Compare Unsecured Loans

Compare a range of unsecured loans from UK lenders and check your eligibility* without impacting your credit score

Checking your eligibility won't affect your credit score

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  • M&S Bank Personal Loan logo

    M&S Bank Personal Loan

    • Representative APR
      2.8% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
  • Post Office Money Personal Loan logo
    Broker

    Post Office Money Personal Loan

    • Representative APR
      8.1% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
  • Admiral Personal Loan logo

    Admiral Personal Loan

    • Representative APR
      9.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
  • JN Bank Personal Loan logo

    JN Bank Personal Loan

    • Representative APR
      12.9% APR
    • Available Amounts
      £1,000 to £15,000
    • Min / Max Terms
      2 to 5 years
  • Shawbrook Personal Loan logo

    Shawbrook Personal Loan

    • Representative APR
      13.9% APR
    • Available Amounts
      £1,000 to £35,000
    • Min / Max Terms
      1 to 7 years
  • Zopa Personal Loan logo
    Peer To Peer

    Zopa Personal Loan

    • Representative APR
      15.4% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
  • Fintern Personal Loan logo

    Fintern Personal Loan

    • Representative APR
      18.8% APR
    • Available Amounts
      £1,000 to £7,500
    • Min / Max Terms
      1 to 3 years
  • My Community Finance Personal Loan logo

    My Community Finance Personal Loan

    • Representative APR
      18.85% APR
    • Available Amounts
      £1,500 to £25,000
    • Min / Max Terms
      1 to 5 years
  • KOYO Personal Loan logo

    KOYO Personal Loan

    • Representative APR
      24.9% APR
    • Available Amounts
      £1,500 to £12,000
    • Min / Max Terms
      6 months to 5 years
  • BetterBorrow Personal Loan logo

    BetterBorrow Personal Loan

    • Representative APR
      27.1% APR
    • Available Amounts
      £1,000 to £12,000
    • Min / Max Terms
      1 to 5 years
  • LiveLend Personal Loan logo

    LiveLend Personal Loan

    • Representative APR
      29.9% APR
    • Available Amounts
      £1,000 to £12,000
    • Min / Max Terms
      1 to 5 years
  • Oplo Personal Loan logo

    Oplo Personal Loan

    • Only available to homeowners
    • Representative APR
      31.6% APR
    • Available Amounts
      £2,000 to £15,000
    • Min / Max Terms
      2 to 6 years
  • Lifestyle Personal Loan logo

    Lifestyle Personal Loan

    • Representative APR
      49.9% APR
    • Available Amounts
      £1,000 to £5,000
    • Min / Max Terms
      1 to 5 years
  • 118 118 Personal Loan logo

    118 118 Personal Loan

    • Representative APR
      49.9% APR
    • Available Amounts
      £1,000 to £5,000
    • Min / Max Terms
      1 to 3 years
  • Bamboo Personal Loan logo

    Bamboo Personal Loan

    • Representative APR
      59.7% APR
    • Available Amounts
      £1,000 to £8,000
    • Min / Max Terms
      1 to 5 years
  • Likely Loans logo

    Likely Loans

    • Representative APR
      59.9% APR
    • Available Amounts
      £500 to £5,000
    • Min / Max Terms
      1 to 3 years
  • Salad Money Personal Loan logo

    Salad Money Personal Loan

    • Only available to key workers
    • Representative APR
      69.9% APR
    • Available Amounts
      £500 to £1,000
    • Min / Max Terms
      12 to 18 months
  • Minty Personal Loan logo

    Minty Personal Loan

    • Representative APR
      98.1% APR
    • Available Amounts
      £1,500 to £3,000
    • Min / Max Terms
      2 years
  • Everyday Loans Personal Loan logo

    Everyday Loans Personal Loan

    • Representative APR
      99.9% APR
    • Available Amounts
      £1,000 to £15,000
    • Min / Max Terms
      1 to 5 years

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Our service is free of charge but we receive commissions from the providers we refer you to. This table is initially ordered by representative APR. You can use the options above the table to order it according to various criteria. You may be offered different rates depending on your personal credit rating.

