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Admiral personal loans
Ahoy there, mateys! Admiral is a popular provider of car insurance and is often seen advertising its insurance products on our television screens. But you can also set sail with Admiral to find personal loans at competitive rates.
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Admiral is a UK-based insurance company, established in 1993 and specialising in car insurance. Having introduced innovative and popular products such as multi-car insurance to the UK market, Admiral also began offering personal loans in 2017.
Personal loans from Admiral are based on your individual circumstances, repayable over terms from one to five years and available in amounts up to £25,000. You can usually get an immediate decision when you apply online, and there are no “set up” or “arrangement” fees.
So if you’re planning a big purchase and would like access to a lump sum at competitive rates, a personal loan from Admiral might suit your needs. The purpose of your loan might be a car purchase, home improvements, consolidating your existing debts, paying for further training or perhaps even funding that dream wedding.
Warning: late repayments can cause you serious money problems. See our debt help guides.
Key features of an Admiral personal loan at a glance
Admiral offers “unsecured” personal loans, which means that loan approval is based on individual creditworthiness rather than being secured on an asset such as a property. They have a fixed rate, which means that the amount you have to pay each month won’t change. Here’s a quick rundown:
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £25,000.00 |
| Loan terms | 1 Year to 5 Years |
| Loan rate type | Fixed |
| Fee | 0% |
| Same day funding available | |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct Debit |
It’s important to note that the rate you are ultimately offered by Admiral can depend on factors like your credit rating, income and expenditure. It may differ from the advertised “Representative APR”, because each loan application is assessed on an individual basis.
What is APR?
If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure, which all lenders must calculate in the same way, is designed to provide an annual summary of the cost of a loan taking into account both interest and any mandatory charges.Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR. Lenders like Admiral, which battle it out for the very lowest APRs around, are highly likely to reserve that advertised rate for the 51% of customers with the best credit.
Am I eligible for an Admiral personal loan?
You should only apply for an Admiral loan if you meet the following criteria:
- You must be a permanent resident of England, Wales or Scotland
- You must have lived in the UK for at least three years
- You must be aged between 18 and 74 and be under 75 at the end of the loan term
- You must have a UK-based personal bank account in your name
- You must be in employment or retired
- You must have a minimum income of £10,000
Unfortunately, you won’t be eligible for an Admiral personal loan if you:
- Are self-employed
- Have had any County Court Judgements (CCJs) in the last three years
- Have been made bankrupt, had any Debt Relief Orders or gone through Individual Voluntary Arrangements procedures in the last six years.
How do I apply?
If you’ve decided that an Admiral personal loan is the best option for you, there are six steps to the application process:
- Use the Admiral personal loan calculator to get an estimate of the monthly cost of your loan.
- Complete the online application form – this should take around five minutes and will include questions about your identity, employment status, income and spending commitments.
- Upload any additional documents requested by Admiral. This might include bank statements or other evidence of your income.
- Upon receipt of your application, Admiral will carry out a credit and affordability assessment based on the information you have provided plus a search from a credit reference agency.
- If your application is accepted you will then need to sign a credit agreement, which you can do online or by post.
- Once you return your signed agreement, the money should be in your account within 3-5 working days.
Popular questions about Admiral loans
Post Office Money® Personal Loan
APRs from 3%
(on loans between £15,001 and £25,000 over 12-84 months).
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.
M&S Bank Personal Loan
APRs from 2.8%
(on loans between £7,500 and £20,000 over 12-36 months).
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.
AA Non-Member Loan
APRs from 3%
(on loans between £15,001 and £25,000 over 12-84 months).
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £10,478.16 in monthly repayments of £291.06.
Shawbrook Bank Personal Loan
Personalised rates with representative APR 12.9%
Representative example: Borrow £10,000 over 5 years with representative APR 12.9% (fixed) and total payable £13,405.80 in monthly repayments of £223.43.
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