Compare laptop loans

A slow or broken computer driving you mad, but you can’t afford to replace it? A loan is one option. Read our guide to find out how to finance a new laptop and restore sanity to your life.

Surviving in this fast-paced, digital world without a laptop can leave you two steps behind the rest. Whether you use your computer for work or for organising your life, they’re a useful tool. The trouble is, they don’t come cheap, especially if you want a good one.

There are a range of ways to finance a new laptop, and it’s important that you explore all of the options available to you, but a loan is one option. We’ve put together a guide to help you find the best loan for your new laptop.

Compare personal loans to fund a laptop

How much do you need to borrow? £

1000

How long do you need to borrow for?

1

years

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Name	Product	Total Payable	Monthly Repayment	Representative APR
Barclays Bank Existing Current Account Customer Barclayloan					Representative example: Borrow £10,000.00 over 3 years at a rate of 5.5% p.a. (fixed). Representative APR 5.5% and total payable £10,848.60 in monthly repayments of £301.35.	View details	Compare	loading Fetching your data...
NatWest Existing Customer Personal Loan					Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.	View details	Compare	loading Fetching your data...
Post Office Money® Personal Loan					Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.	Go to site View details	Compare	loading Fetching your data...
HSBC Personal Loan					Representative example: Borrow £10,000.00 over 3 years at a rate of 3.3% p.a. (fixed). Representative APR 3.3% and total payable £10,509.12 in monthly repayments of £291.92.	View details	Compare	loading Fetching your data...
AA Non-Member Loan					Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.	Go to site View details	Compare	loading Fetching your data...
Lloyds Bank Existing Customer Personal Loan					Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.	View details	Compare	loading Fetching your data...
M&S Bank Personal Loan					Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.	Go to site View details	Compare	loading Fetching your data...

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How can I finance a new laptop?

To help you afford a new computer, there are several different options for you to consider:

• Personal loan. A personal loan is when you borrow money from a specialist lender, and pay it back in monthly instalments over an agreed period of time. With a personal loan, you receive the money upfront, and therefore can pay for your new PC in full, and pay back your loan monthly.
• Credit card. With a credit card, you can purchase your new laptop and pay it off over an extended period of time in instalments. You might want to consider a 0% purchase card to give you an interest-free period. If you have a bad credit rating, or no credit history at all, look at the option of a credit builder credit card as they are designed for such customers. The terms are less favourable, but you’ll have all the same benefits as a credit card.
• In-store finance. Many shops offer in-store finance to help customers afford expensive products. With in-store finance, you can spread the cost of your new laptop over a period of time to suit you, with many companies offering a 0% interest period.

Key features of personal loans at a quick glance

• Loan terms. The terms can include the loan duration as well as interest rates and repayment plans.
• Loan amounts. The amount of money that you are allowed to borrow.
• Get a personalised quote. This will give you an indication about the terms in which a provider will lend you money, and will have no bearing on your credit rating.
• Price matching. Some providers offer a price guarantee to match or beat offers from other providers.
• Monthly repayments. You will be able to repay your loan in monthly installments.
• Repayment holidays. This is an agreed period with your lender, perhaps either one or two months, where you will not have to make repayments. However, interest will still build up.
• Quick decisions. Providers will usually make a fast decision about whether they will lend you money or not.
• Access to funds. You are able to get access to all the funds upfront.
• Fees. You may incur extra costs, such as interest or late payment fees.
• Perks. With some loans, there may be special benefits such as a 0% interest period.
• Overpayments. If you wish to pay off your loan sooner than agreed, making overpayments is the way to do it. Most overpayments will not incur a penalty so long as you remain within the overpayment limit. It is important to check the small print of your loan before you make an overpayment.
• Early repayment. For many loans, you will incur a penalty and additional costs if you repay your loan in full earlier than expected.

How should I compare different loans for a new PC?

When comparing loans, identify the important characteristics of each loan and focus on how they differ from one another – this will help you to find the loan that is right for your needs. We’ve listed some features for you to consider below:

• Loan amount. The amount that you can borrow will differ between lenders, so make sure you have a value in mind when choosing your loan.
• Interest rate. There are some loans available that are interest-free, which will save you some money. If the loans you are considering are not interest-free, make sure you take the interest rate into consideration.
• Fees. You may be required to pay upfront or ongoing costs that will add to the cost of your loan.
• Eligibility criteria. Whilst you may be eligible for some loans, you may not meet the criteria for others.
• APR. The Annual Percentage Rate is designed to provide consumers with an annual summary cost for the loan, including any setup fees and interest. Different loans will have different APRs, but it is important to remember that they are only representative, and your costs may be more expensive.
• Loan terms. The length of the loan period may differ between providers, as well as the terms and conditions of taking out the loan.
• Overall cost. As well as the loan amount, you should also take into consideration any start up costs and any interest.
• Early repayment. Although you may find yourself in a position to pay off your loan early, some loans charge extra if you repay your loan too early.

Am I eligible for a personal loan?

You should only apply for a personal loan to finance your laptop if you are absolutely certain that you can meet the repayment terms, otherwise you will face additional costs and it may impact your credit rating.

To apply for a personal loan, you will need to meet the following criteria:

• You are over the age of 18.
• You will be no older than 70 when the loan term finishes.
• You have been a UK resident for over 3 years.
• You have a regular income above £12,000.
• If you are self-employed, you have been so for over 2 years.
• You must have a good credit rating, with no history of bankruptcy or County Court Judgements.
• You hold a UK bank or building society account that is able to pay direct debits.

How can I apply for a loan?

If you have decided that a provider’s loan is right for you, simply fill in the application form for the loan via its website. You will need proof of the following:

• Your ID
• Your address details for the past 3 years.
• Your current income and employment details in the form of payslips and bank statements.

The bottom line

Don’t let a broken or slow computer get you down! Whether you use your computer for work or just for social use, there are several options to help you to afford a new one – a personal loan being one option to consider.

Frequently asked questions

• Can anyone apply for in-store finance?

  In order to qualify for in-store finance you will need to meet the requirements outlined by the store. Common eligibility requirements include being over the age of 18, being a UK resident for 3 or more years, be in full-time work with over 16 hours a week and have a valid proof of address. For full details about eligibility, check out the stores website or contact them directly.

• What happens if I change my mind about the Laptop I bought?

  If you have used an in-store finance scheme, contact the company you bought the computer from and enquire about the refund process.

  If you used a personal loan, things get a bit harder. You should contact your provider and query whether the early repayment fees can be waived. It is important to check fees specific to each loan provider before you apply for your loan so you know what you are getting yourself in to.

• Will I need a credit check if I opt for in-store finance?

  It will vary depending on the company you are purchasing from. Some shops will require them, however, others will not deem them necessary.