Personal Loans UK – Best Rate Personal Loan Online

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Flexible personal loans from leading lenders

From debt consolidation to home upgrades, personal loans offer the highest loan amounts and some of the lowest interest rates.

Find your ideal lender by sorting through the country's leading providers and get the competitive loan you deserve.

Frequently Asked Questions

Personal loan calculator What can I use a personal loan for? How to secure a personal loan? Before you apply for a personal loan

Choosing an ideal loan option for your individual needs

If you're looking for a personal loan that can meet your needs and is also affordable, our collection of lenders will fulfill your needs. Select your pick from our range of affordable and flexible personal loans offered by the leading lenders in the UK.

What can I use a personal loan for?

Personal loans can be used to take care of a variety expenses such as medical bills, school fees, holiday costs, or buying a vehicle. Personal loans are typically unsecured loans but can also be secured.

They make it easy to borrow the amount you need and repay a fixed amount each month, for a set period. It's important to first shop around to look for the most suitable loan for your needs.

Only take out a personal loan when you're truly in need of it. Not only can personal loans negatively affect your credit rating if you are unable to meet your minimum repayments but they can put you in serious long term debt.

Annual growth of personal loans and overdrafts delivered by the United Kingdom's leading high-street banks increased by 3.8% from May 2018 to May 2019. The latest household debt update revealed that the prevalence of personal loans increased by 14.0% in December 2019 when compared to the same period in 2018.

The two defining features of personal loans

Complete purpose flexibility - a personal loan gives the borrower full freedom to use the money for any purpose they want. Unlike a home or car loan which requires the money to be used to buy a property or a vehicle respectively. Personal loans allow you to have full control over how you use your money.
Lack of collateral is okay - personal loans can be unsecured, which means you're not required to have collateral when applying for it. This specific feature makes it more attractive to some customers who may not be able provide collateral.

How to secure the best personal loan in the UK?

Review your credit history before you apply - review your credit history regularly to identify the potential theft of your identity, to ensure listed items are correct and to be aware of your credit standing.
Always shop around - avoid approaching a single high street lender and accepting the very first deal that you’re offered. Rather seek help from a broker as they act as a knowledgeable middleman that can connect you with many providers and offers at once.
Always compare the total cost of the loan by looking at the APR - when you're in the market for a loan, you are looking for the best interest rate deals you can find. And this will be shown by the APR rate of a product which includes the interest rate as well as any fees.

What are the benefits of a personal loan?

They offer larger loan amounts than other credit products such as short-term loans and credit cards
They are easy to manage since your repayments will be fixed monthly
Interest rates will be tailored to your individual credit profile
You can select your loan term. Selecting a higher repayment will allow you to pay the loan off quicker, while lower, repayments stretch out the term over a longer period, resulting in a higher overall loan cost
Can be used to consolidate your debts which will reduce your monthly debt payments
You can make over-payments to repay your debt off faster and save on interest

Things to know before you apply for a personal loan

1) Personal loans have a cooling-off period

Every personal loan in the UK is accompanied by a 14-day cooling off period. A cooling-off period allows you to cancel the loan agreement if you change your mind about taking out a loan. You'll get 30 days to repay the credit, and you’ll only be charged the interest that applies to that period.

2) Loan insurance products may be a life saver

Loan insurance is important since it takes over your loan repayments when you are no longer able to keep up with repayments due to unforeseen circumstances. Conduct your research thoroughly and always be clear on how much the coverage in question will cost.

3) You must be able to afford the repayments now and in the future

List all your expenses to understand your current financial standing and how a personal loan will change your finances. Don't only consider your present but your future too as some personal loans may have very long repayments terms.

4) You don’t always get the advertised APR

The APR’s you see on adverts show the ‘representative’ APR which is the rate that applies to 51% or more of applicants, so you may not qualify for the advertised rate if you do not have an excellent credit rating.

