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One search using our personal loan service will give you clarity about your loan options.
You will be shown the rate you will actually get, if you are pre-approved for your loan & sort those results just for you.
Top Selected UK Personal Loan
Representative (£7,500-£15,000)
£1,000 to £25,000
Excellent Credit Only!
Representative (£7,500-£15,000)
£1,000 to £25,000
Excellent Credit Only!
(£7,500 to ££25,000)
£1,000 to £25,000
Excellent Credit History Only!
The Representative APR is 8.3%
Representative Example: Based on a loan amount of £4,000 over 36 months at an interest rate of 8.3% p.a. (fixed). Monthly repayment £125.34. Total amount repayable £4,512.24
Representative (£7,500-£25,000)
Representative (£1,000-£30,000)
How Much Can I Borrow?
How much you can borrow and over what term of repayment will depend on factors such as:
- Whether you are a homeowner with a mortgage
- Your credit status
- Employment status
- How long you have been in the UK
- How much you earn.
Personal Loans
What is a personal loan?
Personal loans provide you with a fixed sum of money that’s paid back over a fixed term along with a rate of interest (APR).
Most lenders offer personal loans of up to £25,000 and terms usually range from 1 to 7 years, but can be longer in some cases.
Personal loans are typically unsecured loans, meaning that you don’t put down an asset (like a vehicle or your property) against your loan that your lender can seize in the event that you aren’t able to keep up with your loan repayments.
What are personal loans used for?
Personal loans can be used for a variety of reasons, but some common examples are:
- Home improvements
- Holidays
- Debt consolidation (AKA a consolidation loan)
- Weddings
- Large purchases like a car or domestic appliance
How do personal loans work?
It’s good to start by comparing personal loans based on how much money you need, how long you have to pay it back, and what loan interest rate you’re charged on top of your repayments.
To get accepted for a personal loan, lenders will run a credit check against you to assess the likelihood of you being able to repay your loan.
If they’re happy with your credit score in relation to the loan you need, you’ll usually receive your loan within a week.
You then repay your loan in monthly instalments, with your interest included in your repayments, for the duration of the fixed term you’ve agreed to.
How much money can I borrow with a personal loan?
Most personal loans start at a minimum of £1,000 and go up to £25,000.
Whether you can borrow up to the higher limits of the £25,000 threshold will depend on your credit score and financial situation.
Some larger personal loan amounts may only be available to existing customers, and some personal loans are only available to homeowners or individuals employed within a specific profession, for example in public service.
If you need more than £25,000, or you’re struggling to get accepted for the loan you require, you might want to consider a secured loan instead. However, you’ll have to put up assets as collateral against your loan which adds to the risk.
What happens if I can’t repay my unsecured loan?
As you don’t have to put down any collateral for a personal loan like you do with a secured loan, there is arguably less risk involved if you can’t keep up with your repayments.
However, your loan provider could still take legal action against you if you fail to repay an unsecured loan and could charge you additional fees for late payments, so make sure you are fully comfortable with the amount you are borrowing.
What are the advantages of a personal loan?
- You can borrow money for any purpose
- You can choose how long you have to repay the loan
- You don’t need to secure your loan against property or other assets
- You pay your loan back in monthly instalments
- You pay back a fixed rate of interest
- You can get an unsecured loan quickly – much quicker than a secured loan application
- You can pay back your loan early if you want to
What are the disadvantages of personal loans?
- You’ll pay higher interest rates than you would with a secured loan
- You may not be able to borrow as much money as you could with a secured loan
- You could be rejected or have to payer higher interest on your loan if you have a low credit score
What are some alternatives to personal loans?
- Credit cards
Credit cards might offer you a cheaper method of borrowing money but you won’t be able to borrow as much – credit cards are usually capped at £5,000.
- Secured loans
Secured loans offer lower interest rates but your loan is secured against an asset, like your home, that the bank can seize if you don’t keep up with your monthly repayments.
- Your overdraft
Usually only suitable as a short-term borrowing solution. Credit limits are low, and you’ll likely pay high interest rates or be charged for using your overdraft.
- Guarantor loans
Guarantor loans can be great if you have a low credit score. A family member or friend can be a guarantor for your loan if you can’t get approved, and they’ll be liable to repay your loan if you can’t.
What is APR on a personal loan?
APR (Annual Percentage Rate) is the amount of interest that you’ll be charged each year, including any additional charges like annual fees.
There are two types of APR:
- Representative APR – this is an estimated rate of interest that may vary from application to application based on your credit score and other factors (but over 51% of applicants must qualify for this rate for it to be advertised)
- Guaranteed APR – this is a guaranteed rate of interest that applies for anybody who is accepted for the loan
Get a better loan and apply online.
Simple, clear & fair
Check Eligibility »
One search using our personal loan service will give you clarity about your loan options.
You will be shown the rate you will actually get, if you are pre-approved for your loan & sort those results just for you.
How do I get a better personal loan?
The best way to improve your chances of securing a loan is by improving your credit score.
You can check your current credit score for free online through Experian, Equifax or TransUnion.
If your credit score is low, consider taking the following action to improve your credit rating:
- Check your credit report for any errors in your personal or financial information
- Get a credit card and pay it off regularly to build your score – start sooner rather than later
- Make sure you’re paying your bills via direct debit
- Tidy up old and inactive bank accounts
- Avoid using your overdraft if possible
- If you’re paying rent, use Experian’s Rental Exchange Initiative to ensure your payments boost your score
- Use Experian Boost so that your Netflix, Spotify and Council Tax payments all count towards boosting your credit score
- Double check that you are un-linked from any ex-partners
How to get an unsecured loan
You’ll need to start by comparing the loans available to you on the market.
Key factors to consider when you compare loans:
- The amount you want to borrow (remember, you might get better interest rates if you borrow more money, but make sure you can afford to pay it back)
- The length of loan you need
- The APR and any other charges you may need to pay
Keep in mind that you’ll usually get offered lower rates for longer terms.
But, while your monthly repayments might be lower, you’ll be paying the loan back for longer.
And this means that you’ll pay more interest over the full term of your loan.
Try and find a loan with a low loan rate and a monthly repayment amount that you can afford, but can pay back quickly.
When you’ve found the personal loan that’s right for you, you can check your eligibility. This will involve your lender checking your credit rating.
You’ll need to provide the lender with your:
- Personal Information
- Address History
- Bank Details
Soft credit checks are used when you are just comparing loans available to you often through a loan comparison service and don’t affect your credit score, so you can do as many as you need.
However, hard credit checks are used by banks when they are assessing your eligibility for a specific loan. Too many hard checks in a short space of time can negatively affect your credit score, because it looks like you are getting rejected for multiple attempts at borrowing money which loan providers don’t like.
Therefore, you should be careful with applying for multiple loans over a short period of time. And if you get rejected for one loan, try to sort out your credit issues or adjust your loan size before making another application.
Lenders will also take a detailed look at your income and expenditure when you apply for a loan to ensure you have the income in place to repay your borrowing.
Get a better loan and apply online.
Simple, clear & fair
Check Eligibility »
One search using our personal loan service will give you clarity about your loan options.
You will be shown the rate you will actually get, if you are pre-approved for your loan & sort those results just for you.
Uplift Money Ltd are an appointed representative of Dennico Ltd who are authorised and regulated by the Financial Conduct Authority. Dennico Limited is registered in England & Wales under company number 11034439. Registered Office is Steam Mill Business Centre, Steam Mill Street, Chester, UK, CH3 5AN.