Best Personal Loan Interest Rate in the UK
A personal loan in the UK is an essential financial tool used during a financial emergency or when you find yourself in a situation requiring funds you might not have planned for. Luckily, there’s no shortage of lenders offering personal loans, varying from traditional banks to online loan platforms.
When looking for your best loan option, the important part is to ensure that you are aware of your need and know how to look for the right personal loan to help in your situation.
Unsure of what loan will serve you best? Compare different loans quickly at LoanTube and find the best option for you.
One essential point to remember when deciding which personal loan to apply for is your ability to repay the loan. This will also help determine what interest rate will serve you best. So, make your decisions wisely and then look for the right loan with the lowest possible internet rate for your individual situation.
When looking for a personal loan, 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 that process can be very cumbersome. Chances are you might get lost. So, here’s a handy list of the best personal loans in the UK with low interest rates laid out for you to help make your decision-making process a lot simpler.
41 Best Low Interest Personal Loans in the UK
(November 2022)
Here’s a table comparing various personal loans and their specifications, including interest rates, APR, loan amount range, tenure, eligibility criteria, etc.
Lendable Unsecured Loans
About Lendable Unsecured Loans
Lendable provides fast loans at fair rates. They let you check your rate before applying for a loan without affecting your credit score. Simplicity, speed, and transparency are their core values. They create a platform that uses data and technology to streamline personal finance and make it more user-friendly. With Lendable personal loans, there’s no need to stand in line at a branch or get caught in hold cycles on busy customer care hotlines. Neither is there any need to fill out protracted forms or deal with paper-based applications.
Eligibility Criteria
Minimum Age
Not mentioned
Minimum Income
£800 per month
Other Requirements
- You do not have any CCJs
- You have been living in the UK for at least 3 years
Representative Example: Assumed borrowing of £7,500.00 over 36 months at 24.5% APR representative. Monthly cost of £286.84. Total amount repayable of £10,326.27. Interest rate of 19.5% p.a.(fixed) and total fees of £440.00.
BetterBorrow Loans
About BetterBorrow Loans
BetterBorrow specialises in getting you the quickest of quotes on the interest rate and APR on your personal loan. It’s straightforward to apply for a loan with them. There’s no place for messy paperwork or long forms in their processing. A quick and easy loan designed by BetterBorrow loans gives you a better borrowing experience. Once you’ve decided on their loan, applying takes just five minutes, and you’ll have your money in two hours. Your loan can be fully managed online.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
£12,000 per annum
Other Requirements
- Must be a UK resident
- Must be employed, self-employed or retired with a pension
- Must have a bank account registered in your name and to your current address
Representative Example: 27.1% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 27.1% pa (fixed). Monthly repayment of £177.68. Total amount payable £7,462.73. Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.
LiveLend Loans
About LiveLend Loans
Created by the British Bank Chetwood, LiveLend believes in the optimum use of technology for the best customer experiences and product innovation. Getting a quote from LiveLend doesn’t affect your credit score, and they offer some of the lowest interest loans for good credit profiles. The technology used by LiveLend loans enables them to provide service levels and product innovation that would not be possible using traditional methods. Their online system provides a proactive, helpful and personable approach to their clients.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
£12,000 per annum
Other Requirements
- Must be a UK resident
- Must be employed, self-employed or retired with a pension
- Must have a good track record of repaying debt
Representative example: 29.9% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 29.9% pa (fixed). Monthly repayment of £183.74. Total amount payable £7,717.27 Our representative APR applies to loans from £1,000 to £12,000, for terms of 12-60 months.
Lending Works Personal Loans
About Lending Works Personal Loans
Lending Works is one of the leading peer-to-peer lending platforms which connects a borrower to many lenders. You get the loan amount disbursed in your bank account within 48 hours with Lending Works Loans and applying for a loan at lending works only takes a few minutes. Lending Works personal loans are hassle-free and offers actual rates. You can take them for multiple purposes – for debt consolidation, a major purchase, a life event, home improvement, etc. And your credit score won’t be affected if you’re merely browsing for a quote.
Eligibility Criteria
Minimum Age
Not mentioned
Minimum Income
Not mentioned
Other Requirements
- Must be a UK resident
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.
