Add your details. It only takes a few moments. Then we can search for the best deals for you.
Compare deals from big-name lenders, and choose the one that is just right for you.
Compare with us, take out a loan, and soon after you'll receive cashback from Quidco!
Personal loans, or unsecured loans as they are also known, enable you to borrow a lump sum of money over a set term. You then pay back the amount borrowed in fixed monthly instalments, with interest added on top. Interest rates for personal loans are usually fixed but the rate you pay will depend on factors such as the amount you borrow, the length of the term and your credit history.
Interest rates tend to be the most competitive for loan amounts of £7,500 or more. You can usually borrow between £1,000 and £25,000 with a personal loan, over a term of between one and five years – although some lenders will allow you to borrow for up to seven years.
This will depend on your financial circumstances and your credit rating. Most lenders will allow you to borrow between £1,000 and £15,000, but some offer larger loan amounts of up to £25,000.
If your credit score is in good shape, you’re more likely to get accepted for a loan and you’ll have access to more favourable interest rates. If your credit score is poor, your loan application could be rejected or, if not, you may be offered a higher rate of interest.
The good news, however, is that some lenders offer guarantor loans, whereby a family member or friend guarantees they will pay off your loan if you can’t, or bad credit loans which are designed for those with a low credit score.
Personal loans offer a flexible and easy way to borrow funds. However, you’ll need a good credit rating to secure the most competitive interest rates and it’s always best to repay your loan as quickly as possible. If you are struggling to keep up with your repayments, speak to your lender straight away.
Rachel Wait - Personal Finance Journalist
This will depend on how much you need to borrow. For those looking to borrow smaller sums of around £1,000 to £2,000, an interest-free credit card will be a cheaper option but only if you clear your balance before the interest-free deal ends.
If you need to borrow several thousand pounds, a personal loan is likely to be a better choice as most credit card credit limits won’t stretch this far.
Please note: by clicking the "Get a quote" button, you consent to your details being used by the comparison partner. Don't worry they won't call or email though.
When using the Compare service, you must take reasonable care to answer questions fully and accurately and if you volunteer other information, you must take reasonable care to ensure that the information is not misleading.