Compare personal loans

How to find the loan that suits you best

  • Compare 35 personal loans currently on the market

  • Your credit score won’t be affected

  • See your chances of being accepted

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Smart loan search


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Loan rates are based on your circumstances and change regularly

Reasons to take out a
personal loan


Buying a car


Consolidating debts


Home improvement

See the loans you're most likely to get

Our clever Eligibility Checker shows you the loan offers you're most likely to be accepted for, so you can protect your credit rating by only applying for the loans that are right for you.

Accurate results

Accurate results

We use a range of factors to rate how likely you
are to be approved for each loan, including your employment status and credit history


Apply with confidence

Apply with confidence

You'll see your eligibility before you apply,
so you can be confident you won’t be turned
down - protecting your credit rating


See your guaranteed loans

 You’ll see which rates are guaranteed, so
you know what you’re getting - and that there
aren't any nasty surprises down the line 

The pros of personal loans

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’ll can choose how long you want to
be paying your loan back for, with terms
that range from a few months to five
years to longer

Rebuild your credit score

A personal loan can help to rebuild
your credit score and credit history if
you make sure to meet your
monthly repayments

What to be aware of when taking out a personal loan:

  • The interest rates on your monthly repayments will be high if the loan is unsecured
  • Your car or home may be repossessed if you miss payments on a secured loan
  • It might be hard to get a loan if your credit score is poor or you’ve defaulted before
  • You may have to pay an arrangement fee to get your loan, meaning further cost
  • You might face redemption fees if you want to pay off the balance quicker
  • It will negatively affect your credit score if you miss any repayments

Alternatives to personal loans

If you can't get a personal loan, or you’d prefer to borrow at a lower interest rate, there are other finance options available.

Fixed rate

Secured loans

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.

Fixed rate

Credit cards

If you only need to borrow a smaller sum for a shorter term, paying for it on your credit card is a decent alternative to a personal loan. Many credit cards offer 0% interest on borrowing for mid-size purchases for up to about three years, while others offer 0% balance transfers for a fee, if you need to consolidate your debts.

Fixed rate

Overdraft facility 

If you only need to borrow a temporary amount and know you can pay it back within a matter of months, 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, but it's a less risky option.

Compare loans

Taking out a loan can be a helping hand for your finances when you need it – whether you’re looking to buy a new car, make some home improvements or dealing with existing debts, a personal loan could be right for you.

MoneySuperMarket helps find the right loan for you, and our eligibility checker shows you your chance of being accepted for loans, as well as the guaranteed rate, so you can weigh up the facts and decide which deal to go for.

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.

Work out a budget

Try to work out how much you can afford to borrow before applying for a loan. This way you can give yourself the best chance of being accepted and ensure you don’t take on a loan that you can’t afford. Look at MoneySuperMarket’s loan calculator for guidance.

Avoid impulse borrowing

Always think carefully before you take out a loan. Is the cost worth what you’re taking it out for? For example, don’t take a loan out for everyday purchases, as a credit card is more suitable.

What out for temporary interest-free periods

Interest-free periods can be useful when you’re borrowing, but be aware how long they last. Once the interest-free period ends you may be moved on to a high rate, so try and pay off as much of your debt as you can beforehand.

Watch out for loan sharks and payday loans

Always avoid loan sharks, who are illegal, unregulated and charge massive interest rates. If you aren’t able to repay them, you’ll be pressured into borrowing even more, leading to a spiral of debt.

Payday loans may be legitimate, but they come with interest rates which can reach over 1,000%. They’re never worth it.

Don’t make too many applications

Every loan application you make leaves a mark on your credit report. Too many gives lenders the impression that you are desperate to take out a loan, which implies that you’re struggling to manage your finances, making lenders more reluctant to let you borrow from them.

Check your credit rating

Rather than making lots of applications, you are better off running a soft check on your credit score to see what kinds of loans you’ll be eligible for. MoneySuperMarket’s free Credit Monitor tool is a useful way to check your credit rating.

Pros and cons of loans

It’s important to understand the pros and cons of the loans on offer to you, as well as how to secure the best rates. If not, you could end up with a poor deal – and costly credit can send you into a downward debt spiral.