Shawbrook Personal Loans
About Shawbrook Personal Loans
Apply online within minutes and get an instant decision on your loan application. Shawbrook offers fixed rates upfront, which are guaranteed. Their service is quick, and their team is efficient and helpful to borrowers. Through strategic partners and directly to consumers, Shawbrook offers personal loans. They make quick, fair credit judgments with clear pricing using effective procedures, human monitoring of underwriting, and cutting-edge technology.
Eligibility Criteria
Minimum Age
25 years
Minimum Income
£15,000 per annum
Other Requirements
- Must be a UK resident for atleast 3 years
- Must have a good credit history with no outstanding County Court Judgement (CCJ).
Representative Example: for comparison purposes, 13.9% APR Representative based on a loan of £10,000 repayable over 60 months (five years) with an interest rate of 13.9% p.a. (fixed). Monthly payment of £227.97 total amount repayable £13,678.20.
Zopa Loans
About Zopa Loans
Zopa was the first to work as a peer-to-peer lending company. In 2020, they got a full banking license. They offer credit cards, deposit accounts, and bank loans at legitimate interest rates for various purposes. They closed their peer-to-peer platform in December 2021.
For the past 16 years, Zopa loans has been a driving force in finance. They established the first peer-to-peer (P2P) lending business in 2005, giving their clients access to loans designed for practical investments supported by cutting-edge technology.
Eligibility Criteria
Minimum Age
20 years
Minimum Income
£12,000 per annum
Other Requirements
- Must be a current UK resident with 1 year of address history in the UK
- Must be employed, self-employed or retired with a pension
- Must have a good track record of repaying debt
Representative example: A loan of £10,000 over 5 years will cost you £234.99 per month at a representative 15.4% APR. The total cost after 5 years is £14,099.54, which includes £4,099.54 interest at 15.4% fixed and a £0 fee. The total amount of credit is £10,000.
Likely Loans
About Likely Loans
It’s easy and fast on Likely loans to know your chances of getting loans. Their eligibility criteria are simple, and they also help the applicant with bad credit history up to a certain extent. There are nominal or no processing fees when you apply on Likely loans.
It’s a straightforward, equitable method of borrowing with no unpleasant surprises, simply straightforward, highly individualised loans when you need them most.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- Must be a UK citizen
- Must not have bankruptcy in the previous 12 months
- Must have some credit history
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.
Bamboo Loans
About Bamboo Loans
Bamboo provides personal unsecured loans online with affordable interest rates and flexible tenure. Many customers applaud their customer service, along with their quick and discreet loan processing. Bamboo loans won’t: judge you; pressure you into buying; try to confuse you while the procedure is going on, or keep you waiting for an answer for an extended time.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- Must be a UK resident (exlcuding the Channel Islands and Isle of Man)
- Must be able to afford the monthly repayments and not bankrupt
Representative example: If you borrow £3,00.00 over 24 months. Rate of interest 47.73% per annum (fixed). Representative 59.7% APR. Total amount payable £4,711.38 of which £1,711.38 is interest. 23 monthly repayments of £196.31 and a final payment of £196.25.
Everyday Loans
About Everyday Loans
Everyday Loans might be able to assist you if you have previously struggled with credit as a result of poor credit history. They are a UK-based platform for friendly lending that is run by Secure Trust Bank PLC.
But one thing is certain: Everyday Loans’ process is dedicated to ethical, responsible financing. They make careful to only lend each applicant what they can comfortably afford to repay after confirming their income and outgoings.
Eligibility Criteria
Minimum Age
21 years
Minimum Income
£10,000 per annum
Other Requirements
- Must be a UK citizen
- Must not be furloughed or on sick leave
- You might need to visit nearest Everyday Loans branch to complete your application.
Representative Example: Representative APR 99.9% (fixed). Based on a loan of £3,000 over 24 months at an interest of 71.3% p.a. (fixed). Monthly repayments of £237.75. Total amount payable £5,706. Maximum APR: 299%.
Loans2Go
About Loans2Go
Loans2Go is also a friendly lending platform that prefers quickly passing loan applications. They decide in seconds about the loan. And they can complete the procedures in 15 minutes. Our top aim at Loans2Go will always be to serve every one of our customers fairly and give them the knowledge and support they require during the term of their loan agreement with us.
