Unsecured Personal Loans

Compare unsecured personal loans with real interest rates.

Use it for a holiday, buy a car, carry home improvements, cover your wedding expenses. Such loans allow you to borrow money without putting up your property as security against the loan. Borrow money without any collateral and spread the cost of repayment over several months to ease your monthly budget.

Find your loan

Loans from £1,000 – £35,000
Borrow for 12 to 84 Months
Quick Approval. Fast Payout
No Collateral or Mortgage
Real Interest Rate

What is a Personal Loan?

A personal loan is a flexible financial tool that offers a comparatively quick approach to gaining access to funds. These are also termed as “unsecured personal loans” as an individual do not have to provide any collateral to secure the loan. The eligibility of an applicant is evaluated based on the creditworthiness and affordability. Personal loans can be used for a variety of reasons as its repayment structure allows financial breathing space to the borrowers.

You can repay the loan in fixed monthly instalments. Such repayment system is beneficial for your long-term financial goals as you can easily prepare a budget and stick to it. Also, as unsecured personal loans are quick, they are an essential financial tool during emergencies.

Reasons to Borrow a Personal Loan

Use it for travel and accommodation expenses. Spending in cash while on a vacation allows you to keep track of your money. And also it is easier to spend in cash while abroad.

Cover the shortfall or finance the cost of your wedding. The funds can be used to pay for honeymoon expenses, wedding dress, venue, food and for other related expenses.

Carry renovations on your existing property to increase its overall value. Most of the homeowners in the UK upscale their current home rather than moving out to a new one.

Merge all your existing debts into one for easy repayment. Multiple debts can make financial chaos and treat them – you can combine all your current debt into a single loan.

Things to Consider Before Borrowing a Personal Loan

Borrow a loan amount that you can afford to repay the lender on time and in full. If you borrow a loan amount that you cannot afford to repay, your credit score will be impacted.
If you default on the repayment of a loan, it will get difficult for you to get a loan in the future as most of the lenders will consider your profile to be risky. Hence, a bad credit score can impact your future borrowing experience.
As the loan is not secured against your home or property, the rates of interest proposed by the lenders may be high. Because the lender doesn’t have anything of value with them to recover the money you owe.
The interest rates that you will be offered depends on your personal and financial circumstances and it may vary from lender to lender. Your credit history plays an important role while the assessment of your loan application.

Alternatives to Personal Loans

Although an unsecured personal loan is one of the best and popular options for borrowing money in times of need, there are certainly some alternatives that you can consider.

Whenever we are stuck in an emergency, our immediate instinct is to use our credit cards. This option of funding is an easiest and convenient approach, however, the rate of interest that you may have to pay on the card may be high. So, if you are sure about the repayments, then you can go ahead by using your credit card when you need it.
You can also ask your friends and family to lend you a supporting hand during such times. Discuss your situation with them clearly and ask for financial help. Ensure that you repay the entire amount to them. If possible draft a repayment plan and share it with them as well.
Visit your bank or contact them for an authorised overdraft. It can be used during emergencies or for short-term expenses only. Your bank will assign you a limit and you have to spend it within the specified limits. You may be charged by the bank for using the overdraft.

Why Should You Apply With Us?

Real Interest Rates

Unlike other loan comparison websites, we offer you a platform tocompare the rates of personal loans on real time. That means you can now compare the loans on real interest rates rather than on proposed rates

Instant Decision

You do not have to wait for hours or days at end to know the decision of our lenders. It will hardly take a minute or two and you will receive detailed information like the lenders who have accepted your application and who have declined it.

Customer Ratings

We love our customers and so do they. A lot of our customers have appreciated our service that is simple, fast, and transparent. We believe in making the entire process less time consuming, straight forward and easy for a seamless borrowing experience.

FAQs on Unsecured Personal Loans

We have answered almost every question related to an unsecured personal loan that are frequently asked. If you do not find something, please contact us.

What should be my minimum age while applying for a loan?

Our lenders lend only to customers who are aged 18 or above.

Do I need an active employment status?

Yes, it is preferred by lenders. You need to be in a permanent and paid employment. If you are unemployed, you may not be able to pass the lender’s affordability assessments. The exception is if you have other good sources of incomes like rental income and you can convince lenders that you can afford to pay the loan with those other incomes.

I am bankrupt / I am in an Individual Voluntary Arrangement (IVA) / I am in a debt management arrangement. Can I apply?

People on IVA, Debt Management Plan and on Bankruptcy are considered as negative customers by lenders. It is a sign that you can’t really manage your finances. Due to this, we are very sure we won’t be able to find you a loan if you are on IVA or Debt Management Plan or have filed a bankruptcy in past.

What information will you ask me when I apply?

We will need to know how much you earn annually, your monthly outgoings, employment details, where you’re living and what is your residential status.

Do I need to provide a guarantor for this loan?

No, you do not.

How long will I have to wait for an answer?

It depends. If we have all the information we and our lenders need, a “yes or a no” answer from lenders who are willing to lend you and the quotes/APRs they want to offer you will be displayed on your screen on a real-time basis.

Are you licensed to lend me money?

LoanTube doesn’t lend you the money- we’re a credit broker and not a lender. As a credit broker, we act as a bridge between lenders and borrowers. We connect you with the lenders (all licensed by the Financial Conduct Authority) who will consider your loan application. Applying through LoanTube means you don’t have to submit dozens of applications individually to each lender to get your loan decision.

How do you know which companies will lend me money and which ones will not?

When we become partners with a lender, one of the first things they do is to send us a list of the types of borrowers they would like to work with. You might be just the type of borrower one lender is looking for but another might not consider you. Our job is to pair you with the right lenders based on the information you give us.

Does that make my loan more expensive? Will I have to pay a higher rate of interest? Will I have to pay LoanTube?

No – to all three questions. You do not pay LoanTube anything for applying and the cost of your loan does not go up. If you’re approved, you’ll pay the lender exactly what you’d have paid them had you approached them directly.

Will you run a credit check on my report?

When we’re searching around for the best deal for you, we only carry out a soft credit check. Soft credit checks have no effect at all on your credit score. By carrying out the soft check, it gives us a better idea of which lender to propose your personal loan to because, when they make a decision, they consider both what’s on your application and what’s in your credit report.

If I get an offer, do I have to take the loan?

No. You’re never under any obligation to accept an offer that you receive from LoanTube. Even if we say “yes” then you turn around and tell us “no”, there’s no charge for our service.

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