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.
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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
Get set with a great deal from RateSetter
Exclusive loan rates from 2.74% APR
No early repayment fees
Loans between £4,000 and £35,000, with a duration of 1 to 7 years
An arrangement fee will apply based on the loan term
Available until 21/7/22
3.7% APR Representative (fixed). Based on an assumed loan amount of £5,000 over 3 years at an interest rate of 1.8% p.a. (fixed). Monthly repayment £149.60. Total amount payable £5,288.40, which includes a fee of £144.
Over 21s, UK residents only. T&Cs apply
A personal loan is a way of borrowing money to be paid back over an agreed period with interest. It might be an option if you’re looking to buy a new car or make improvements to your home. Knowing where to get the best deal can be difficult - that’s where we can help. 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.
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
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:
You’ll have the money within days of being approved – so you can make your purchase or consolidate your debts quickly
Interest rates on your repayments are often higher when a loan is not secured against collateral, making it more expensive overall
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
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
A personal loan can help to build your credit score if you make sure to meet your monthly repayments
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
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.
Other loans that might be more suitable if you have bad credit include:
Representative 29.9% APR
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.
If your patchy credit history stops you getting loan offers, you may be able to take out a secured loan. This lets you offer an expensive item like a house or car as security, so the lender knows they can get their money back if you stop making repayments. Of course, if you do stop paying the loan back, you stand to lose your security.
If you only need to borrow a temporary amount and know you 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, paying for it on a credit card is an alternative to a personal loan. Many credit cards offer 0% interest on borrowing – in the case of the best deals 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.
Comparing deals from a range of lenders means more choice than going direct, helping you find the best deal to suit your needs. 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. This can help you to spot and fix any errors that could mean your application is denied or mean you’d be offered a worse deal. You can also get tips on how to improve your score when you sign 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 less 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 (and APR and fees) you’re offered suits your personal circumstances and any changes that could affect you in the future.
"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."
- Jo Thornhill, Money expert at MoneySuperMarket
Unlike some of our competitors, MoneySuperMarket is not owned by an insurance company. So we can offer the best value, with savings delivered straight to you.
We combine independence, so we can negotiate the best prices, with excellent technology, to find the best value products and services.
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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- 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.
Increase your chances of being accepted for car finance by improving your credit score or increasing your affordability – by upping your income. While both might be hard in the short term, other options are to revise your goals so that you look for a cheaper car, for example, or are prepared to spread your repayments over a longer period. You could also put down a larger down payment if you have the money upfront, which would reduce the amount you’d need to borrow.
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