Compare Low-Interest Personal Loan Lenders in UK

A personal loan with a low rate in the UK is an essential financial aid used during a financial emergency or when you find yourself in a situation requiring funds you might not have planned for. Luckily, the market abounds with diverse lenders, ranging from traditional banks to online loan platforms, offering personal loans tailored to your needs.

Choosing the right low-interest loan option takes an understanding of your needs, knowing how to search for loans with low interest, and knowing your capabilities to repay it.

This will also help determine what interest rate will serve you best. So, make your decisions wisely and then look for the right lowest APR loan with the lowest possible interest rate for your individual situation.

When looking for a personal loan with a low rate of interest, it’s imperative to know and compare loans based on interest rates, APR, other fees, charges, etc., of various banks, lenders, and financial institutions, and this process, while essential, can be daunting and potentially overwhelming.

Chances are you might get lost. To simplify this decision-making process, we have compiled a handy list of the best personal loan lenders in the UK market, each offering low-interest rates, to assist you in making an informed choice that aligns perfectly with your financial goals and needs.

Latest Leading UK Lenders Offering Low Interest Personal Loans

Disclaimer: This list shows the information available online and on respective lenders' websites as of August 2024. The products and the quotes listed here may or may not be available to you.

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1 Years — 20 Years

6% — 1333%

£250 — £100000

6% — 1333%

1 Years — 20 Years

Loan Amount

£1000 -

£25000

Lendable Unsecured Loans

Loan Term

1 -

5 years

☆☆☆☆☆ 4.9/5

4.9/5

Representative APR

33.80%

Minimum Age

10 Years

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Minimum Income

£800 per month

Representative Example: Assumed borrowing of £7,500 over 36 months at 33.8% APR representative. Monthly cost of £316.09. Total amount repayable of £11,379.16. Interest rate of 28.7% p.a.(fixed) and total fees of £400.00.

☆☆☆☆☆ 4.9/5

4.9/5

Lendable Unsecured Loans

Loan Amount

£1000 -

£25000

Loan Term

1 -

5 years

Representative APR

33.80%

Minimum Age

10 Years

Minimum Income

£800 per month

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Loan Amount

£1000 -

£25000

Fluro Personal Loans

Loan Term

1 -

5 years

☆☆☆☆☆ 4.8/5

4.8/5

Representative APR

17.90%

Minimum Age

Not mentioned

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Minimum Income

Not mentioned

Representative Example: Assumed borrowing of £7,500.00 over 48 months at 17.9% APR representative. Monthly cost of £214.79. Total amount repayable of £10,309.78. Interest rate of 16.6% p.a.(fixed) and total fees of £150.00. Available for loan amounts between £5,000 – £25,000.

☆☆☆☆☆ 4.8/5

4.8/5

Fluro Personal Loans

Loan Amount

£1000 -

£25000

Loan Term

1 -

5 years

Representative APR

17.90%

Minimum Age

Not mentioned

Minimum Income

Not mentioned

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Loan Amount

£1000 -

£50000

Shawbrook Personal Loans

Loan Term

1 -

7 years

☆☆☆☆☆ 4.7/5

4.7/5

Representative APR

16.90%

Minimum Age

21 years

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Minimum Income

£15,000 per annum

Representative Example: for comparison purposes, 16.9% APR Representative based on a loan of £10,000 repayable over 60 months (five years) with an interest rate of 16.9% p.a. (fixed). Monthly payment of £241.68 total amount repayable £14,500.74.

☆☆☆☆☆ 4.7/5

4.7/5

Shawbrook Personal Loans

Loan Amount

£1000 -

£50000

Loan Term

1 -

7 years

Representative APR

16.90%

Minimum Age

21 years

Minimum Income

£15,000 per annum

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Loan Amount

£1000 -

£25000

Zopa Loans

Loan Term

1 -

5 years

☆☆☆☆☆ 4.3/5

4.3/5

Representative APR

22.90%

Minimum Age

20 years

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Minimum Income

£12,000 per annum

Representative example: A loan of £10,000 over 5 years will cost you £269.40 per month at a representative 22.9% APR. The total cost after 5 years is £16,164, which includes £6,164 interest at 22.9% fixed and a £0 fee. The total amount of credit is £10,000.

