Compare Personal Loans

  • Personal loans allow you to borrow up to £25,000 for home improvements, holidays, weddings or other one-off expenses and repay a fixed sum monthly over an agreed term
  • See your chance of being accepted with no impact on your credit score using Freedom Finance's eligibility checker*
  • Or use the Apply Now buttons to go direct to the provider, remembering to check loan details and more info carefully before you apply
19 products found
  • M&S Bank Personal Loan logo

    M&S Bank Personal Loan

    • Loan Type
      Unsecured
    • Representative APR
      2.9% APR (£7,500 to £15,000)
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
    Apply Now on M&S Bank's website + More info
  • AA Personal Loan - Breakdown Cover included* logo
    Broker

    AA Personal Loan - Breakdown Cover included*

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      3.0% APR (£15,001 to £25,000)
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
    Check Eligibility on Freedom Finance's website + More info
  • TSB Personal Loan logo

    TSB Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      3.2% APR (£7,500 to £25,000)
    • Available Amounts
      £7,500 to £25,000
    • Min / Max Terms
      1 to 7 years
    Check Eligibility on Freedom Finance's website + More info
  • Post Office Money Personal Loan logo
    Broker

    Post Office Money Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      3.2% APR (£7,500 to £15,000)
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
    Check Eligibility on Freedom Finance's website + More info
  • Hastings Personal Loan logo

    Hastings Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      10.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
    Check Eligibility on Freedom Finance's website + More info
  • Shawbrook Personal Loan logo

    Shawbrook Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      14.9% APR
    • Available Amounts
      £1,000 - £35,000
    • Min / Max Terms
      1 to 7 years
    Check Eligibility on Freedom Finance's website + More info
  • Norton Finance Personal Loan - For homeowners only logo
    Broker

    Norton Finance Personal Loan - For homeowners only

    • Only available to homeowners
    • Loan Type
      Unsecured
    • Representative APR
      15.4% APR
    • Available Amounts
      £3,000 to £25,000
    • Min / Max Terms
      1 to 25 years
    Apply Now on Norton Finance's website + More info
  • Freedom Finance logo
    Broker

    Freedom Finance

    • Loan Type
      Unsecured
    • Representative APR
      15.9% APR
    • Available Amounts
      £500 to £25,000
    • Min / Max Terms
      1 to 7 years
    Check Eligibility on Freedom Finance's website + More info
  • My Community Finance Personal Loan logo

    My Community Finance Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      17.09% APR
    • Available Amounts
      £1,500 to £25,000
    • Min / Max Terms
      1 to 5 years
    Check Eligibility on Freedom Finance's website + More info
  • KOYO Personal Loan logo

    KOYO Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      22% APR
    • Available Amounts
      £1,000 - £3,000
    • Min / Max Terms
      6 months to 3 years
    Check Eligibility on Freedom Finance's website + More info
  • Oplo Personal Loan logo

    Oplo Personal Loan

    • Only available to homeowners
    • Loan Type
      Unsecured
    • Representative APR
      28.5% APR
    • Available Amounts
      £2,000 to £15,000
    • Min / Max Terms
      2 to 6 years
    Check Eligibility on Freedom Finance's website + More info
  • Lendable Personal Loan logo

    Lendable Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      28.6% APR
    • Available Amounts
      £1,000 to £10,000
    • Min / Max Terms
      1 to 5 years
    Check Eligibility on Freedom Finance's website + More info
  • 118 118 Personal Loan logo

    118 118 Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      44.9% APR
    • Available Amounts
      £1,000 to £5,000
    • Min / Max Terms
      1 to 2 years
    Check Eligibility on Freedom Finance's website + More info
  • Guarantor My Loan logo

    Guarantor My Loan

    • Powered by Freedom Finance
    • Loan Type
      Guarantor
    • Representative APR
      48.9% APR
    • Available Amounts
      £1,000 to £10,000
    • Min / Max Terms
      1 to 5 years
    Check Eligibility on Freedom Finance's website + More info
  • Aspire Money Personal Loan logo
    Broker

