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Annual Interest Rate 13.1% fixed, Representative 13.9% APR, based on borrowing £16,416 over 84 monthly repayments of £299.41, total amount repayable £25,150.44.
Based on £5000 over 36 months
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What is a personal loan?
A personal loan is money that you borrow from a lender, usually over a set period and with set repayments. The loan can be taken out to spend on anything you need, from home improvements or a new, more reliable car to debts consolidation with the money being used to pay off credits cards or smaller loans. A personal loan could be used for practically anything, even a much-needed holiday. As long as the lender approves the loan, you are literally good to go.
How do they work?
A personal loan is a type of unsecured loan. This means that it’s not secured against any of your assets. This is unlike a mortgage which is secured against the value of your home, or loan secured against your car. Because of this, personal loans are also commonly known as unsecured loans, consumer loans or signature loans. Other types of unsecured loans include student loans and credit cards. With a personal (unsecured) loan, if you become unable to repay it, the lender won’t be able to try to get the money back by making a claim against your home or other assets.
What's the maximum I can borrow with a personal loan?
At Loan.co.uk our personal loans range from £1,000 to £35,000.
Do I need a deposit for a personal loan?
Although it is best if you can use at least some of your savings towards whatever you need the loan for, you do not need a deposit with a personal loan.
What will lenders need to consider?
Lenders will look at a number of factors when deciding if you’re suitable for a personal loan. The most common criteria they use includes your:
- Credit rating. If you have a poor credit score, you might be charged a higher rate of interest, or may not be approved at all.
- Personal income. The minimum income amount varies between lenders and will also depend on the amount you’re looking to borrow.
- Job status. Many lenders will require you to be in full-time employment, but some might not.
- Location. To take out a personal loan with a lender that’s based in the UK, you must be resident in the UK.
- Age. Your minimum age to take out a personal loan is 18-years-old. The maximum age you may be by the time the loan’s due to be fully repaid is usually 70.
Which will be the best for me?
To determine the best loan for you we will need to find out your needs and circumstances, then we will be able to quickly deliver the loan to you so that you can get on with carrying out your plans.
How will I repay it?
Personal loans are repaid in fixed payments. This is usually every month over the agreed time period (the term of the loan). Each monthly repayment combines the amount borrowed (the capital) and an amount of interest. Each instalment is calculated to ensure that the full amount (both the capital and interest) is paid in full by the end of the term.
The most common way to charge interest on a personal loan is using a fixed rate. This means the rate remains the same and is unchanged by any market interest rate ups and downs.
Remember that the shorter the time period, the less interest will need paying but the payments will be larger. And if you opt for a longer time period, you will be making smaller payments but more interest will be paid in total.
If you decide you’d like to repay the loan back early, check whether there are any early repayment fees.
How long do I have to repay the personal loan?
Personal loans are repaid over a shorter period than many other loans. The standard duration is one to seven years, though we all offer ones with ten year terms
What happens if I cannot repay my personal loan?
If you have problems repaying the loan, you could reach out to the lender to explain what the issue is. If your situation has changed since you took the loan out, the lender may work with you to create and agree a suitable repayment plan. However, if you do not work with the lender and continue to miss payments, this could result in them taking court action.
Why should I choose to take out a loan with Loan.co.uk?
- We are fast. We know you want to get on with your plans quickly, so we aim to get you approved for a loan in minutes and the money you need into your account within just a day of your application being approved.
- We will find the best loan for you. We work with many trusted lenders so we can find a competitive rate for you and your circumstances.
- Our search for your loan won’t harm your credit rating. Some searches for credit can be recorded and that can be bad for your score and your chances of getting approval.
- We make applying for a personal loan quick and easy. It will take you just minutes to give us the details we need to scour the market for a competitive loan for you.