£7,500 loans over 5 Years - Loan Quotes | moneyfacts.co.uk

Best Buy personal loans (£7.5K over 5 years)

  - Compare the best loans for £7,500 over 5 years. See how much you could pay and apply online today where you see a proceed button.

Compare the Best £7.5K loan over 5 years

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Total Amount Repayable (cost of credit) Monthly RepaymentAdditional InformationSearch all77 Personal Loans
 

£8038.80
(£538.80)
£133.98
  • Application only available online
Details...
Go to Site
 
  Representative Example: Based on a loan of £7,500 at 2.80% per annum fixed. Representative 2.8% APR. Total amount repayable £8038.80 at £133.98 per month for 60 months. 

£8038.80
(£538.80)
£133.98
  • Available to shoppers with a Nectar card used with Sainsbury's in the last 6 months
Details... 
  Representative Example: Based on a loan of £7,500 at 2.80% per annum fixed. Representative 2.8% APR. Total amount repayable £8038.80 at £133.98 per month for 60 months. 

£8058.60
(£558.60)
£134.31
  • Available to new and existing customers
Details...
Go to Site
 
  Representative Example: Based on a loan of £7,500 at 2.90% per annum fixed. Representative 2.9% APR. Total amount repayable £8058.60 at £134.31 per month for 60 months. 

£8058.60
(£558.60)
£134.31
  • Available to new and existing customers.
Details... 
  Representative Example: Based on a loan of £7,500 at 2.90% per annum fixed. Representative 2.9% APR. Total amount repayable £8058.60 at £134.31 per month for 60 months. 

£8058.60
(£558.60)
£134.31
  • Applicants must be aged 18 or over with a minimum annual income of £10,000
Details...
Go to Site
 
  Representative Example: Based on a loan of £7,500 at 2.90% per annum fixed. Representative 2.9% APR. Total amount repayable £8058.60 at £134.31 per month for 60 months. 

£8077.80
(£577.80)
£134.63
  • In most cases, decision made within 24 hours
Details... 
  Representative Example: Based on a loan of £7,500 at 3.00% per annum fixed. Representative 3.0% APR. Total amount repayable £8077.80 at £134.63 per month for 60 months. 

Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts. Where we have been able to we have also provided a link for you to apply online today. Products shown with a yellow background are sponsored products.

Disclaimer:
All loans are subject to the applicant’s status. The APR quoted is representative of the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you are offered may be higher, or you may not be offered credit. Fees and rates subject to change without notice. Please check all rates and terms before borrowing.

Moneyfacts.co.uk Limited is an independent credit broker not a lender. We will receive a payment from credit providers where customers link to them from Moneyfacts.co.uk. None of these arrangements affects our independence.

 

On this page:

  1. What is a personal loan?
  2. Your credit score matters
  3. What does representative APR mean?
  4. Things to watch out for
  5. Alternatives

What is a personal loan?

A personal loan, otherwise known as an unsecured loan, is a loan that allows you to borrow a certain amount of money without having to put up anything, such as property or a car, as security. The deals on this page represent the best £7,500 loans currently offered for a period of five years (60 months), as uncovered by Moneyfacts’ team of dedicated researchers.

You can benefit from the cheapest £7,500 loans found on this page to make home improvements, buy a car, pay off debt or for any number of other things that require a cash injection you don’t have time to save up for. The lower the loan rate you are able to get, the less you’ll end up having to repay over and above the initial amount.

Now, you won’t need to take out a loan of exactly £7,500, with most providers offering the rate found above over a certain range, often set between £7,500 and £10,000 or £15,000. You will, however, have to pay the same monthly repayment amount for the entire term of the loan, unlike with credit card debt. Note that the example monthly repayments used above are to borrow £7,500 exactly.

Similar to applying for a credit card, the rate you see above (as well as the example monthly repayment and total loan amount) may be quite different from the one you are offered by the loan provider. That’s because your personal circumstances and credit history will most likely vary from average.

Your credit score matters

Before you apply for a loan, you’ll want to make sure your credit rating is up to scratch. You can do this by requesting a credit report and improving your score if necessary. The better your score is, the higher the likelihood that you’ll be offered the lowest possible loan rate.

Because people with a poor credit history – or none at all – are a greater risk to lenders, they will likely offer a rate that is higher than the advertised rate to these people, or reject their application outright. As part of every application, the company will run a credit check on you, which will show up on your credit file. If your application is rejected, this will negatively affect your score, so you’ll want to minimise the number of times you apply as much as possible.

What does representative APR mean?

You may be asking yourself, if the rate you see may not be the one you are offered, what is the point of having a representative example in the chart? Well, the representative APR (annual percentage rate), which informs the monthly repayments you see above, has to be offered to 51% of customers who are accepted for a loan.

This means that if you make sure your credit score is good, you meet all the eligibility criteria and you can show that you have the income required to comfortably cover the monthly payments, you’ll have a good chance of getting the representative rate.

Things to watch out for

  • Paying the loan off early

    Depending on the provider, you may be able to repay the loan early, if you so wish, yet there could very well be a repayment charge attached to this. Whether or not the product you’re interested in comes with such a charge can be found by clicking on Details. You’ll also want to check with your provider if overpayment is a possibility before you make a decision, so you have the option of at least slightly decreasing the interest you will have to pay.

  • Deferred payments

    When you take out a loan, your lender may offer you the option to defer (i.e. 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.

  • Same day transfers

    Some lenders can make an instant payment into your current account, so you have access to your loan straight away. Think carefully about whether you need this speedy access to the money, though, as there’ll often be a fee attached to a same day transfer.

Alternatives

If a five-year loan isn’t what you’re looking for, you can use our loan calculator to specify exactly how much you’d like to borrow and over what term. This will give you a personalised list of providers whereby the appropriate monthly repayments are automatically calculated for you.

Those who want some more flexibility in their repayments could consider a credit card instead of a loan, as cards allow you to change how much you pay back every month, within limits. However, credit cards do tend to come with much higher interest rates, so you’d want to get one with an interest-free period on purchases or even an interest-free credit card that gives you some months to repay debt from both other credit cards and purchases.

For larger amounts, where a credit card doesn’t make sense, you could also consider a secured loan. This will require you to have an existing mortgage in place and to put up your property as collateral, but can allow even those with poorer credit scores to borrow money. Before you decide on this, however, it’s important to do your research, and you may even want to speak to an expert, as you could lose your home if you don’t keep up with repayments.

What next?

For smaller loans, there are the best £5,000 loans over three years

Looking the other way, how about a list of the best £10,000 loans over five years?

To get more personalised results, use our loans calculator

Considering a credit card instead? Check out our list of the best 0% interest credit cards. Or, use our credit card search tool to find the right card for your needs.

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