Eligibility Criteria
Minimum Age
21 years
Minimum Income
Not mentioned
Other Requirements
- Must be a UK resident
Representative example: If you borrow £550 over 18 months at a flat rate of 180% per annum (fixed) with a representative 770% APR you will make 18 monthly payments of £113.06, repaying £2,035.08 in total.
118118 Money Loans
About 118118 Money Loans
118118 Money loans provide personalised financial solutions at affordable interest rates. They offer credit cards and pre-approved personal loans, taken by more than a million people every year. Before you fill out a full application for one of their unsecured loans, the eligibility checker of 118118 loans will tell you whether or not you qualify without affecting your credit score. 118118 Money loans accept applications from people who have not-so-impressive credit histories as well.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
£1,000 net per month
Other Requirements
- Must be a UK citizen
- Must be employed or Self Employed
- Must have UK Bank Account and Debit Card
Representative Example: Representative APR 49.9%. Based on a loan of £2,000 over 24 months at an interest of 41.2% pa (fixed). Monthly repayments of £123.64. Total amount payable £2,967.43. Maximum APR: 79.9%.
Post Office Loans
About Post Office Loans
The personal loans offered by the post office come with legitimate interest rates and APRs. You can get the loan approved within 24 hours in most cases, provided you fill in all the information correctly in your application form. The tenure for post office personal loans is flexible – Starting from 1 year to a maximum of 7 years. And you can borrow anything between £1,000 and £25,000. There is a facility for paying off your loan early. However, they charge you 58 days’ worth of interest if you make early payments.
Eligibility Criteria
Minimum Age
21 years
Minimum Income
£12,000 per annum
Other Requirements
- Must be a UK resident for atleast 3 years
- Must have a good credit rating without a history of County Court Judgements or bankruptcy.
Representative example: If you borrow £4,000 over 36 months at a Representative rate of 8.1% APR and an annual interest rate of 8.1% (fixed), you would pay 36 monthly instalments of £125.00. The total charge for credit will be £500.09 and the total amount payable will be £4,500.09.
Tesco Bank Loans
About Tesco Bank Loans
You get an instant decision for personal loans from Tesco Bank. They also allow you to pay an additional amount with your EMI to close the loan earlier. However, they charge nominal fees if you pay off your loan faster. They offer nice and simple loans which are offered at fixed interest rates. So the Monthly payment to repay Tesco loans is constant every month till your repayment tenure is over.
Eligibility Criteria
Minimum Age
Not mentioned
Minimum Income
Not mentioned
Other Requirements
- Must be a UK resident with past 3 years address history
Representative example: If you borrow £10,000 over 60 months at a Representative rate of 2.8% APR and an annual interest rate of 2.7647%, you would pay 60 monthly installments of £178.64. The total charge for credit will be £718.40 and the total amount payable will be 10,718.40.
Lending Stream Loans
About Lending Stream Loans
Lending Stream loans can be your perfect alternative to a payday loan with good APR and flexible tenure. They send cash to your bank at lightning speed if you are applying for a short-term loan and your application gets approved. They don’t base approval heavily on your credit history. Lending Stream loans encourage access to short-term finance that you can use when you need it. Often, it can be highly beneficial. Additionally, they work on the principle that short-term financial issues do not necessarily indicate that someone has credit.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
£400 per month
Other Requirements
- Must be a UK resident.
Representative example: At a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total. .
My Community Finance
About My Community Finance
My Community Finance offers community-backed personal loans. Their loans are quick and easy to get. Plus, you get access to the network of ethical lenders and credit unions.
Eligibility Criteria
Minimum Age
21 years
Minimum Income
£18,000 per annum
Other Requirements
- Must be a Permanent Resident of the UK (excludes NI, Channel Islands, Isle of Man)
- Loan available to Self Employed people and employed both.
Representative example: A loan of £6,000 to repay over 48 months. Representative APR rate of 18.85%. Each month you’ll pay: £173.64. Your total repayment over 48 months will be: £8,335.00. This includes £2,335.00 interest at 18.85% fixed and no fees.
The Money Platform Loans
About The Money Platform Loans
The Money Platform offers short-term personal loans at lower interest rates while providing total security and anonymity. Its loan application process is swift and user-friendly.
