Compare Low APR Unsecured Loans

Compare our top 10 lowest APR unsecured loans below. Compare a range of personal loans from UK lenders and check your eligibility* without impacting your credit score

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Last updated on 20 January 2022.

Low APR Unsecured Loans FAQ

What is a low-APR unsecured loan?

APR, or the annual percentage rate, is the term used which brings together all the costs of the loan in the first year. This includes the interest rate and any initial fees. It is a regulatory requirement that loan providers provide you with this and is aimed at offering you the ability to compare various options.

How might low-APR unsecured loans vary?

The APR on loans can vary greatly and typical low-APR unsecured loans can also vary. The APR on offer will be based on the amount and term the loan will be over, along with many other factors.

Would it be hard to get a low-APR unsecured loan on poor credit?

Yes, you would find it difficult to find lenders willing to offer you low-APR unsecured loans, as poor credit may be deemed too risky for them. A poor credit history may force you to turn to lenders with higher APRs, adding extra costs to borrowing.

Why does APR matter?

APR matters as it doesn’t just look at the interest rate. A loan may have a low interest rate but have high set up charges or fees, which raises the cost to you. APR is designed to help you understand the overall costs to you in the first year.

Will APR be higher if I wish to borrow more money?

The APR on your unsecured loan will depend on the amount you wish to borrow and the duration of time you need the loan for. You may find that lenders expect you to pay a higher level of APR when you take out a smaller unsecured loan of £1,000 or less. If you wished to apply for a low-APR unsecured loan for a larger amount of money, such as £25,000 (the usual upper-limit on unsecured loans), you may find APR falls.

Can I extend the length of my low-APR unsecured loan?

Extending the length of a low-APR unsecured loan from a year to several years will result in a greater number of monthly instalments. This will result in more years’ worth of interest that will build up over time. Before agreeing to any low-APR unsecured loan, get a quote and only agree to a deal you are able to afford, and keep in mind how the duration of the loan will affect the overall sum you end up paying to the lender.

Will I lose collateral if I make late payments on my low-APR unsecured loan?

As this type of loan is unsecured, your low-APR loan will not require collateral. However, your lender is still legally entitled to retrieve the money they are owed.

What penalties could I face for failing to repay a low-APR unsecured loan?

Unwillingness to co-operate in repayment of your loan may result in:

  • Damaging your credit profile
  • You have difficulty in securing other types of credit
  • Incurring fee’s and penalties on top of what you already owe

And in more serious circumstances:

  • Bankruptcy
  • Sequestration, where you hand assets over to a trustee who sells them to ensure the lender gets their money back
  • The lender seeking a County Court Judgement, which could be placed on your credit record for up to six years, further restricting your ability to seek credit
Compare products provided by Monevo
  • 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

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.

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*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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