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MoneySuperMarket is a credit broker not a lender. You must be 18 or over and a UK resident. Representative 29.9% APR.

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Compare personal loans from 39i lenders, right across the market

We work with a wide range of  lenders including most of the big brands to help you find the cheapest loan rate

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What is a personal loan?

A personal loan is simply a way of borrowing money that you’re required to pay back over an agreed period with interest. Knowing where to get the cheapest deal can be difficult, so we’ll compare a broad range of personal loans from across the market to find the right fit for you.

Personal loans are usually unsecured, which means you’re not putting your valuable possessions, such as your home or car, up as security or collateral against the debt. But this limits how much you can borrow – it’s typically up to about £25,000.

How do they work?

  • Pick and apply for your loan: Decide on how much you want to borrow and over what period. The lender will then run a credit check and decide whether to approve your application.

  • Receive the money: Once approved, the money should hit your account within a few days. You can use it to make that car purchase, pay for home improvements or whatever you'd like

  • Pay it back over time: You’ll usually repay in monthly instalments across a period of between one and five years. You’ll pay back the amount borrowed plus the agreed interest.

What will you use this money for?

What can I use a loan for? 

You can use a loan for a range of purposes, including:

  • 1

    To spread the cost of buying a car

    Found your dream car but don’t have the savings to buy it outright? A loan can help you enjoy your new wheels by spreading the cost of the car into manageable repayments.

  • 2

    To make home improvements

    Looking to make renovations to your house? From a new kitchen to a new bathroom, a home improvement loan can help fund the cost of home improvements.

  • 3

    To sell more quickly with a bridging loan

    bridging loan can help you to buy a new property before you sell your current home, by ‘bridging’ the gap between sale and completion.

  • 4

    To consolidate existing debts

    Finding one low interest rate loan for all your debts can bring the ease of having just one payment to deal with instead of different cards and loans on the go (where it may be easy to lose track and miss payments!).

  • 5

    To pay for a holiday

    Whether your holiday is abroad or in the UK, a holiday loan can help towards the cost of your next adventure if you don’t have the savings to help out.

  • 6

    To pay for a wedding

    While a wedding may be the best day of your life, it can also be an expensive one! A wedding loan can help manage the cost of your big day and minimise money worries.

How much do people loan on average?

The amount you borrow depends on what you're using the loan for - here's what MoneySuperMarket customers borrow, on average, for anything from financing home improvement to taking out a car loan.

Home improvement


Debt Consolidation


Buying a car




How much does a personal loan cost?

If you know how much you want to borrow:

  1. Select ‘Calculate monthly repayments’

  2. Enter the amount, how long you want to pay it back, and at what interest rate

  3. Hit ‘Calculate’

To see how much you can borrow based on what you can afford in monthly loan repayments:

  1. Select ‘What can I afford?’

  2. Enter the monthly repayment you can afford to make, the length of time you can afford to pay that amount, and at what interest rate

  3. Hit ‘Calculate’

Loan calculator

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Your monthly repayment will be

The total amount repayable will be , therefore the loan will cost you

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You could afford to borrow up to

The total amount repayable will be , therefore the loan will cost you

Oops! That doesn't look quite right - can you check and enter again?

Calculate and compare loans: Find out how

An example loan rate from one of our lenders

Here’s what a £10,000 loan might cost someone with a good credit rating borrowing over 36 months.

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TSB personal loan

  • Amount you borrow


  • Cost per month


  • Rate type

    5.9% APR Representative

Representative example: If you borrow £10,000 over 3 years at a Representative APR of 5.9% and an annual interest rate of 5.9% fixed, you would make 36 monthly repayments of £303.07. The total amount payable is £10,910.52.

Great for

  • 5.9% APR Representative for loans between £7,500 and £25,000 (available loan term of 1-5 years) with TSB

But be aware that

  • To apply, you must be a UK resident ageed 21 or over (if applying online)
  • Rate will vary based on personal circumstances, as well as the loan amount and term

The interest rate you are offered will depend on the lender and your circumstances, so always check your eligibility to understand your likelihood of acceptance.

What are the pros and cons of unsecured personal loans?