Eligibility Criteria
Minimum Age
20 years
Minimum Income
Not mentioned
Other Requirements
- You’ll need to confirm your identity
- Have a UK current account and a credit history
- Have a good track record of repaying debt
- Be a current UK resident
- Have 3 years of address history in the UK
- Be able to afford the loan
Representative example: A loan of £500 to repay over 6 weeks. Representative APR rate of 839.20%. You will be paying one payment to pay off your loan. Your total repayment after 6 weeks will be: £647. This includes £147 interest at 255.5% per annum.
Wagme Loans
About Wagme Loans
Wagme Loans offer flexible repayment and process your loan online within minutes. You get short-term loans starting from £50, £100, £250, £500 to £5,000, which is convenient when you need a small amount.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
£600 per month
Other Requirements
- Must be a UK citizen
- Have a valid UK bank account
- Have a valid email address
Representative Example: Amount of credit: £1,200 for 18 months at £90.46 per month. Total amount repayable of £1,628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR
QuidMarket Loans
About QuidMarket Loans
QuidMarket Loans offer short-term personal loans directly provided by the lender. These short-term loans are better than payday loans. They are easily manageable and are available to you for a longer tenure.
Eligibility Criteria
Minimum Age
23 years
Minimum Income
£1300 per month
Other Requirements
- Must be a UK resident
- You should be in either full time or part time employment
Representative example: Borrow £300 for 3 months / Interest payable £154.37 / Total amount payable: £454.37 in 3 instalments / 3 payments of £151.46 / Representative 1296.5% APR / Interest rate 292% per annum (fixed) / Maximum APR 1625.5%
Oplo Personal Loans
About Oplo Personal Loans
Oplo Personal Loans are available for any type of expense. They also offer home loans. This platform believes in investing in a person’s prospects rather than history.
Eligibility Criteria
Minimum Age
21 years
Minimum Income
Not mentioned
Other Requirements
- Must be a permanent UK resident
- You must be a homeowner to get this loan
- Must be in permanent paid employment
- Must not be currently bankrupt or in an IVA or debt management arrangement
Representative example: If you borrow £6,541 over 46 months at a Representative rate of 31.6% APR and an annual interest rate of 14.16% (fixed), you would pay 45 monthly instalments of £232.64 and one final payment of £232.50. The total charge for credit will be £2,423.71 and the total amount payable will be £10,701.30 with an acceptance fee of £395.
CashFloat Loans
About CashFloat Loans
CashFlot Loans provide other types of loans like payday loans and personal loans. They are one of the UK’s top direct lenders of unsecured credit. Their financial solutions are fast, simple, and flexible.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- Must be a UK resident
- Have a valid UK bank account
Representative example: Borrow £700 for 6 months. 1st monthly repayment of £168.45, 4 monthly repayments £224.60, last monthly repayment of £112.20. Total repayment £1,179.05. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74%. Daily interest is capped at 0.793%. Rates between 295.58% APR and a maximum APR of 1294%.
DotDot Loans
About DotDot Loans
Dotdot Loans try to support less than perfect credit scores as much as possible. They work 24/7 to approve loans fast and don’t charge any hidden costs. Their UK-based customer service team is super-efficient.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- Must be a UK citizen
- Have a valid UK bank account with debit card details
- Have a valid email address and mobile number
Representative example: Borrow £250 over 6 months with monthly repayment of £81.41. Total amount payable £488.46. Interest rate 248.19% p.a. (fixed). 824.7% APR Representative.
Drafty Loans
About Drafty Loans
Drafty Loans are the line of credit direct lenders. They don’t charge a fee to process your loan and support your profile even with bad credit. A pre-approved loan from them won’t affect your credit score at all.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
£1250 per month
Other Requirements
- Must be a UK resident
- Have a valid UK bank account with debit card details
Representative example: Representative 89.7% APR. Based on drawing your full approved credit limit of £1200 and repaying in 12 monthly payments at an Annual Interest Rate of 65.7%(Fixed). Total repayable is £1,627.05.
Fair Finance Loans
About Fair Finance Loans
Fair Finance has a bouquet of financial solutions, including business funding, payment gateway solutions, risk management consultation, investment guidance, crypto consultation, loan assistance, etc.
Eligibility Criteria
Minimum Age
Not mentioned
Minimum Income
Not mentioned
Other Requirements
- Available to new immigrants and customers with no credit history in the UK.
- Available to customers who have bad credit history.