☆☆☆☆☆ 4.3/5

4.3/5

Zopa Loans

Loan Amount

£1000 -

£25000

Loan Term

1 -

5 years

Representative APR

22.90%

Minimum Age

20 years

Minimum Income

£12,000 per annum

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Loan Amount

£500 -

£5000

Finio Loans

Loan Term

1 -

3 years

☆☆☆☆☆ 4.8/5

4.8/5

Representative APR

39.90%

Minimum Age

18 years

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Minimum Income

Not mentioned

Representative example: Borrowing £2,000 over 24 months at Representative 39.9% APR and Interest rate 39.9% p.a. (fixed) with monthly repayments of £116.07 and a total amount payable of £2,785.68.

☆☆☆☆☆ 4.8/5

4.8/5

Finio Loans

Loan Amount

£500 -

£5000

Loan Term

1 -

3 years

Representative APR

39.90%

Minimum Age

18 years

Minimum Income

Not mentioned

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Unsure of what loan will serve you best? Compare different loans with low APR quickly at LoanTube and find the best option for you.

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Inactive Lenders

BetterBorrow Loans

Loan Amount

£1,000 - £12,000

Term

12 - 60 months

Representative APR

27.30%

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Representative example: 27.3% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 23.7% pa (fixed). Monthly repayment of £178.12. Total amount payable £7,480.93. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.

LiveLend Loans

Loan Amount

£1,000 - £12,000

Term

12 - 60 months

Representative APR

25.70%

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Representative example: 25.7% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 25.7% pa (fixed). Monthly repayment of £174.65. Total amount payable £7,335.28 Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.

Post Office Loans

Loan Amount

£1,000 - £25,000

Term

12 - 60 months

Representative APR

14.90%

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Representative example: Representative 14.9% APR. Based on a loan amount of £4,000 over 36 months at an interest rate of 14.9% p.a. (fixed). Monthly repayment £136.65. Total amount repayable £4,919.47.

Metro Bank Loans

Loan Amount

£1,000 - £35,000

Term

12 - 60 months

Representative APR

8.90%

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Representative example: If you took out a loan of £10,000 over five years at a fixed interest rate of 8.2% per year (8.9% APR representative), your monthly repayment would be £205.62 and your total repayment amount would be £12,337.20. This includes a fee of £93.

Oplo Personal Loans

Loan Amount

£2,000 - £15,000

Term

24 - 72 months

Representative APR

30.80%

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Representative example: If you borrow £6,915 over 47 months at a Representative rate of 30.8% APR and an annual interest rate of 13.92% (fixed), you would pay 46 monthly instalments of £240.33 and one final payment of £240.33. Total amount payable £11,295.71 with an acceptance fee of £395.

Lending Works Personal Loans

Loan Amount

£1,000 - £25,000

Term

12 - 60 months

Representative APR

12.90%

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Representative example: Borrow £1,000 over 12 months at 12.9% APR representative. Monthly repayments of £87.68 and total amount payable of £1052.15. Interest of 4.5% p.a. (fixed) and total fees of £27.50. The rate you are offered may differ from the representative APR shown and will be based on your personal circumstances, loan amount and repayment term.

Likely Loans

Loan Amount

£500 - £5,000

Term

12 - 36 months

Representative APR

59.90%

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Representative example: If you borrow £2,000.00 over 24 months at a Representative rate of 59.9% APR and an annual interest rate of 59.9% (fixed), you would pay 24 monthly instalments of £131.05. The total charge for credit will be £1,145.20 and the total amount payable will be £3,145.20.

Fintern Loans

Loan Amount

£1,000 - £7,500

Term

12 - 36 months

Representative APR

18.80%

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Representative Example: If you borrow £2,000 over 36 months at a Representative rate of 18.8% APR and an annual interest rate of 18.8% p.a. (variable), you would pay 36 monthly instalments of £71.66. The total charge for credit will be £579.56 and the total amount payable will be £2,579.56.

