Unsecured Loans
An unsecured loan is a loan that doesn't have anything put up as security by the borrower such as a home which can be taken to cover the cost if a borrower defaults. Because there is no security it means that the lender is taking a greater risk and that in turn means that the interest rate of the loan will be relatively high. Read more...>
| Product Name |
Representative APR (Variable) |
Early Repayment Penalty | Min Loan | Max Loan |
|---|---|---|---|---|
-
Derbyshire
-
5%
-
No
-
£7,500
-
£15,000
- No hidden charges
- Instant decision on most online applications
- Flexible loan terms from 1 to 5 years
Representative Example: 5.0% APR Representative (fixed) so if you borrow £11,000 over 51 months at an interest rate of 5.0% p.a. (fixed), you will repay £239.31 per month and £12,204.81 in total.
-
Tesco Bank
-
5.1%
-
2 mth
-
£7,500
-
£15,000
- Instant online decision
- Loan term 1-10 years
- Minimum annual income £10,000
Representative Example: Representative APR is 5.1% (fixed), so if you borrow £10,000 over 4 years at a rate of 5.1% p.a. (fixed) you will repay £230.22
per month and £11,050.56 in total.
-
Sainsbury's Finance Medium
-
5.1%
-
1 mth
-
£7,500
-
£15,000
- Only available to Sainsbury's shoppers with a Nectar Card
- Flexible loan amounts from £7,500 to £15,000
- Flexible loan terms between 1 and 7 years
Representative Example: Representative APR is 5.1% (fixed), so if you borrow £10,000 over 5 years at a rate of 5.1% p.a. (fixed) you will repay £188.64 per month and £11,318.40 in total.
-
Co-operative Bank
-
5.8%
-
1 mth
-
£7,500
-
£14,950
- Borrow between £7,500 - £14,950
- Fixed monthly repayments to suit your budget
- Spread the payments over 1-5 years
Representative Example: 5.8% APR Representative (fixed) so if you borrow £10,000 over 60 months at an interest rate of 5.75% p.a. (fixed), you will repay £191.72 per month and £11,502.65 in total.
-
Nationwide
-
6.2%
-
No
-
£7,500
-
£14,999
- Instant decision on most online applications
- Flexible loan terms from 1 to 5 years
- 0.3% discount available for main current account customers
Representative Example: Representative APR is 6.2% (fixed), so if you borrow £11,000 over 51 months at a rate of 6.2% p.a. (fixed) you will repay £245.04 per month and £12,497.04 in total.
-
NatWest
-
6.9%
-
2 mth
-
£1,000
-
£25,000
- Only available to existing NatWest current account holders
- Borrow for almost any purpose
- Flexible loan terms from 1 to 7 years
Representative Example: Representative APR is 6.9% (fixed), so if you borrow £10,000 over 4 years at a rate of 6.9% p.a. (fixed) you will repay £238.03 per month and £11,425.44 in total.
-
RBS
-
6.9%
-
2 mth
-
£1,000
-
£25,000
- Only available to existing RBS current account holders
- Flexible loan terms from 1 to 5 years
- Fixed monthly payments help you plan ahead
Representative Example: Representative APR is 6.9% (fixed), so if you borrow £10,000 over 4 years at a rate of 6.9% p.a. (fixed) you will repay £238.07
per month and £11,427.36 in total.
-
RateSetter 2 Year Loan
-
6.9%
-
No
-
£1,000
-
£15,000
- SmartQuote tells you in minutes if you're likely to be approved
- Ratesetter matches creditworthy borrowers to savers wanting higher returns
- Moneywise Trusted Provider Award 2012
Representative Example: Representative APR is 6.9% (fixed), so if you borrow £5,000 over 2 years at a rate of 6.9% p.a. (fixed) you will repay £223.64 per month and £5,367.36 in total.
-
Sainsbury's Bank Large
-
8.2%
-
1 mth
-
£15,001
-
£25,000
- Only available to Sainsbury's shoppers with a Nectar Card
- Flexible loan amounts from £15,001 to £25,000
- Flexible loan terms between 5 and 7 years
Representative Example: Representative APR is 8.2% (fixed), so if you borrow £20,000 over 7 years at a rate of 8.2% p.a. (fixed) you will repay £310.80 per month and £26,107.20 in total.
-
Zopa Personal Loan
-
16.5%
-
No
-
£1,000
-
£15,000
- Rate tailored to individual circumstances
- Loan Term 2-5 years
- Over 3 years address history in the UK required
Representative Example: 7.1% APR Representative (fixed), so if you borrow £5,000 over two years at an interest rate of 6.3% p.a. (fixed), with a borrowing fee of £40, you will repay £223.59 per month and £5,366.23 in total.
-
Amigo Loans
-
49.9%
-
No
-
£500
-
£5,000
- You must have a guarantor who is a homeowner
- Loans between £500 and £5,000 available
- Bad credit, CCJs and defaults accepted, no credit score
Representative Example: 49.9% APR Representative (fixed) so if you borrow £500 over 12 months at an interest rate of 41.16% p.a.(fixed) you will repay £51.53 per month and £618.36 in total. Amigo Loans Ltd, Walton house 56-58 Richmond Hill, Bournemouth BH2 6EX
-
Provident Personal Loan
-
399.7%
-
No
-
£100
-
£500
- Simple, secure online application process
- Loan term 6-12 months
- Agent delivers cash to your door
Representative Example: Representative APR is 399.7% (fixed) at a rate of 97.5%p.a. (fixed). So if you borrow £200 over 32 weeks, you will repay £10.00 per week and £320 in total.
-
Shopacheck
-
399.7%
-
No
-
£200
-
£1,000
- Instant online decision
- Payments collected from your home at a time to suit you
- No complicated forms
Representative Example: 5.1% APR Representative (fixed) so if you borrow £300 over 32 weeks at an interest rate of 60% p.a. (fixed), you will repay £15 per week and £480 in total.
Compare Unsecured Loans
Even though the lender has no physical security they will of course have in place procedures for recovery of their debt. Although there is no asset to lose directly there will still be serious financial consequences to failing to pay off the debt.
In an unsecured fixed personal loan the amount, interest rate and time period of the loan are all fixed at the start of the agreement. In this way repayment budgeting is made clear and can be planned for.
If you are considering paying back the loan at an earlier date if possible to reduce your interest costs you should check whether there are any early repayment penalties before you take the loan.
In an unsecured flexible personal loan you can take out a variable amount up to a set limit and only pay interest on what you have borrowed. Again, that increased flexibility may well be off-set by a further increased interest rate.
As with all loans calculating a realistic amount that you can afford to pay back each and every month is an important consideration and from that you can begin to choose which loan is best for you.
Top Tips for Unsecured Loans
- Unsecured loans tend to be more expensive because the lender is taking a bigger risk
- Fixed personal loans allow you to accurately budget your repayment schedule
- Flexible personal loans are harder to find in the market
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
