Compare Personal Loans in London

London, the mega-polis of trade, finance, energy and people, is the largest city and the capital of England and the United Kingdom. The city that stands on the banks of River Thames, boasts both a vibrant culture and rich heritage.

London is the financial capital of England, so, if you’re looking for unsecured personal loans in London, finding a bunch of local lenders will be an easy task. Although the more options you explore, the better rates you are likely to get.

So, why limit your loan search to London? Compare real rate loan offers from FCA-approved lenders and find your ideal personal loan with LoanTube. Widen your search radius at the click of a button – apply now from the comfort of your home and explore offers from all across the UK.

Circle
Circle Inner
Desktop
Home
Suitcase
Car
Bag
Home
Circle Base
  • Loan

    Loans from £1,000 – £35,000

  • Loan

    Borrow for 12 to 84 Months

  • Loan

    Apply from anywhere in UK

  • Loan

    No Collateral or Mortgage

  • Loan

    Real Interest Rate

London personal loans

A personal loan is a versatile financial tool that offers a quick financial solution for inadvertent events or emergencies. Personal loans even go by the alias of ‘signature loans’ because once your loan is approved, all you need to get the funds is a signature.

The ease of access can be attributed to the fact that personal loans are unsecured – you won’t have to provide collateral to secure this loan. In addition, you can use a personal loan to solve a myriad of purposes.

Unlike mortgages and auto loans which help you finance the purchase of properties and cars, respectively, personal loans aren’t earmarked to serve a specific purpose. Here’s what personal loans can help you with:

  • Organize your finances with debt consolidation
  • Cope with medical expenses
  • Establish or improve your credit history
  • Fund repairs or home refurbishment projects
  • Finance your wedding
  • Pay for car repairs
  • Regulate household cash flow
  • Pay for packing and moving costs
  • Regulate operational costs of your business
  • Finance a holiday

Personal loans can help you bridge the gap between your dreams and their fulfilment without disturbing your financial balance. You can conveniently spread the cost of your venture into affordable monthly instalments over a fixed term with a personal loan.

Affordable instalments give you more breathing room and greater control over your spending, especially in the long run. But, it is best to ensure that your budget has room for repayments before opting for a personal loan.

Why borrow a personal loan in London?

  • Competitive interest rates compared to other unsecured financial products.
  • Fixed monthly instalments allow you to plan repayments more effectively.
  • Enjoy higher borrowing limits with personal loans and borrow up to £35,000.
  • Better access to funds without collateral security.
  • Solve a multitude of problems with a single loan.

What to consider before borrowing a personal loan in London?

Things
  • While personal loans usually have higher borrowing limits, it is best to borrow an amount that you can easily repay.
  • For a loan to be fruitful, timely repayments are critical, especially if you’re taking out a personal loan to build credit. Missed repayments can gravely impact your credit score.
  • Personal loans are unsecured, and so lenders may set higher interest rates than secured loans. They often do so to minimize the risk of loss in case of a potential default.
  • The rates you are offered will depend on your personal and financial circumstances – your credit score and income, per se. The higher your credit score, the better.
  • Defaults can leave an imprint on your credit file. It could impact your chances of securing credit in the future, affecting your future goals and financial milestones.
  • A predatory loan from a shady lender could cost you way more than just a high-interest rate. Choose an FCA-approved broker like LoanTube, for a safe and hassle-free borrowing experience.

Comparing personal loans in London?

A widespread research enables you to fully explore the lending market and find the best available offers that align with your financial needs and circumstances. You don’t have to limit your search to London, even if you’re based of the city.

With LoanTube, you can compare real-time loan offers from a select panel of FCA-approved lenders across the UK. Enjoy competitive rates and guaranteed APRs on loan offers from our pan-UK lending network while sipping tea at home – yes, it’s that easy!

Do interest rates change across different counties?

There’s a common myth surrounding postcodes thatthey can influence your credit rating. This is based on the idea that lenders would postcodes with higher default rates, consequently, setting higher interest rates for borrowers from such counties.

However, you need not pay much heed to this myth – lenders only use your personal information to check the legitimacy of your address and credit history. Postcodes do not impact your application or the interest rates that you are offered in any way, unless you apply with a below-average credit score.

Regardless of the county, lenders primarily review applications from a financial stability standpoint – your credit and financial history. With a healthy history, high credit score and stable income, you’ll have higher chances of securing a loan with lower interest rates.

Will I be able to get a loan if I’ve recently moved to London?

Moving into a new city can be thrilling, but updating your address for all services, can be taxing. If you’ve moved to London from another county in the UK, it may not be that cumbersome, since it’s a switch from one county of the UK to another.

An ongoing credit history will be instrumental in easing your loan search in and around London. It’ll be ideal if your credit history doesn’t include defaults or County Court Judgment (CCJs) – it’ll give you an edge and amplify your chances of qualifying for competitive interest rates.

The one thing that could potentially affect your application isyour electoral registration. If you move to London from another county, you will have to renew your registration on the electoral roll with your new address.

If you live in Wales, England or Scotland, you can visit your local Electoral Registration Office to register again. Make sure that you carry a proof of address for verification to the Registration Office.

As long as the lender is able to verify your identity and address, and credit history, borrowing a personal loan won’t be much of a challenge.

How to find the best personal loan offers in London?

Typically, lending criteria differ among different lenders. Lenders usually assess applicants on a case-by-case basis. Applicants with a decent credit history and stable income may qualify for competitive interest rates on personal loans in London.

Conversely, a low credit score could limit your options. Lenders often set higher interest rates on personal loans for borrowers with below-average credit scores. Therefore, it is vital to factor in these determinants before borrowing an unsecured personal loan.

A proven way to boost your credit score is to pay off all ongoing credit engagements (credit cards, debts, overdrafts, etc.) before applying for an unsecured personal loan. Furthermore, you could dispute credit report discrepancies such as unidentified enquiries or erroneous records to climb up the credit ladder.

It all boils down to the most crucial step in your borrowing journey – how well you explore the market. Rather than grabbing the very first offer you get, shop around and compare interest rates and APRs on all offers.

Here’s why you should apply with LoanTube

Apply
Real Interest Rates

Compare loan offers with real interest rates and guaranteed APRs from FCA-approved lenders across the UK at the click of a button.

Apply
Instant Decision

Quick, real-time decisions with acceptance certainty to give you a seamless borrowing experience.

Apply
Customer Ratings

Tested and trusted by the UK – Our fast, secure and transparent service makes us the first choice for our customers.

Representative APR Example

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

Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54