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.
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
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.
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.
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