Representative example: Borrow £500 over 12 months. Total repayment including interest and fees is £952.56. Monthly instalments of £76.88 and a one off 6% administration fee of £30. Interest (fixed) is 249% per year with a representative 302.03% APR.
Fast Loan UK
About Fast Loan UK
Fast Loan UK is a financial institution that provides swift loans to fulfil daily requirements. They offer flexible repayment tenure and provide complete support during the loan processing.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- Must be a UK resident
- Have a valid UK bank account with debit card details
- Be in either Full-time, Part-time or Self-employment
Representative example: If you borrow £500.00 over 16 weeks at a Representative rate of 766.18% APR and an annual interest rate of 151.4% (fixed), you would pay 4 monthly installments of £183.59. The total charge for credit will be £234.36 and the total amount payable will be £734.36.
Fintern Loans
About Fintern Loans
Fintern offers personal loans at the lowest interest rates based on the analysis of your financial situation. They keep track of the kind of EMI and repayment term you can afford and design customised solutions for you.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- Must not have unresolved defaults or CCJs
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.
Koyo Loans
About Koyo Loans
Koyo Loans take more into consideration than just your credit score. They also look at your bank data and prospects to decide upon your eligibility for the loan. Their personal loan calculator helps you determine the tentative interest rate for your loan.
Eligibility Criteria
Minimum Age
21 years
Minimum Income
Not mentioned
Other Requirements
- Must be a permanent resident of the UK for at least 6 months
- Must not be bankrupt
- Must not have CCJs or history of bad credit
Representative example: If you borrow £4,000 over 36 months, at 24.9% Representative APR and an Interest rate of 22.44% pa (fixed), you would repay 35 monthly payments of £154.24 and a final payment of £153.91. The Cost of Credit would be £1,546.36. Total amount payable £5,546.36
Virgin Money Loans
About Virgin Money Loans
Awarded as the best personal loan provider 2020 by Moneyfacts, Virgin Money Loans sends money to your account within 2 hours or maximum by the end of the next day after approval. Their application process is simple, and interest rates are fixed.
Eligibility Criteria
Minimum Age
Not mentioned
Minimum Income
Not mentioned
Other Requirements
- You must have a Virgin Money current account or be a Clydesdale Bank, Yorkshire Bank or B customer.
- Must be a UK resident
Representative example: If you borrow £7,500 over 60 months, at 2.9% Representative APR and an Interest rate of 2.9% pa (fixed), you would repay 60 monthly payments of £134.32. The Cost of Credit would be £559.01. Total amount payable £8,059.01.
M & S Bank Personal Loans
About Fintern Loans
Personal loans by M & S Bank are easy to manage as they come with fixed monthly repayments over a specified period. They check your eligibility within seconds to help you make your decision faster.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
£10,000 per annum
Other Requirements
- Must be a UK resident
Representative example: If you borrow £75,000 over 60 months, at 2.8% Representative APR and an Interest rate of 2.8% pa (fixed), you would repay 60 monthly payments of £133.98. The Cost of Credit would be £538.80. Total amount payable £8,038.80.
Metro Bank Loans
About Metro Bank Loans
Metro Bank Loans are low-rate personal loans. RateSetter is their exclusive partner for online personal loans. Their interest rates and fees are generally legitimate and depend on your credit profile.
Eligibility Criteria
Minimum Age
21 years
Minimum Income
£16,000 per annum
Other Requirements
- Must be a UK resident for a minimum of three years.
- You should have a good credit history, with no County Court judgements, bankruptcies or debt relief orders on your credit file.
- You should not have not missed any regular payments in the last 12 months.
Representative example: If you took out a loan of £10,000 over five years at a fixed interest rate of 2.3% per year (4.9% APR representative), your monthly repayment would be £187.94 and your total repayment amount would be £11,276.40. This includes a fee of £638.
Sainsbury's Personal Loans
About Sainsbury's Personal Loans
Sainsbury’s Personal Loans offer loans with low APR and flexible repayment terms. They don’t charge an application fee but process your loan with speed and accuracy.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
£7,500 per annum
Other Requirements
- If you are self employed, you can borrow up to £25,000, up to 5 years.
- You cannot apply if you are a resident of: the Isle of Man, Channel Islands (Jersey, Guernsey, Alderney, Sark, Herm, Jethou, Brecqhou and Lihou) and the Republic of Ireland.
