29 April 2017 : 

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Personal Loans

Since time immemorial people have needed loans to help them get past the obstacles life occasionally throw up. Used well they can help make finances more flexible and facilitate better financial wellbeing, but used poorly they will probably do exactly the opposite. Using loans the right way starts with ensuring you get the right product for your circumstances at the most advantageous rate. Compare personal loans from high street, and other, lenders below & get the right product for you.

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Product
Name
APR
Early
Repayment
Penalty
Min. Loan
Max. Loan
   
Product Name Representative
APR (Variable)
Early Repayment Penalty Min Loan Max Loan
 
Representative Example: 3.0% APR Representative (fixed) so if you borrow £10,000 over 60 months at an interest rate of 3.0% p.a. (fixed), you will repay £179.51 per month and £10,770.60 in total.
M & S Personal Loan application
Representative Example: APR Representative 3.1% (fixed); Rate of Interest 3.1% fixed; Total amount of credit £10,000; Duration of Agreement 60 months; Monthly repayment £180.11; Total amount repayable £10,806.60
Santander application
Representative Example: A loan of £10,000 over 5 years will cost you £180.37 per month at a representative 3.2% APR. The total cost after 5 years is £10,822, which includes £742.33 interest at 2.9% fixed and an £80.00 fee. The total amount of credit is £10,080.
Zopa Personal Loan application
Representative Example: 3.2% APR Representative (fixed) so if you borrow £7,500 over 60 months at an interest rate of 3.2% p.a. (fixed), you will repay £135.29 per month and £8,117.40 in total.
Hitachi Personal Loan application
Representative Example: Assumed borrowing of £10,000 over 48 months at a nominal annual rate of 3.3% (fixed) would result in a representative rate of 3.3% APR (fixed), 48 monthly repayments of £222.45, total amount repayable is £10,677.60. Credit available subject to status.
Ikano Personal Loan application
Representative Example: Representative APR is 3.3% (fixed) so if you borrow £10,000 over 4 years at a rate of 3.3% per annum (fixed) you will repay £225.45 per month and £10,677.60 in total.
Tesco Personal Loan Clubcard application
Representative Example: Representative 3.4% APR. Based on a loan amount of £10,000 over 60 months at an interest rate of 3.4% p.a. (fixed). Monthly repayment of £181.24. Total amount repayable £10,874.29
Post Office Personal Loan application
Representative Example: Representative APR is 3.5% (fixed), so if you borrow £10,000 over 4 years at a rate of 3.4451% p.a. (fixed) you will repay £223.31 per month and £10,718.88 in total.
Tesco Bank Personal Loan application
Representative Example: Representative APR is 3.9% (fixed), so if you borrow £10,000 over 4 years at a rate of 3.90% p.a. (fixed) you will repay £225.03 per month and £10,801.44 in total.
Royal Bank of Scotland application
Representative Example: Representative APR is 3.9% (fixed), so if you borrow £10,000 over 4 years at a rate of 3.90% p.a. (fixed) you will repay £225.03 per month and £10,801.44 in total.
NatWest application
Representative Example: 4.6% APR Representative (fixed). Based on an assumed loan amount of £10,000 over 60 months at an interest rate of 4.6% p.a. (fixed). Monthly repayment £186.46 Total amount payable £11,187.60
Nationwide application
Representative Example: £5,000 over 5 years at 15.9% APR representative. Rate of interest 15.9% (fixed). Monthly repayment £118.54. Total charge for credit £2,112.40. Total amount repayable £7,112.40.
BeSavvi Loan application
Representative Example: 37.9% APR Representative (fixed) so if you borrow £5,500 over 5 years at an interest rate of 39.9% p.a. (fixed), you will repay £174.42 per month and £10,465.20 in total.
UK Credit Guarantor Loan application
Representative Example: The Representative APR is 42.5% APR (fixed) so if you borrow £3,000 over 3 years at a rate of 31.9% p.a (fixed), plus an arrangement fee of £157.90, you will repay £137.31 per month & £4,943.24 in total.
AvantCredit application
Representative Example: 43.80% APR Representative (fixed) so if you borrow £4,000 over 36 months at an interest rate of 36.9% p.a. (fixed), you will repay £185.27 per month and £6,669.72 in total.
Trusttwo Guarantor Loan application
Representative Example: 49.7% APR Representative (fixed) so if you borrow £2,600 over 36 months you will repay £126.61 per month (and a final payment of £126.54), and £4,557.89 in total. Interest rate 41.0% Fixed.
Bamboo  application

Who can get a personal loan?

Anyone who wants to apply for a credit based product in the UK needs to be 18 or over (an adult by law). However, even though loans are technically available to anyone over 18, each loan supplier will operate their own specific selection criteria (sometimes called a ‘scorecard’) to ensure that they minimise the risk of defaults (non-payment) by their customers. As such, individuals looking for a loan tend to be required to also have a means of income, a current account and ideally some prior history of reasonable credit management (something of a chicken and egg situation).

What is an unsecured loan?

The term ‘unsecured’ is somewhat misleading when it comes to loan provision as it can imply that lenders have limited recourse if a loan is defaulted on. This could not be further from the case. Ultimately whatever assets an individual has (whether that’s a car, house, nice golf clubs etc) can be seized following a court order (County Court Judgement - CCJ)  if an individual has failed to meet their obligations to the loan provider.

The term unsecured is perhaps better understood in context against secured loan products. Secured loans take many forms from Mortgages, Homeowner loans through Hire-purchase deals etc, but are always secured against a specific asset (house, car). The difference, therefore, with an unsecured loan is that it is not secured against a specific asset.

Is a loan right for me?

Personal loans can be great for people in numerous different circumstances, but they are certainly not right for everyone and might well not be the cheapest option in a number of cases. Be sure to investigate other credit based products like 0% purchase credit cards (and other credit cards) to see whether they might better suit your needs. For enhanced consumer protection it's often worth purchasing goods over £100 with a credit card to get Section 75 cover even if you subsequently decide to consolidate the purchases into a personal loan.

 

We provide a personal finance, insurance and utility comparison service free to the user. compareandsave.com is a credit broker, not a lender, for the consumer credit products we feature. We usually receive commissions from the businesses we refer users to. This table comprises a range of popular products. Other tables may feature other products which may be better suited to your needs. Please ensure you have thoroughly investigated all available options before applying for products.
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