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Indicative Loan Details

Loan Amount

Loan Term

Months

Total repayment

Monthly repayment

RAPR

79.5%

Interest

59.97% p.a (fixed)

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*The rate you get will depend on your individual, financial circumstances. Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk.

There you have it – a wealth of options at your disposal when the need for funds arises. With this table, you can compare various personal loans and their specifications, including interest rates, APR, loan amount range, tenure, and eligibility criteria.

Personal loans are designed to be a helpful financial resource, so don’t hesitate to seek one when necessary, but ensure you are fully prepared to repay it promptly.

To assess your financial capacity, use our personal Loan calculator to determine your affordability and make a well-informed decision.

If you are still unsure of your most suitable option, a smart thing to do is to use a reliable loan comparison platform.

With LoanTube, you can quickly and easily compare loans from various lenders and see the rates offered to make better decisions. With us, the rate you see is indeed the rate you’ll receive.

Can't find what you need? We can help you find the best personal loan for you.

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FAQs

Here are the answers to some frequently asked questions regarding personal loans, interest rates and APR.

What is a personal loan APR?

APR stands for the Annual Interest Rate, which is the actual yearly cost of any loan. It is represented in percentage and includes the interest rate and fees the borrower pays on the loan each year, as well as the other charges applicable to your loan each year.

Its full form is the Annual Percentage Rate. Since it combines additional charges with the interest rate, it’s higher than the interest rate of the personal loan.

What is a good APR for a personal loan?

APR depends on the interest rate of personal loans, which varies because of multiple factors. However, for a loan amount of more than £5000, the good APR can be below 8%. For a £2000-£5000 loan amount, the APR rate below 12% can be considered fair. For loans below £2000, an APR of up to 15% is a reasonable APR.

What is a good interest rate on a personal loan?

Personal loan interest rates range from 6% and go up to 36%. It depends upon multiple factors such as the borrower’s credit score, past association with the lender, affordability, etc.

The loan amount and repayment tenure also play a vital role in deciding personal loan interest rates. So it’s hard to mention a generic acceptable interest rate or APR for personal loans.

What types of personal loans are there?

You might need a personal loan for various purposes. Some examples of personal loans are vacation loans, car loans, home renovation loans, wedding loans, overdraft loans, debt consolidation loans, etc.

What is a 'soft' search while applying for a personal loan?

A soft search is a type of credit check that allows you to find out the likelihood of being accepted for a personal loan without leaving a footprint on your credit report. It is an important tool for those looking to apply for a loan who want to avoid damaging their credit score. Soft searches allow lenders to assess your creditworthiness and make decisions about whether or not they will offer you a loan, all without impacting your credit score. This means that if you’re rejected, it won’t affect your ability to apply for other loans in the future.

What are pre-approved personal loans?

Lenders run a credit check on you to find your eligibility for the loan. When you pass all initial checks and requirements, your loan is pre-approved, but it’s still not a guarantee of disbursement as some lenders perform a final check at the end of the application process, and if you fail, your loan may be denied. But still a pre-approved loan certainly means that your chances of getting a loan are bright.

How to get lowest interest rate on personal loan?

Shop around: Compare rates from different lenders to find the lowest interest rate on a personal loan. Consider using an online loan comparison, such as LoanTube, to compare offers from multiple lenders at once.
Improve your credit score: Your credit score is one of the biggest factors that affects the interest rate you’ll be offered on a personal loan. Make sure you’re taking steps to improve your credit score before applying for a loan to get the best possible rate.
Opt for a shorter repayment term: The longer the repayment term, the higher your interest rate will likely be. Consider opting for a shorter repayment term if you can afford it in order to get a lower interest rate on your personal loan.
Put up collateral: Some lenders may offer lower interest rates if you put up collateral, such as real estate or another asset, as security against defaulting on your loan payments.
Get pre-approved: If you have good credit and are confident about getting approved for a personal loan, consider getting pre-approved with several lenders before making your final decision so that you can compare their offers and choose the one with the lowest interest rate available to you.

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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 £2,000.00 over 12 months. Rate of interest 60.18% per annum (fixed). Representative 79.9% APR. Total amount payable £2,684.64 of which £684.64 is interest. 12 monthly repayments of £223.72.

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

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