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How we picked theseTo make it even easier to compare and evaluate unsecured loans we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyPlease note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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There’s a range of £2,500 loans to choose from, but which one you qualify for depends on factors such as your credit rating and income. You’re more likely to secure the best loan rates if you have an excellent credit score and a regular income stream.
Take a look at the table above and read our comprehensive guide to find out more about £2,500 loans. You can also use our LoanFinder tool to see how likely you are to get accepted for a loan.
If you’re looking to buy a car or pay for emergency home repairs, a £2,500 loan can enable you to borrow the funds you need. You can then repay your loan over a set term – typically between 1 and 5 years – and you can spread the cost in fixed monthly instalments, which can make it easier to budget. Just be aware that the lowest loan rates tend to be found on larger loan amounts (usually loans of more than £7,500), so it’s important to shop around carefully when comparing smaller loans.
If you want to borrow £2,500, you’ll find loans with both high street banks as well as online specialist lenders. The type of loan you can get depends on your financial circumstances as well as your credit rating, but for most people, an unsecured loan will be the most suitable choice.
An unsecured personal loan does not require the borrower to use an asset, such as their home, as collateral. By contrast, a loan that requires you to do this is called a secured loan.
Secured loans are typically used for larger borrowing amounts, usually over £10,000, and they are repaid over a much longer timeframe – up to 25 years or more in many cases. If you are unable to repay your secured loan, the lender can repossess your asset and sell it to recoup its money.
Unsecured loans are much less risky for the borrower. However, they are a higher risk for the lender, which means interest rates can be higher compared to secured loans. Your monthly loan repayments will be made up of a portion of the amount borrowed, along with some interest.
Most unsecured loans come with fixed interest rates, which means the amount of interest you are charged remains the same for the duration of the loan. This also means your monthly repayments won’t change, so you can budget more easily. On the other hand, if your loan has a variable rate, the interest rate and the amount you repay each month could go up or down.
When you take out an unsecured loan, you’ll usually be able to choose between a term of 1 and 5 years, although some lenders offer terms as long as 7 years. Choosing a longer loan term means your monthly repayments will be lower, but you’ll also pay more in interest overall, so your loan will be more expensive. If you can afford to, it’s generally best to choose a shorter loan term.
To help you get a £2,500 loan, take a look at the steps below:
As a first step, consider whether you need to borrow as much as £2,500 or whether you could borrow less. Borrowing a smaller amount means you’ll pay less interest overall, although keep in mind that the best loan rates tend to be for loan amounts of between £7,500 to £15,000. Smaller loan sums attract higher rates, so it could also be worth thinking about whether you could use savings to pay for your purchase or whether a credit card could be a better alternative.
Your next step is to consider the loan’s term. It’s crucial that you can afford the monthly repayments, so use a loan repayment calculator to help you. Remember that a longer loan term reduces your monthly repayments, but you also pay more interest. If you can shorten the loan term, you’ll pay off your loan faster and save interest, but you must be able to meet your monthly repayments.
Keep in mind that the best loan rates are reserved for those with excellent credit scores. If your credit score is low, it’s likely you’ll pay a higher rate of interest or you might not be accepted for a loan at all.
For this reason, it’s worth checking your credit score before you apply for a loan. You can do this for free through services such as Experian, Equifax and TransUnion. If your credit score is poor, you can take steps to improve it, such as paying bills on time, correcting any mistakes on your credit report and ensuring you’re registered on the electoral roll. It’s also important not to make too many applications for credit in a short space of time as this can make you look desperate for credit and deter lenders from letting you borrow.
Once you’re happy to proceed with applying for a loan, make sure you compare the different deals available by using our calculator. Check how much interest you might pay as well as whether there are any fees. It’s also worth reading the reviews of each product to make sure you choose the right loan for you.
Once you’ve decided which loan to apply for, you can make your application online. Many lenders offer eligibility checkers that enable you to see how likely you are to get accepted for a particular loan, and this won’t leave a mark on your credit report. It’s sensible to use an eligibility checker before you apply for your loan in full, as this will involve a hard credit check that other lenders can see. Too many hard searches in a short space of time can make it harder to get accepted for credit.
Once you’re accepted for a loan, the funds are often transferred the same day or the next working day.
Yes, it is possible to get a £2,500 loan with bad credit, but the number of lenders you’ll have to choose from will be much smaller compared to someone with good credit. You are also likely to pay more in interest. Some lenders might require you to have a guarantor – this means you’ll need a family member or close friend to agree to repay the loan if you cannot. They usually need to be a homeowner and have a good credit rating.
If you’re self-employed, you can still get a £2,500 loan, but again, your options might be more restricted. That said, some high street banks will lend to self-employed people, but you’ll usually need to meet set criteria, such as having 3 years’ worth of accounts. Alternatively, there are specialist online lenders that can be more flexible when offering loans to self-employed individuals.
Loans for self-employed people
When comparing personal loans, keep the following points in mind:
| Interest rate of 10.0% fixed p.a. | Interest rate of 15.0% fixed p.a. | Interest rate of 25.0% fixed p.a. | |
|---|---|---|---|
| 1 year term | £219 monthly (£2,637 overall) | £225 monthly (£2,707 overall) | £237 monthly (£2,851 overall) |
| 2 year term | £115 monthly (£2,768 overall) | £121 monthly (£2,909 overall) | £133 monthly (£3,202 overall) |
| 3 year term | £80 monthly (£2,904 overall) | £86 monthly (£3,119 overall) | £99 monthly (£3,578 overall) |
When considering whether to let you borrow, lenders will look at your credit record, but they will also look at the following:
If you are looking to borrow £2,500, it’s important to shop around and compare your options carefully. Always consider the amount of interest you will need to pay and whether your monthly repayments will be affordable.
It’s also worth considering alternative ways to get the funds you require, whether that’s using your savings, borrowing from friends or family or using a credit card. Work out which option will be most suitable for you.
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