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

Monevo Logo

*Eligibility Service:

The loans eligibility service is fully provided by Monevo.  The data you supply is directly submitted to Monevo and is used to retrieve loan quotes from their panel of lenders.  By using their loans eligibility service you are agreeing to Monevo’s terms and conditions and privacy policy which can be found at Monevo.co.uk

Monevo.co.uk is a registered Trading Name of Monevo Limited which is an Appointed Representative of Quint Group Limited, and is entered on the Financial Services Register under reference number: 723672.  Quint Group Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 669450.  Monevo Limited is registered in England and Wales (Company number 06511345). Registered office: Glasshouse, Alderley Park, Nether Alderley, Cheshire,SK10 4ZE.  Licensed by the Information Commissioners Office, (Registration number Z1498441).

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Information written by Joel Kempson Last updated on 28 April 2022.

What is an unsecured loan?

An unsecured loan is a type of borrowing that doesn’t require you to use an asset – such as your home – as collateral. As with most types of loan, you will need to repay the loan in full with interest, usually by making regular monthly payments to your lender. Unsecured loans are also referred to as personal loans.

You may find that you are able to borrow less money and at a higher rate than if you took out a secured loan, but unsecured loans are also considered less risky because you aren’t putting an asset such as your house on the line as a guarantee.

How to choose an unsecured loan

If you’re considering taking out an unsecured loan, you’ll need to decide which type is right for you. An unsecured loan is the opposite of a secured loan in that you are not putting forward an asset, such as a property, as security or collateral. As such, they come with a higher risk to the lender and can therefore be more expensive than a secured loan. However, they are readily available as a product and a common way of borrowing. Unsecured loans are also known as personal loans.

Unsecured loans differ in cost from lender to lender. The amount you pay will also depend on how long you want to borrow for and your borrowing history. We want to help you understand your options, which is why we’ve created an unsecured loans comparison table and information guide below. You can check your eligibility before you apply, so you can see which unsecured loans you’re likely to be accepted for. This won’t affect your credit score and means there is less chance of your application being rejected.

Choosing the right type of unsecured loan

Deciding that you want to take out an unsecured loan is the easy bit. With more choice than ever before, navigating the marketplace can be overwhelming.

The first step is to find the type of unsecured loan that is best for you. The most suitable option will likely depend on your credit history, how much money you need to borrow and how long it will take you to repay the debt. Lenders should only lend what they are confident you can repay, so there might be limitations on how much you can borrow.

Types of unsecured loan

  • Bank loans: High street banks provide unsecured loans, but you may find a better deal by comparing providers online rather than visiting a branch in person.
  • Unsecured loans with alternative lenders: The most suitable unsecured loan for you may not come from a traditional bank. There are a whole host of online lenders on the market, so it is worthwhile comparing all the options out there.
  • Short-term loans: If you need quick access to a relatively small amount of cash, a short-term loan may be useful – though interest rates will likely be higher than one with a longer term.
  • Payday loans: These ultra-short-term loans can come with extremely high interest rates and are usually repayable in a single payment.
  • Peer-to-peer: Peer-to-peer lenders are matched with borrowers through dedicated online platforms. Interest rates can be favourable, but lending criteria tend to be quite strict.

Comparing unsecured loans

Once you believe that an unsecured loan could suit your requirements, it’s time to start comparing unsecured loans to find a product that is right for you. The two most important factors are the loan amount and the repayment terms.

You may want to prioritise repaying your loan quickly to minimise the amount of interest you will end up paying on the whole debt. Alternatively, you might need to spread the repayments out over as long a timeframe as possible to make them more affordable. This can lead to a lower monthly outlay, but will probably cost you more in interest in the long run.