Representative example: You could borrow £10,000 over 60 months with 60 monthly repayments of £181.24. The total amount repayable will be £10,874.40. Representative 3.4% APR, annual interest rate (fixed) 3.4%.
TSB Bank Loans
About TSB Bank Loans
TSB Bank Loans process the application the same day but not without getting your approval on a personalised quote. They offer an exclusive facility to take a break from repayment. However, your overall interest will increase.
Eligibility Criteria
Minimum Age
21 years
Minimum Income
£10,200 per annum
Other Requirements
- Must be a UK resident
- You should have no bankruptcy or County Court Judgements within the last 5 years
- You should be employed or retired with a pension
Representative example: If you borrow £5,000 over 5 years at a Representative APR of 9.9% and an annual rate of 9.52% (fixed) you would pay £105.06 per month. Total charge for credit will be £1,303.60. Total amount repayable is £6,303.60.
NatWest Bank Loans
About NatWest Bank Loans
They offer attractive APR on personal loans of a higher amount. You can quickly get a quote from NatWest Bank before applying for a loan without disturbing your credit profile. Their borrowing terms are friendly and affordable.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- You must be a UK resident with a NatWest current account (held for 3+ months).
- You have not been declared bankrupt in the last 6 years
- You have not applied for a personal loan with us within the last 28 days
Representative example: If you borrow £10,000 over 5 years at a Representative APR of 3.4% and an annual rate of 3.4% (fixed) you would pay £181.25 per month. Total charge for credit will be £875. Total amount repayable is £10,875.00.
Halifax Bank Loans
About Halifax Bank Loans
Halifax Bank Loans are here to help you if you are 18+ and a UK citizen. Of course, there are other criteria you need to fulfil to get a loan, but they’ve certainly made it easier for an eligible candidate to get a personal loan.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- You live in the UK (excluding the Channel Islands and the Isle of Man)
- You’re not a full–time student
- You haven’t had a request for credit declined in the past month
- You don’t have a history of bad credit, such as bankruptcy or CCJs
Representative example: If you borrow £10,000 over 48 months at a Representative rate of 3.9% APR and an annual interest rate of 3.83% (fixed) you would pay 48 monthly repayments of £225.04. The total charge for credit will be £801.92 and the total amount payable will be £10,801.92
Barclays Bank Loans
About Barclays Bank Loans
Barclays offers a provisional loan limit even before you borrow if you have a current account with them. You can check how much you are eligible for on their website. Their approval is based on the applicant’s credit history, application credentials, and financial circumstances.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- You must have a Barclays current account or Barclaycard account.
- You must be a UK resident.
Representative example: If you borrow £10,000 over 60 months at a representative rate of 7.9% APR and an annual interest rate of 7.9% (fixed), you would pay 60 monthly instalments of £200.99. The total charge for credit will be £2,059.40 and the total amount payable will be £12,059.40.
Lloyds Bank Loans
About Lloyds Bank Loans
Apart from the chance to check your loan eligibility without affecting your credit score, Lloyds Bank also allow you to choose your repayment term and loan amount.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- You must be a UK resident (excluding the Channel Islands and the Isle of Man).
- You have held a Lloyds Bank current account for at least one month.
- You must be in paid employment or have a regular income, and are not a full-time student.
- You have a good credit score, with no history of bad credit, such as County Court Judgements (CCJs) or bankruptcy.
Representative example: You could borrow £10,000 over 48 months with 48 monthly repayments of £227.20. Total amount repayable will be £10,905.60. Representative 4.4% APR, annual interest rate (fixed) 4.31%.
Tappily Loans
About Tappily Loans
Here, you get a revolving line of credit up to £2500. After passing the affordability checks, you can borrow this amount whenever you need it. You can pay the minimum amount every month if you can’t pay more.
Eligibility Criteria
Minimum Age
Not mentioned
Minimum Income
Not mentioned
Other Requirements
- You need a registered UK bank account with an Internet Banking service in your name.
Representative example: You could borrow £700 over 75 days with. Representative 49.7% APR, annual interest rate (variable) 25.5%.