Factors that influence personal loan approval

You should have a good credit score. A good credit score increases your chances of getting your loan approved.
Your employment status is also a significant factor in the loan approval process. You should have a steady job.
The higher your income the more you will be able to apply for. Those on benefits and low incomes may have difficulty being approved.

Who can apply & what is required?

Before you attempt to apply for a loan you should confirm you meet the basic criteria required by lenders. You must be a UK citizen that is over 18 years. Your lender will ask for a photo ID, proof of residence and proof of employment.

Apply for you ideal personal loan in minutes

A personal loan is a loan designed to simplify your life and enable you to reach your goals. It is easy to get a personal loan since most lenders have online portals and apps which allow customers to make a quick online loan application.

When you apply for a personal loan, there is not much paperwork required and even your loan agreement can quickly and easily be completed online. In addition, when you use the right loan comparison site, you can get hold of the most competitive loan deals in the UK.

Personal loan calculator

List of direct lenders offering Personal loans

Creation Financ...
- Choose a loan option
- Apply online today
- Competitive rates
Santander Loans
- Loans up to £20,000
- Term up to 60 months
- Interest from 3%
Totally Money
- Loans up to £35,000
- Term up to 84 months
- Interest from 6.9%
Safety Net Cred...
- Loans up to £500
- Term up to 40 days
- Interest from 68.7%
Satsuma Loans
- Loans up to £1,000
- Term up to 12 months
- Interest from 133%
Zopa Loans
- Loans up to £25,000
- Term up to 5 years
- Interest from 4.9%
118 118 Money
- Loans up to £5,000
- Term up to 24 months
- Interest up to 71.3%
Post Office Mon...
- Loans up to £25,000
- Term up to 7 years
- Interest from 3%
Barclays
- Loans up to £15,000
- Term up to 72 months
- Interest from 33%
HSBC
- Loans up to £25,000
- Term up to 8 years
- Interest from 21.9%
Peachy Loans
- Loans up to £1,000
- Term up to 1 year
- Interest from 229.95%
Natwest
- Loans up to £150,000
- Term up to 8 years
- Interest from 3.4%
First Direct Lo...
- Loans up to £50,000
- Term up to 7 years
- Interest from 21.9%
Lending Works
- Loans up to £25,000
- Term up to 60 months
- Interest from 12.9%
Sainsbury’s Ban...
- Loans up to £40,000
- Term up to 84 months
- Interest from 2.9%
Little Loans
- Loans up to £5,000
- Term up to 36 months
- Interest from 49.9%
Tesco Bank
- Loans up to £35,000
- Term up to 7 years
- Interest from 3%
Royal Bank of S...
- Loans up to £50,000
- Term up to 10 years
- Interest from 3.9%
Nationwide
- Loans up to £25,000
- Term up to 7 year
- Interest from 3.4%
Aspire Money
- Loans up to £25,000
- Term up to 36 months
- Interest from 49.9%
TSB
- Loans up to £25,000
- Term up to 7 years
- Interest from 2.9%
Lloyds Bank
- Loans up to £35,000
- Term up to 7 years
- Interest from 3.9%
Clydesdale Bank
- Loans up to £35,000
- Term up to 72 months
- Interest from 3.9%
1st Stop
- Loans up to £15,000
- Term up to 72 months
- Interest from 28.4%
Citrus Loans
- Loans up to £25,000
- Term up to 5 years
- Interest from 16.9%
Solution Loans
- Loans up to £25,000
- Term up to 10 years
- Interest from 14.2%
M&S Bank
- Low interest rates
- Loans up to £25,000
- Term up to 84 months
Bamboo
- Loans up to £8,000
- Term up to 60 months
- Interest from 26.9%
UK Loans
- Loans up to £25,000
- Term up to 60 months
- Interest from 3.3%
Wisdom Financia...
- Loans up to £20,000
- Term up to 84 months
- Interest from 4.5%