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A slow or broken computer driving you mad, but you can’t afford to replace it? See how to get a loan for a new laptop.

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Chris Lilly
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Surviving in this fast-paced, digital world without a laptop can leave you two steps behind the rest. Whether you use it for work or for organising your life, having a computer is almost a necessity. The trouble is, they don’t come cheap, especially if you want a good one. Thankfully, you have a number of options when it comes to funding a new laptop or computer.

How can I finance a new laptop?

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

An unsecured personal loan

How does it work?

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 computer or laptop in full, and pay back your loan monthly.

Is it suitable for me?
A personal loan might be a suitable way to buy a laptop if…

  • You have good credit history and want the certainty of knowing exactly what you’ll pay each month and when you’ll have paid off the laptop.
…But it’s important to be aware that…

  • You may end up paying more in interest than you would by using a credit card, or applying for laptop finance through a retailer.

Lenders will generally charge higher rates on smaller unsecured loans than they would if you were borrowing a larger amount. If you’re getting a loan to buy a laptop, you’re unlikely to need to borrow more than £2,000, which can make it an expensive form of borrowing, especially if you could be eligible for an interest payment or finance plan.

Use Finder’s eligibility checker to find loans you’re likely to get approved for

A 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, which gives you a 0% interest period in which you can pay off your laptop without being charged interest. This interest-free period can be anywhere from 3 to 30 months, depending on the provider.

Is it suitable for me?
A credit card might be a suitable way to buy a laptop if…

  • You already have a credit card with a decent credit limit, or are eligible for a 0% purchase credit card.
…But it’s important to be aware that…

  • You’ll need to pay off the full cost of the laptop before the end of the 0% interest period, otherwise you’ll face expensive interest charges.

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.

Check which credit cards you can get with Finder’s eligibility checker

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.

On expensive items like laptops, you may be able to get around 12 months of interest free credit, which gives you a year to pay off the laptop without incurring any additional costs. However, other retailers will charge interest that’s in line with an unsecured personal loan.

Is it suitable for me?
In-store finance might be a suitable way to buy a laptop if…

  • You don’t have much credit history and don’t want to take out a formal loan.
…But it’s important to be aware that…

  • Some retailers may actually charge you more in interest than a regular loan, or have hidden fees if you don’t pay off your finance on time.

You could also use a buy now, pay later (BNPL) service to help finance your laptop purchase, which lets you split the cost of the laptop into a number of smaller interest-free instalments. Like in-store finance however, BNPL providers may charge you interest or other fees if you fail to pay off your instalments in full and on time.

Am I eligible for a personal loan?

This will depend on thew type of laptop loan you apply for, but like with any regular loan, you’ll generally need to meet the following criteria to be eligible for a personal loan or credit card:

  • Be at least 18 years old.
  • Be a UK resident.
  • You have been a UK resident for over 3 years.
  • You have a regular income above £12,000.
  • Have a UK bank account

Some lenders will also have other criteria, like minimum income requirements, that you will need to meet to be eligible for a loan.

Can I get a laptop loan with bad credit?

You can still be eligible for a loan even if you have bad credit, though you may find your options are more limited compared to someone with good credit. You can generally get a personal loan for any worthwhile purpose, and this would include the purchase of a laptop.

Ultimately, lenders want to make sure that you’re likely to repay your loan. If you have poor credit, this may mean you’ll only be approved for a smaller loan amount, or may only have a certain time in which to repay the loan.

Can I buy a laptop with my student loan?

Yes, you can use your student loan to cover the cost of a laptop. While you are generally free to spend your loan on whatever you like, a laptop will usually be a suitable use of your funds, especially if it can assist you in your studies.

Some universities may also offer a laptop loan program, where students can borrow laptops directly from the university library for a certain period of time.

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.

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