There are a range of pros and cons of unsecured personal loans to consider when you’re thinking about applying for a loan. Here’s a summary:

  • Tick


    • Quick access to money: You’ll have the money within days of being approved – so you can make your purchase or consolidate your debts quickly 

    •  Flexible repayments: You can choose how long you need to pay back the debt, with terms that range from a few months to five years or longer 

    •  Rebuild your credit score: A personal loan can help to build your credit score if you make sure to meet your monthly repayments  

  • Cons

    • Higher interest rates: Interest rates on your repayments are often higher when a loan is not secured against collateral, making it more expensive overall 

    •  Hard to borrow with poor credit: If your credit score is low, or you’ve defaulted on other debts in the past, you might not be approved for an unsecured loan 

    •  Penalties if you default: There are big implications if you miss repayments or stop them altogether. This can include a negative impact on your credit file and legal action by lenders 

How do I get the best loan deal when interest rates are high? 

As the time of writing July 2024, the Bank of England base rate stands at 5.25% - a 16-year high. 

Higher interest rates make it more expensive to borrow but there are some things you can do to make a loan more affordable: 

  • Improve your credit score: Generally, the better your credit rating the more competitive interest rates you’ll be offered. This is because a good credit score signals to lenders you’re a trustworthy borrower. It’s wise to get your credit score into shape before applying for a loan so you can benefit from a better interest rate  

  • Shop around: It’s always smart to explore your options when looking for a loan, but doing so when interest rates are on the up could help you save money. If you use a price comparison website like ours, you can order results by interest rate to make sure you’re getting the most competitive deal. 

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MoneySuperMarket is a credit broker – this means we’ll show you products offered by lenders. You must be 18 or over and a UK resident.

Get clued up on loans with our range of expert guides

If you’re looking for more information about loans, you’ve come to the right place. We have many guides you can read to help you get to grips with loans. 

Can I get a personal loan with bad credit?

It’s possible to get an unsecured personal loan even if you have struggled with debts in the past and you’ve got a low credit score, but it’s unlikely you’ll be offered the best deal. There are a number of lenders who specialise in bad credit loans, but you may be asked to pay a higher interest rate or you won’t be able to borrow as much as you would like. 

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What are the alternatives to unsecured personal loans?

If you can't get a personal loan, or you want to try and get a lower interest rate, there are other finance options available.

  • Icon-padlock-50x50

    Secured loans

    A secured loan lets you offer an expensive item like a house as security, but you stand to lose your asset if you can’t meet repayments 

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    Overdraft facility

    If you need to borrow a temporary amount and can pay it back quickly, you could try to arrange an interest-free overdraft on your current account 

  • Icon-Family-50x50

    Guarantor loans

    A guarantor loan is where a friend or family member promises to pay your debt if you default. Can be an option for those with bad credit 

Your credit score plays a part in the deal you get

When you apply for a personal loan, the lender will use your credit rating to decide whether to accept you, and what rates to offer you. Find out where you stand with our free Credit Monitor tool

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Victoria Russell

Our expert says

A loan can be a lifeline when you need to pay for something but don’t have the funds yet. A loan can help you spread the cost by paying back what you owe in monthly repayments. Just remember that with a loan, you’ll also have to pay back with interest added on top. Keep in mind that as of the time of writing, June 2024, interest rates are at a 16-year high.  Higher interest rates mean it’ll be more expensive to borrow, so it’s wise to compare and shop around before committing to a new deal.

- Victoria Russell , Money & Personal Finance Expert

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How to compare personal loans with MoneySuperMarket

Find the right loan for you and see which rates you’ll be guaranteed to get.

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    It doesn’t take long

    Tell us a little about yourself, your finances and the loan you want

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    We’ll browse the market

    We’ll search through loans from a wide range of lenders on the market

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    Choose your loan

    You’ll be able to sort loans by the overall cost and the likelihood you’ll be accepted

Find loan rates by common loan values

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SuperSaveClub is our rewards club exclusively for MoneySuperMarket customers – you can find out more about SuperSaveClub here. 

When you take out a loan from a selected lender, you’ll be eligible for SuperSaveClub rewards. At the moment, not all lenders are part of our rewards programme. When you search for a loan with us, you’ll be able to see which lenders are part of the programme, as the loans that come with a SuperSaveClub reward will be highlighted in your results. 

