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personal loan
Compare unsecured personal loan rates
MoneySuperMarket is a credit broker not a lender. You must be 18 or over and a UK resident.
We work with a wide range of providers. Including most of the big brands to help you borrow the money you need
Just tell us a little about yourself and how much you want to borrow. We’ll then search the market to being you the results in seconds
We’ll show you the key information upfront such as the interest rate and monthly repayment amounts so you can easily compare loans
We’ll show you your chances of being accepted for each deal to ease any fears of being rejected and multiple applications harming your credit score
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 best 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.
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.
Once approved, the money should hit your account within a few days. You can use it to make that car purchase or pay for home improvements.
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.
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:
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
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
When you apply for a loan, it’s not always clear what deal you’ll be offered or whether you’ll be accepted. But when you’re pre-approved for a loan, you know the deal you see is the deal you’ll get – you’ll know where you stand, with information that will help you make the right choice.
When you’re pre-approved, the loan amount, duration and interest rate are all confirmed
When you know what you’ll be able to borrow and how much it will cost, you can choose a loan that’s right for you
This helps protect your credit score as you’re less likely to be rejected when you apply
It’s possible to get an unsecured personal loan even if you’re 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. You may be asked to pay a higher interest rate or you won’t be able to borrow as much as you would like.
Comparing deals from a range of lenders means more choice than going direct. We can do the hard work for you by searching across the market and show you your chances of being accepted for each loan.
Make sure your credit score is as good as it can be by checking it regularly to spot and fix any errors that could mean your application is denied. You can also get tips on how to improve your score by signing up to our free credit monitor service.
While you shouldn’t borrow what you can’t afford to pay back, you may find yourself paying a lower interest rate for a bigger loan. It’s worth checking to see whether borrowing a little more moves you into a lower APR bracket.
What if you miss any payments, need a payment holiday or want to pay off the loan early later down the line? Make sure the loan you’re offered suits your personal circumstances and any changes that could affect you in the future.
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.
A secured loan lets you offer an expensive item like a house or car as security. You might receive a better rate than with an unsecured loan, but if you do stop paying the loan back, you stand to lose your asset.
If you only need to borrow a temporary amount and can pay it back quickly, arranging an interest-free overdraft on your current account might be the answer. Unless you're a student, most banks won't offer much more than £500, and you'll be expected not to stay in the red for long.
If you only need to borrow a smaller sum for a shorter term, a credit card is an alternative to a personal loan. The best credit card deals offer 0% interest on borrowing for more than two years, while others offer 0% balance transfers for a fee, if you need to consolidate your debts.
Don’t despair if your credit rating isn’t as good as you need it to be to take out an unsecured personal loan: there are options available. You might be able to find a secured loan with a higher rate of APR, or you could try a guarantor loan, where a friend or family member promises to pay your debt if you default.
"There are many times when a personal loan might be the best way to help fund a large purchase or help you better manage your finances. When you search for a loan with us, you’ll see great deals from across the market to find the very best rate for you. Comparing in this way won’t affect your credit score and you’ll see your chances of being accepted for each deal, so you can apply with greater confidence.
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- Jo Thornhill, Money expert
Find the right loan for you and see which rates you’ll be guaranteed to get.
Tell us a little about yourself, your finances and the loan you want
We’ll search through loans from a wide range of lenders on the market
You’ll be able to sort loans by the overall cost and the likelihood you’ll be accepted
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.
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.
Representative 16.5% APR (September 2022)
Maximum APR 99%
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.
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