Loan Services

Find the best loan for your circumstances

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.

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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 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

Homeowner Loans Service

Looking to borrow over £25,000 or you wish to borrow over a longer term than 7 years?

If you are a homeowner with a mortgage then read on.

Our loan service offers homeowner loans for any purpose – so if you want to build an extension, send the kids to university, help them buy their first home, or take the trip of a lifetime, a home loan (often referred to as a second charge mortgage) could help.

As the loan company is securing the loan against your property a secured loan often provides a cheaper longer-term finance solution than an unsecured loan, but this will be subject to your circumstances.