Personal Loans

Loan Amount	Representative APR* from	Eligibility Checker
£3k - £4,999	9.8% (Tesco Bank)	Check Eligibility
£5k - £7,499	6.9% (Santander)	Check Eligibility
£7,500 - £15k	5.6% (TSB)	Check Eligibility
£15,001 - £20k	5.6% (TSB)	Check Eligibility

Simple, flexible borrowing

A personal loan lets you borrow a set amount of money and repay it in fixed monthly instalments, plus interest, over an agreed term. Most are unsecured, so you don’t need to use your home or car as collateral, though this usually means you can borrow up to around £25,000. Comparing deals can help you find a competitive rate.

To apply, you’ll share details about your income, expenses and employment. Lenders assess your credit score and financial situation to decide whether to approve you and what rate to offer. If accepted, you’ll review the terms and typically receive the funds within a few days of signing.

Repayments are fixed and usually last between one and five years, making budgeting easier. Paying on time helps protect your credit score, while early repayment may be possible, sometimes with a fee.

Loan calculator

Find out what monthly repayments would be, how much you'll pay overall and how much you could borrow.

Calculate monthly repayments

What can I afford?

Amount you wish to borrow

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APR (interest rate)

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Loan term (in years)

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Results

Monthly cost

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Loan amount

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Interest

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Based on the information you supplied, you would be borrowing XXX and repaying the loan in XXX monthly instalments of XXX. The total sum to repay, subject to XXX% APR over the full loan term would be XXX. This assumes there are no extra fees and that your payments are made on time and in full.

Afford to borrow

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Monthly cost

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Interest

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Total amount

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Based on the information you supplied, you could borrow XXX at a monthly repayment rate of XXX to be paid over XXX monthly instalments. Over the full loan term at XXX% APR, the total amount repayable would be XXX. This assumes there are no extra fees and that your payments are made on time and in full.

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The maximum personal loan is £50,000

If you need a larger amount, consider a secured loan, which will allow you to borrow more but uses your home as collateral. Be aware that lenders can sell your house if you fail to keep up with repayments.

Compare loan deals

Car

Get on the road for the first time or find a new set of wheels.
Average loan amount: £12600.74^{^}
Average APR: 9.5%^{^}

Car loans
Holiday

You can take out a personal loan to help pay your travel costs.
Average loan amount: £4487.63^{^}
Average holiday loan APR: 25.7%^{^}

Holiday loans
Home improvement

Pay for home improvements or repairs.
Average loan amount: £12742.08^{^}
Average APR: 13.3%^{^}

Home improvement loan
Wedding

Cover the cost of the happiest day of your life.
Average loan amount: £10282.64^{^}
Average APR: 14.5%^{^}

Find a loan

Check your eligibility

Home improvement

£12742.08 ^{^}

Debt Consolidation

£12738.05 ^{^}

Buying a car

£12600.74 ^{^}

Holiday

£4487.63 ^{^}

What will you use this money for?

Make sure you're eligible

To apply for a loan in the UK, you typically need to:

be a UK resident (excluding the Channel Islands and the Isle of Man)
be 18 or over
Have a UK bank account
Have a regular source of income

Check your credit report for errors

Incorrect information can bring down your credit score, meaning:

you might not get approved, or if you are,
if you are approved, your rate will be worse

Always check your credit report for errors, or make simple changes (like registering to vote) to boost your chance of being accepted for a loan, and getting a preferential loan rate.

Just borrow what you need

Consider your needs - £25,000 sounds great, but if it's more than you need you'll end up paying back more over your loan term, or you might not get accepted altogether.

Consider if you've recently applied for credit elsewhere

Multiple applications for credit, such as mortgages, credit cards, or other loans will show up on your credit file, and lenders will consider if you've been declined for credit before or if you've recently applied for credit elsewhere.

Use our loan comparison tool to understand your chances of acceptance before you apply, and keep your application to one lender.

Pros
- 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

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
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
Credit cards

Interest-free credit cards can let you spread the cost of a larger purchase, whereas a balance transfer card or a money transfer card can help you consolidate debt or pay off high-interest borrowing like overdrafts.
Guarantor loans

A guarantor loan can be an alternative if you’re struggling to get a credit card. With someone you trust backing your repayments, you may be able to borrow more or at a lower rate than you’d get on your own.

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.

Because a personal loan is unsecured against an asset, such as your home, you'll generally need a better credit rating than a secured loan. Find out where you stand with our free Credit Score tool.

Check your score

Our expert says…

A loan can be a lifeline when you need to pay for something, such as a wedding, a new car or unexpected home repairs, but don't have a lump sum of money to hand. It’s vital to compare and shop around before committing to any new borrowing.

Kara Gammell Personal Finance & Insurance Expert

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It doesn’t take long

Tell us a little about yourself, your finances and the loan you want
We’ll browse the market

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

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

Find a personal loan

How do I earn SuperSaveClub Rewards with a loan?

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
Bank of Scotland car finance
Be Savvi
Churchill
Everyday Loans
Finio
Fluro
Halifax car finance
Halifax loans
Hastings Direct
John Lewis Finance
Lendable
Lloyds bank car finance
MBNA
MCF
Monzo
Novuna (SSC only)
Oakbrook
Plata
Reevo
Santander
Shawbrook
Zopa

What details do I need to apply for a personal loan?

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.

Is car finance a personal loan?

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.

Can I repay my personal loan early?

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.

Why a personal loan might work for you

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.

Should I get a loan or credit card?

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. Our guide on credit cards vs loans explores this in more detail.

How much can I borrow?

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.

How long can I take a loan out for?

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.

Do I need a good credit rating?

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.

What is a soft search?

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.

What happens if I miss loan repayments?

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.

What is an APR?

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 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 provider is required to offer this rate to at least 51% of applicants – however it doesn’t mean you’re guaranteed to receive this yourself.

Can I get a personal loan with a low APR?

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.

What if I can’t repay my loan?

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. 

Lenders

Curious about who’s behind the loans? Take a look at each lender’s page below to learn more:

Compare our best personal loans.

Check your eligibility now