What can you use personal loans for?

Unsecured personal loans are a useful way to pay for larger purchases you might otherwise struggle to afford. Most lenders won't stipulate what you spend the money on, but the majority of people take out personal loans to pay for the following:

  • Car loans: Many people use loans to pay for new or second-hand cars. Most dealerships offer finance options of their own, however, so it's wise to compare the terms of your options
  • Home improvements: Loans for DIY, extensions and conservatories are also popular options; home improvements are often expensive, and a loan helps you spread the cost of necessary work
  • Holiday loans: Sometimes you just need a break, and a small loan to pay for a nicer holiday than you might otherwise be able to afford can represent a treat
  • Wedding loans: If you want the best for your special day, loans are one way to
  • Debt consolidation: If you have run up other high-interest debts, a personal loan can help manage the load

Personal loan terms

You can typically borrow between £1,000 and £25,000 with an unsecured loan. The interest rate is usually fixed and you pay back the debt over one, three or five years.

Secured loans

With a secured loan, the lender will insist on some sort of security against the money you borrow, often a house or car. If you default on the payments, the bank or building society can then sell the asset to clear the debt.

You can usually borrow large amounts with a secured loan, and at a lower rate of interest. Plus, you can pay back the debt over a long time period, perhaps 10 or 15 years.

However, secured loans are more risky than unsecured loans because you could lose your collateral if you cannot clear the debt.

Credit record

The interest rates on personal loans depend partly on the loan amount and term, but lenders also assess your credit history.

The lowest rates are reserved for the best customers – borrowers with a spotless credit record. If you are considered more likely to default on the loan due to poor credit history, you will be charged a higher rate of interest or your application will be turned down.

In other words, there is no guarantee that you will qualify for the advertised rates. Lenders are allowed to boast of low representative rates if those rates are charged to 51% of successful applicants, which means almost half could be charged a higher rate.

Early repayment

You can pay off your debt before the end of the loan term, but watch out for early repayment fees. Many lenders have a penalty for early repayment, which could wipe out any potential interest savings. Some lenders also charge arrangement fees for personal loans, which you should factor into your cost calculations.

What is an unsecured loan?

An unsecured loan isn’t tied to any collateral, so you’ll need at decent credit score to qualify. There is also often a maximum amount you’ll be allowed to borrow.

An unsecured loan isn’t tied to any collateral, so you’ll need at decent credit score to qualify. There is also often a maximum amount you’ll be allowed to borrow.

What is a secured loan?

A secured loan is tied to an asset of yours as security. For example a mortgage is a type of secured loan, and the asset is the house you take the mortgage out on – when you repay the loan the house is yours, but if you don’t repay then the lender could seize your home.

How to get a personal loan?

Taking out a personal loan is as simple as approaching a lender and submitting a few details. They’ll perform background checks on your credit history and let you know if you’re eligible.

The real trick is finding the right provider, which is where comparison sites like MoneySuperMarket come in. We will run checks across dozens of personal loan providers, so you can find the best loan for you.

Why a personal loan might work for you

Personal loans are useful if you need a quick injection of a few thousand pounds in order to make a substantial purchase you might otherwise be unable to afford.

You have to be able to prove to the lender that you'll be able to meet your repayment responsibilities, however, so unsecured personal loans are not suitable for people with bad credit. 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 a credit card?

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

People with good credit ratings can often find credit cards offering up to three years 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 is a better – if more expensive – bet.

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.

How long can I take a loan out for?

The length of your loan can vary on the type you take out 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 payments, but you end up paying more in interest payments.

Do I need a good credit rating?

You’ll need a good credit history to be accepted for loans with decent terms, 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 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 a fine from your lender, and it could also end any low- or zero-interest incentives you have. You may also see your interest rate increase.

What is 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 interest rate you pay, plus any other fees or charges involved in the deal, to give you a more complete picture of what you 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.

What if I can’t repay my loan?

If you’re struggling with your finances and you think you might not be able to make your repayments, you should call your lender as soon as possible – they may be able to help you work out an easier repayment plan or a repayment holiday. Not letting your bank know could mean you’ll be penalised for missing any payments.

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