    Aspire Money Personal Loan

    • Loan Type
      Unsecured
    • Representative APR
      49.7% APR (£100 to £8,000)
    • Available Amounts
      £50 to £25,000
    • Min / Max Terms
      1 to 5 years
    Apply Now on Aspire Money's website + More info
  • George Banco Guarantor Loan logo

    George Banco Guarantor Loan

    • Powered by Freedom Finance
    • Loan Type
      Guarantor
    • Representative APR
      49.7% APR
    • Available Amounts
      £1,000 to £15,000
    • Min / Max Terms
      1 to 5 years
    Check Eligibility on Freedom Finance's website + More info
  • Bamboo Personal Loan logo

    Bamboo Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      59.7% APR
    • Available Amounts
      £1,000 to £8,000
    • Min / Max Terms
      1 to 5 years
    Check Eligibility on Freedom Finance's website + More info
  • Likely Loans Personal Loan logo

    Likely Loans Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      59.9% APR
    • Available Amounts
      £500 - £5,000
    • Min / Max Terms
      1 to 3 years
    Check Eligibility on Freedom Finance's website + More info
  • Everyday Loans Personal Loan logo

    Everyday Loans Personal Loan

    • Powered by Freedom Finance
    • Loan Type
      Unsecured
    • Representative APR
      99.9% APR
    • Available Amounts
      £1,000 - £15,000
    • Min / Max Terms
      18 months - 5 years
    Check Eligibility on Freedom Finance's website + More info

Our comparison service features a selection of providers from whom we receive commission.

*Eligibility Service:

This loans comparison also contains products that can be applied for directly with the lender. These products do not form part of the eligibility service and terms should be checked carefully before proceeding.

The loans eligibility service is provided by Freedom Finance. The data you supply and submit is used to retrieve loan quotes from Freedom's panel of lenders. By using their loans eligibility service you are agreeing to Freedom's terms and conditions and privacy policy which can be found at freedomfinance.co.uk

Freedom Finance is a trading style of Freedom Finance Limited who are authorised and regulated by the Financial Conduct Authority. Freedom Finance Limited. Registered Office. Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR. Registered in England & Wales 06297533. FCA No. 662079. VAT Registration Number 257 0001 44.

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Information written by Rhiannon Philps Published on 05 July 2017. Last updated on 13 May 2021.

What is a personal loan?

A personal loan allows you to borrow a sum of money which you will repay, with interest, over an agreed period of time.

Most personal loans are unsecured, which means you don’t need to put up your house or other property as collateral.

They are available from traditional high street banks, online challenger banks and specialist lenders, and can be used for many different reasons such as home improvements, holidays, weddings, debt consolidation and major purchases like a new car or a new appliance.

Often you will be able to borrow between £1,000 and £25,000, but some providers may be willing to lend you more or less than this. Terms typically range from one to seven years.

» MORE: How to get a loan

Types of loans

The two main types of loan are secured and unsecured. Most personal loans will be unsecured.

Unsecured loans: These loans are not secured against any property. Because this increases the risk for the lender, interest rates can be higher than secured loans and there’s a limit to how much you can borrow.

Examples of unsecured loans include:

  • Personal loans: Offered by banks and alternative lenders. The amount you are offered and the term available will depend on your credit score and affordability checks among other factors.
  • Peer-to-peer loans: Arranged through online peer-to-peer platforms, these involve members of the public lending to others who need access to funds.
  • Short-term loans: These are personal loans offered over short periods of time: usually up to around a year. Loan amounts and terms are limited and interest rates can be high.
  • Payday loans: These are extremely short-term loans, which are repayable, usually in one single payment, within days of taking the loan out. High interest rates are commonplace.
  • Guarantor loans: Can be offered to those with poor credit ratings who have someone who will commit to repaying a loan if the borrower is unable. Bear in mind that some lenders will require the guarantor to be a homeowner, which could put their property at risk should the borrower default on their loan.

