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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.
Compare personal loans for a laptop
Table: sorted by representative APR, promoted deals first
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
What's in this guide?
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:
- 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 computer or laptop 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.
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.
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.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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