A simple way to compare the cost of an unsecured loan is by the annual percentage rate (APR). By law, lenders are obliged to tell you the APR, but it is important to remember that ‘representative APR’ means that only 51% of applicants are offered the interest rate displayed, meaning that you could be offered a loan with a higher APR than the lender is advertising.

» MORE: What you need to know about APR

Eligibility for unsecured loans

In order to qualify for an unsecured loan, you will usually need to be a UK resident and at least 18 or 21 years old, hold a UK bank account in your name and earn over your lender’s stated minimum income, which will vary between providers. You may also need to prove that you currently don’t have any county court judgments (CCJs), individual voluntary arrangements (IVAs) or are bankrupt.

For unsecured loans, providers are expected to make sure you can meet the monthly repayments before they lend to you. This might mean you are not eligible to borrow the amount of money you would like, though you could qualify for a lower amount.

Different lenders will have their own eligibility criteria for unsecured loans, so how much you can borrow and the interest rate will vary. You can check your eligibility without affecting your credit score by using the table at the top of this page.

Choosing an unsecured loan FAQs

What does unsecured loan mean?

An unsecured loan is a loan that isn’t secured against an asset, such as property, for example. This means that your home, or other high-value asset, is not being used as collateral, though it is just as important to repay the loan. It is also commonly known as a personal loan.

» MORE: What is an unsecured loan?

How does an unsecured loan work?

When you take out an unsecured loan, you will agree to a loan amount and repayment schedule with the lender. You must then keep to this repayment schedule, also covering the cost of any interest and extra fees applicable to the loan, until it is cleared at the end of the pre-agreed loan term.

How much can I borrow?

How much you can borrow with an unsecured loan will depend on your provider, as different lenders will have their own upper and lower limits. Mainstream lenders will generally offer unsecured loans ranging between £1,000 and £50,000. There are lenders that specialise in smaller amounts, but interest rates can be very high.

The sum you are offered will be based on how you fit the provider’s lending criteria, as well as how it caps its unsecured loans. Upper limits will likely be reserved for the borrowers with the best financial standing, as you should only borrow what you can afford to repay.

What happens if I can’t repay my unsecured loan?

If you are struggling to meet scheduled repayments, you should contact your lender who should try to work out a new payment schedule to help you, though this could add to the overall cost of the loan. If you still can’t repay the loan, the lender can start legal action against you to recoup the money owed. Your credit rating could also suffer should you be unable to repay the loan or are late with any payments.

Where can I get help if I can’t repay my unsecured loan?

Finding yourself behind on loan repayments can be a difficult experience, but there is free help readily available in the UK . As well as contacting your lender, you can also reach out to charities such as StepChange, Citizens Advice and National Debtline for free tools, support and advice.

» MORE: Free debt help in the UK

What can I use my unsecured loan for?

Some lenders will ask how you intend to use your loan and some will not lend to you if your reasons for borrowing include paying household bills, mortgage costs or business spending.

Common uses for an unsecured loan are to:

  • consolidate debt
  • make an expensive purchase
  • pay for home improvements
  • fix a broken car or appliance
  • cover unexpected expenses

How much do unsecured loans cost?

The total cost of your unsecured loan will depend upon how much you borrow, how long you borrow it for.

Your credit history and your current financial situation will affect the loan products available to you and in turn the interest rates you may be offered. A poor credit rating can be a reason for lenders to reject your application for loans with the best rates. While if you are on a low income, they might reject your application, because they are taking a greater risk in lending to you.

Typically, the more money you borrow, the higher your monthly repayments will be. Plus, the longer your repayment period, the more you will pay in interest. However, be aware that unsecured loans are for short-term borrowing and come with higher interest rates than more long term borrowing or secured borrowing, meaning your debt can grow quickly if you do not pay off your loan.

It is a good idea to calculate what the total cost of your loan will be before you take it out.

About the author:

Joel Kempson is a personal finance expert and writer at NerdWallet. He has previously written for Money.co.uk and Uswitch, as well as being quoted in the Daily Express, The Mirror and The Sun. Read more