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Unsecured Loans in the UK: At a Glance

Unsecured Loans in the UK: At a Glance | LoanTube

Want to know about the latest insights into unsecured loans in the UK, but only have a couple of minutes to spare? Let the LoanTube team take you on a quick whirlwind tour of the unsecured UK loan market in 2019.

Maximise your options: Compare and apply for loans below with LoanTube

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Loan Amount
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Loan Term
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1 Years20 Years
Representative APR
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6%1333%
Loan Amount
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£250£100000
Representative APR
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6%1333%
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1 Years20 Years

Loan Amount

£4000 -

£20000

Norwich Trust

Loan Term

1 -

10 years

4.8/5

4.8/5

Representative APR

31.90%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.

4.8/5

4.8/5

Norwich Trust

Loan Amount

£4000 -

£20000

Loan Term

1 -

10 years

Representative APR

31.90%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.

Loan Amount

£5000 -

£100000

Evolution Money Loans

Loan Term

1 -

20 years

4.5/5

4.5/5

Representative APR

28.96%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

4.5/5

4.5/5

Evolution Money Loans

Loan Amount

£5000 -

£100000

Loan Term

1 -

20 years

Representative APR

28.96%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

Loan Amount

£1000 -

£10000

1Plus1 Guarantor Loans

Loan Term

1 -

5 years

4.4/5

4.4/5

Representative APR

39.90%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.

4.4/5

4.4/5

1Plus1 Guarantor Loans

Loan Amount

£1000 -

£10000

Loan Term

1 -

5 years

Representative APR

39.90%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.

Security, No Security

First of all, what is the difference between a secured loan and an unsecured loan? With a secured loan, you have to offer the lender something they can take away from you if you can’t make the repayments on your loan. If that happens, they then sell your “security” for as much money as they can to recover the losses they made by lending money to you.

With unsecured loans, you are at risk of losing none of your assets or possessions if you can’t repay your loan. However, if you don’t, that’ll have a terrible effect on your credit rating.

Good Credit, Bad Credit

Your credit rating is a report produced by one of three different agencies in the UK – Experian, Equifax, and CallCredit. Credit ratings are like scorecards which tell lenders how good you are at making repayments and how much debt you’re currently in.

If you keep up to date with your repayments and you don’t max out your credit cards and overdraft, that means that you’re likely to have a better credit score than someone who occasionally misses payments and who has spent near to their limits on their credit cards and overdrafts.

Better credit scores mean more choice of the types of unsecured loans you can take out and it also means that you’ll likely pay a lower rate of interest on your loans, credit cards, and so on.

No Guarantor Loans and Guarantor Loans Online

Loans with no guarantors are the way to go, in the opinion of the management and team members here at LoanTube. A guarantor loan means that from your friends and family members, you have to nominate someone who will pay your loan back if you can’t. You have to persuade someone to put their neck on the line financially. And also to suffer the consequences if things go wrong.

Guarantor loan companies may promise many different things, but there has been a huge rise in complaints about them and that “taking on the risk for a loved one’s loan can cost you dear”.

Plenty of Companies Vying to Lend to Borrowers

What about if your credit rating is not so perfect? Whether you’re searching for loans for bad credit in Wales or payday loans in Birmingham, there are specialist types of lenders who take a different view. They believe that, especially with how tough it’s been for millions of us after the last recession, borrowers should be considered more on how their finances are today rather than how they were a few years ago.

There are fewer lenders for bad credit applicants – that’s true. But there are a lot more than there were 20 years ago means that there’s far more competition for your business.

Let LoanTube Make Sense of it All

What’s the best unsecured loan option for you? We make real rates comparison on loans possible – click here for more.

To apply for Unsecured Loans with LoanTube, click here.

Representative 79.5% APR

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

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Representative APR Example

The rate you are offered will depend on your individual circumstances.

Representative APR Example: On an assumed loan amount of £1,000 over 18 months. Rate of interest 59.97% per annum (fixed). Representative 79.5% APR. Total amount payable £1,554.10 of which £554.10 is interest. 17 equal monthly repayments of £86.09, and the final month’s payment of £90.57.

Some of the offered loans might be classed as High Cost Short Term Loans. APR rate starts from 18.22%. The maximum APR rate is 1721%, but you will get a personalised rate tailored to you. The minimum repayment term is 3 months, the maximum repayment term is 7 years. The minimum loan amount is £250 and the maximum loan amount is £35000.

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

Not all borrowers will qualify for a loan. The operator of this website does not engage in any direct consumer lending, we simply provide you a FREE loan brokering service. This means LoanTube does not charge customers a fee for using its introducer services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement with them following an introduction by LoanTube.

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