The lenders who are currently signed up to SuperSaveClub are: 

  • 118 118 Money 

  • Abound 

  • Admiral 

  • Asda 

  • Bamboo 

  • Churchill 

  • Everyday Loans 

  • Finio

  • Fluro 

  • Hastings Direct 

  • John Lewis Finance 

  • Lendable 

  • MCF 

  • Monzo

  • Novuna 

  • Oakbrook

  • Plata 

  • Reevo 

  • Zopa 

  • Santander

You won’t need many details to apply for an unsecured personal loan. You’ll typically be asked for proof of:

  • Identification, such as driving licence or passport 

  • Address (for example on a recent utility bill) 

  • Income (on your payslip). 

A lender will then perform background checks on your credit history and let you know if you’re eligible.

While many personal loans are taken out to buy a car, car finance is a broad term used to explain the different ways you can purchase or lease a vehicle. For more information on financing a car, take a look at our guide on how car finance works

You can repay your unsecured personal loan early, but you might incur an early repayment charge. While you’ll save on interest repayments if you clear the debt, you should factor this against how much you’ll be penalised for paying off the loan ahead of schedule. Look out for early repayment charges before taking out a loan because your financial circumstances will invariably change over time. 

Personal loans are useful if you need cash in the short-term to make a substantial purchase you might otherwise be unable to afford – or you don’t have the time to save up.

You have to be able to prove to the lender that you'll be able to meet your repayment responsibilities. If you're not sure you can make your monthly repayments, a personal loan may not be for you.

An interest-free or low-interest credit card is an alternative to a personal loan, especially if you only want to borrow £1,000 or less.

People with a good credit rating can often find credit cards offering long periods interest-free, so if you always meet your minimum monthly repayments, a credit card will be a cheaper way to borrow money. If you need several thousand pounds, a personal loan may be a better bet – albeit more expensive.

The amount you’ll be eligible to borrow will depend on your personal circumstances and credit history, but it’s usually only up to £25,000 on an unsecured loan. 

The length of your loan can vary depending on the type of loan and the provider you choose, but it could be anywhere between one and 10 years. Taking out a loan for a longer period of time may reduce your monthly repayments, but you’ll end up paying more in interest overall.

You’ll need a good credit score to be accepted for the most competitive loans with the lowest interest rate (APR), but some providers offer loans designed for people with poor or no credit. For example, you can get guarantor loans, in which someone else commits to make your repayments if you can’t.

A soft search or soft application is a way of finding out where you stand in terms of getting a loan without leaving a mark on your credit report. It’s a way to find out if you’re eligible for a loan without harming your chances of being accepted.

Missing repayments can mean extra charges and interest from your lender, and it could also bring to an end any low-interest or zero-interest rate deals you have. You may also see your interest rate increase.

APR, or your Annual Percentage Rate, is the interest rate at which you pay back money you’ve borrowed. It takes into account the actual interest rate you pay, plus any other fees or charges involved in the deal, to give you a more complete picture of what your loan will cost.

When you see a rate advertised as the representative APR, this means the lender is required to offer this rate to at least 51% of applicants – however it doesn’t mean you’re guaranteed to receive this interest rate yourself.

Whether you can get a personal loan with a low APR depends on a few factors such as your credit rating and affordability to meet repayments.

The better your credit score, the higher your chances of securing a lower APR, but ultimately it will be up to the lender to decide.

If you’re worried you can’t meet your monthly loan repayments you should contact your lender to see whether they can help work out a solution.

This might include extending the loan term so you pay less each month or taking a payment holiday so you have a chance to repair your finances.

Other options include debt consolidation and seeking support from dedicated debt charities.

Read our guide on what to do if you’re struggling to repay your loan for more information.  

You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.

  • Whip your credit score into shape with Credit Monitor

  • Super save over and over again with Energy Monitor

  • There are always more ways to save with MoneySuperMarket 

So how do we make our money? In a nutshell, when you use us to buy something, we get a reward from the company you’re buying from.

You might be wondering if we work with all the companies in the market, or if our commercial relationships with our partners might make us feature one company above another. We’ve got nothing to hide, and we want to give you clear answers when it comes to questions like these, so we’ve pulled together everything you need to know on this page.

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