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.

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.

So if you are 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 a dream wedding!

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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. Here’s a quick summary of the loans:

  • Borrow £1,000-£25,000 over 1-5 years. Subject to approval.
  • Instant decision. You can get an immediate decision when you apply online.
  • No fees. There are no “set up” or “arrangement” fees for an Admiral personal loan.
  • Fixed rate. Your rate is guaranteed for the term of the loan, so if bank rates start to rise, yours won’t.
  • Early repayment option. You can repay all or part of an Admiral loan early at any time. This could save you money on interest – funds repaid early may be subject to up to 58 additional days’ interest.

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 is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.

All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.

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.

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

You will not 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:.

  1. Use the Admiral personal loan calculator to get an estimate of the monthly cost of your loan.
  2. Complete the online application form – this should take around five minutes and will include questions about your identity, employment status, income and spending commitments.
  3. Upload any additional documents requested by Admiral. This might include bank statements or other evidence of your income.
  4. 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.
  5. If your application is accepted you will then need to sign a credit agreement, which you can do online or by post.
  6. Once you return your signed agreement, the money should be in your account within 3-5 working days.

Popular questions about Admiral loans

*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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