Secured loans: Often used to borrow larger sums of money over a longer period of time. Borrowers will put some property, usually their home, up as security, which reduces the risk for the lender. Secured loans can offer lower interest rates, but they come with more risk for the borrower as the lender could repossess their home if they don’t keep up with repayments.

Examples of secured loans include:

  • Homeowner loans: This is the most common form of secured personal loan. They are available only to homeowners who are willing to put the equity they have in their home forward as security for their loan.
  • Car finance loans: These loans are taken out against the value of the car you are about to buy. There are various types of car finance deals, but each usually uses the car’s value as security.
  • Bridging loans: These loans are often used when purchasing homes as a means of bridging the gap between selling one home and getting a new mortgage on another, for example. They are usually secured against your current home.

Consider all your options before applying to make sure you get the best loan for your situation.

How do personal loans work?

When you apply for a personal loan, the lender will need to know some personal details including your income and employment status, how much you want to borrow and over what length of time. They will review this information and perform a credit check to help them decide whether to lend to you.

If your application is approved, the lender will give you all the necessary information about your loan, including the interest rate, the repayment schedule and any potential fees, so you should make sure you understand these terms before agreeing to the loan.

Once your loan is approved, the money could be in your account relatively quickly, sometimes within a day. You will then be able to use the money as you wish, making your monthly repayments to the lender over the agreed period of time.

You will then be able to use the money as you wish, making your monthly repayments to the lender over the agreed period of time.

What are the advantages and disadvantages of a personal loan?

Like with any credit option, there are pros and cons to taking out a personal loan.

Advantages

  • You can pay for something upfront and spread the cost over a longer period of time.
  • You can often apply for a loan and receive the money relatively quickly.
  • You may be able to borrow money at a lower rate than some other options, for example a credit card.
  • Interest rates and monthly repayments will normally be fixed, so the amount you pay each month won’t change.

Disadvantages

  • A personal loan can have a higher rate of interest than some other finance options, especially if you have a less-than-* perfect credit score.
  • It may not be the best option if you want to borrow only a small sum of money.
  • There is a limit to how much you can borrow.
  • Missed repayments will harm your credit score.

How can I compare loans?

Our loan comparison table highlights key pieces of information about different loans, which can help you to work out what the best personal loan is for you. Some of the main points you need to consider when choosing a loan are:

  • How much you can borrow from a lender.
  • The minimum and maximum number of months you have to repay.
  • If there are any early repayment charges or any other fees.
  • The APR (annual percentage rate).

Most of these are fairly straightforward, but APR can be more complicated to understand.

The APR tells you the total cost of the loan over a year, taking into account the interest on the loan and any compulsory fees.

All lenders have to show a loan’s APR to help consumers compare loans on a like-for-like basis, and to reduce the risk of someone getting caught out by hidden fees.

The APR makes it easier to compare and find the cheapest loans, as you don’t need to work out how different interest rates and lender fees will affect the overall cost of your loan.

What do I need to know before applying for a loan?

Before you get a loan, you need to make sure you understand all the risks involved. You could harm your credit score if a lender rejects your loan application or if you don’t make repayments on time, so only apply for loans if you are confident that you will be successful and that you can comfortably afford the repayments.

Some loan providers will allow you to check your eligibility for a loan without affecting your credit history.

Also think carefully about how much you need to borrow and how long to borrow for.

If you choose to repay the loan over a longer term, your monthly repayments may be smaller but you will pay more in total because of the added interest that will build up. If you choose a shorter term, you will pay less interest overall.

» MORE: Tips for applying for a personal loan

Loan FAQs

What does representative APR mean?

How can I get a cheap loan?

Who can get a loan?

How much can I borrow with a personal loan?

How long can I borrow a personal loan?

Do I have to give a reason for a personal loan?

What information do I need to give when applying for a loan?

How can I check if I am eligible for a loan?

Will applying for a loan affect my credit score?

Do I need a good credit score to get a personal loan?

Are there any alternatives to a personal loan?

Can I cancel my personal loan?

About the author:

Rhiannon is a financial writer for NerdWallet, with a particular interest in personal finance and insurance guides for consumers. Read more

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