Are you a homeowner? Yes No Loan amount 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 21,000 22,000 23,000 24,000 25,000 26,000 27,000 28,000 29,000 30,000 32,000 34,000 36,000 38,000 40,000 42,000 44,000 46,000 48,000 50,000 55,000 60,000 65,000 70,000 75,000 80,000 85,000 90,000 95,000 100,000 How soon do you need the money? Select ASAP Within Next Month Within Next 3 Months Not Urgent Purpose of loan Select Debt Consolidation Refinancing House Purchase Home Improvement Remortgage - Home Improvement Wedding Car Holiday Business Other Any UNSETTLED defaults or CCJs from the last 3 years? Yes No Uncertain Type of application Individual Joint Title Select Mr Mrs Ms Sir Dr Firstname Surname Employment status Select Employed Unemployed Self-Employed Director Director-Owner Retired Agency Worker Second Applicant: Title Select Mr Mrs Ms Sir Dr Firstname Surname Employment status Select Employed Unemployed Self-Employed Director Director-Owner Retired Agency Worker Email address Daytime phone number Evening phone number Mobile phone number Address Town County Postcode I / We agree to the terms and conditions [Ensure that your details are correct before submitting]

Loans > Personal Loans

A personal loan can help you to make important purchases or cover expenses when you need to, and give you time to repay the amount. There are many uses for personal loans, ranging from small loan amounts to larger loans to cover expensive work such as a much-needed extension to the home, or to finance the purchase of a new car. Our loan finding service will match your needs with the right product for you, it is quick, simple, free and carries now obligation.

Our comprehensive and independent service will search through the different personal loans on the market to find the best deal for you. We have access to hundreds of loan products from over 50 different providers in the UK, as well as many exclusive deals, so getting the right personal loan couldn't be easier.

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While there are a number of different personal loans available in the UK finance market, these will basically fall into one of two distinct types – either secured or unsecured. In simple terms a secured loan is one that has the borrower offer some form of collateral to cover the loan amount, and in the case of default on the repayment, the lender has the right to force the sale of this collateral in order to recover the money that they have lent.

The major benefits of secured loans are down to the fact that the lender is not exposing itself to a large risk of non-payment because they are able to recoup the amount by a forced sale in a worst-case scenario. When calculating the rates of interest to charge, the risk exposure is an important factor that is taken into account, and the lower this is the lower the interest rate should be. As well as a lower rate of interest when compared to unsecured loans, higher borrowing amounts are also available with a secured loan, often up to the value of the collateral that the borrower provides, making this type of loan suitable for a wider range of uses.

There are drawbacks to these types of loan however, for one thing you may not have the collateral required, which is normally in the form of your house. Even if you are a homeowner you may not feel comfortable in putting your home up as security, as there is the risk of repossession if you are unable to meet the repayments. If you are not in the position to get a secured loan, or if you simply would prefer a different option, then an unsecured loan is your only other option. Secured loans also tend to require more time to approve, as the lender has to check that you own the collateral put up, and that there is sufficient equity held by you in it, with less checks unsecured loans are often simpler and therefore quicker to arrange.

In general terms unsecured loans will have lower borrowing limits, and slightly higher rates of interest, however they are usually quick to arrange and are available to you even if you are not a homeowner, making them suitable for a wide range of people and uses. The reason for the lower borrowing limit is due to there not being the collateral in place that there is with secured loans, and as such the lender limits their risk by offering smaller amounts, which they deem the borrower able to repay.

The type of loan that you choose will depend on your needs and your circumstances, if you are a homeowner then you will have the option of both forms. Generally secured loans are better suited to large loan amounts, perhaps to fund major home improvements for example, whilst unsecured loans are better for smaller amounts that will be repaid over a relatively short period of time.

When determining the rates of interest to charge on the loans, the lenders will take into account a number of factors, including the risk to them of non-repayment and the costs involved in trying to regain the money from the borrower in worst-case scenarios. The facts are that the risks and associated costs to the lender are less on secured loans, which is why these will always offer lower interest rates when compared to the unsecured variety.

Whatever you need your loan for, whether it be for covering the cost of an emergency plumber, replacing an unreliable car with a new one or for paying for a family holiday you should be sure to find the lowest interest rate deal that you can. Getting a low rate is important, as it is the rate of interest that determines the cost of your loan - shopping around is the key, if you would rather we do the legwork for you, then use our free loan finding service.

There are an endless amount of uses for a personal loan, and there is no restriction placed on the borrower by the lender as to what they can spend the money on. Some of the most common uses for a personal loan are for car buying, home improvements and holidays. Or you could use the loan to pay off an existing debt. This is known as debt consolidation.

The cost of your loan will depend on the APR (annual percentage rate), this percentage amount takes into account the interest amount and any charges associated with the loan such as arrangement fees.

All lenders must provide this figure for all of the loans that they offer, as it is a Government requirement intended to provide clarity to consumers as to the comparative cost of loans.

Generally speaking, the lower the APR figure the less the loan costs, and if you are looking at two identical loans, i.e. for the same amount over the same repayment period, then the one with the lower rate will be the cheaper of the two. The APR must be stated on any promotional material offering a loan, as a requirement from the regulatory body for this industry, the reason for this is to give consumers an easy way to directly compare loans.

When you are arranging your loan, you should make sure that you are aware of the costs involved, while the APR will cover all the standard costs involved with the loan, there may be fees attached to early repayment for example.

This could be an important thing to know, as if you think that you may be able to clear the repayment sooner than the agreed term this could affect you. You should also be sure that whatever loan you arrange, that you set the term to a suitable length to keep the monthly repayments at a level that you can afford to meet, this way you will have the financing that you need without the worry of meeting the repayments.

A personal loan is usually a far better option than using a credit card, or dipping into an overdraft, which are both options for smaller amounts. The interest rates charged on these other options are usually much higher as they are designed as short-term, instant-access credit and for this convenience you will pay a premium. If you do not need the money instantly, then taking out a personal loan will be able to meet your needs and will cost you less.