total amount you repay larger.
Some lenders can make an instant payment into your current account, so you have access to your loan straight away. But think about whether you need this speedy access to the money as there’ll often be a fee for having a same day transfer.