Selfy Loans
About Selfy Loans
Selfy Loans are here to help budding enterprises to realise their dream. They offer exclusive credit facilities to self-employed, sub-contracting professionals. They also try to revive your bad credit situation and not deny a loan based on that.
Eligibility Criteria
Minimum Age
21 years
Minimum Income
£10,000 per annum
Other Requirements
- Must be a UK resident.
- Must not be furloughed or on sick leave.
- You might need to visit nearest Everyday Loans branch to complete your application.
Representative example: If you borrow £3.000 over 24 months at a Representative rate of 99.9% APR and an annual interest rate of 71.3% (fixed), you would pay 24 monthly installments of £238. The total charge for credit will be £2,706 and the total amount payable will be £5,706
Morses Club
About Morses Club
Morses offer cash loans from £300 to £1000. You can check which amount you are eligible for online. They are open in their communication with no hidden fees and allow easy management of your loan.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- Must be a UK resident
- Have not not have been declared bankrupt, applied for a sequestration, had a Debt Relief Order on an Individual Voluntary Agreement in the last 6 years.
Representative Example: £300 loan repayable over 35 weeks at £15 per week, Rate of interest 111.4% p.a fixed; Representative 498.34% APR, Total amount payable is £525
Salad Money
About Salad Money
Salad Money delivers affordable personal loans to NHS workers and public sector employees. It’s a social sector organisation that protects the NHS workers from high-interest credits such as payday loans.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
£1,100
Other Requirements
- Only available to key workers in secure employment
- Must have been employed with the same organization for 3 months+.
Representative Example: Representative APR 69.9%. Based on a loan of £1,000 over 17 months at an interest of 54.19% p.a. (fixed). 17 monthly repayments of £82.64 and a final repayment of £26.09. Total amount payable £1,430.97. Maximum APR: 69.9%.
1Plus1 Guarantor Loans
About 1Plus1 Guarantor Loans
You get a guarantor loan with a bad credit rating as well if you match the affordability criteria and get a creditworthy guarantor. 1Plus1 loans are perfect for supporting you when your credit ratings are messed up, but you need money.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- You will need to provide a Guarantor with a good credit history
- You and your guarantor must be UK resident.
Representative example: If you borrow £3000 over 36 months at a Representative rate of 47.8% APR and an annual interest rate of 39.7%, you would pay 12 monthly installments of £143.84. The total charge for credit will be £2178.24 and the total amount payable will be £5178.24
Evolution Money Secured Loans
About Evolution Money Secured Loans
You get a guarantor loan with a bad credit rating as well if you match the affordability criteria and get a creditworthy guarantor. 1Plus1 loans are perfect for supporting you when your credit ratings are messed up, but you need money.
Eligibility Criteria
Minimum Age
18 years
Minimum Income
Not mentioned
Other Requirements
- You must be a Homeowner to get this loan.
- It is a Secured Loan, secured against your property.
Representative Example: Loan Amount: £20,000.00, Loan Term: 144 Months, Interest Rate: 19.56% PA (variable), Monthly Repayments: £385.68, Total Amount Repayable: £55,538.36. This example includes a Product fee of £2,000.00 (10% of the loan amount) and a Lending fee of £699.00.
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FAQs
Here are the answers to some frequently asked questions regarding personal loans, interest rates and APR.
A personal loan interest rate is the percentage of the principal amount borrowers must pay to the lender to get the loan. In other words, interest rate is an amount the lender charges from the borrower based on the loan amount.
APR stands for 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 on 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.
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, the APR up to 15% is a reasonable APR.
Personal loan interest rates range start 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.
You may need to take a personal loan for various purposes. Some examples of personal loans are short-term personal loans, Holiday loans, consumer durable loans, home renovation loan, wedding loans, agriculture loans, overdraft loans, debt consolidation loans, etc.
The creditor on your profile runs a soft search to know your eligibility for the loan. This review decides how high the chances of your loan application getting cleared are. The good thing is that the soft search doesn’t leave a trace on your credit history. Therefore there is no fear of credit score getting affected due to loan rejection.
Sometimes lenders may run a background check on you to test your eligibility for the loan. It’s a pre-approved loan when they like what they see and decide to lend you money. It’s not a guarantee of a loan disbursal until the complete check is done. But pre-approved loans certainly mean that your chances of getting a loan are bright. With such an excellent credit history, you will likely get the personal loan at the lowest rate.