Admiral loan calculator
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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.
Admiral loan rates at a glance
The Admiral Personal Loan charges 9.9% APR representative on loans between £1,000 and £25,000. Admiral offers the loan with repayment terms between 1 and 5 years and applicants can apply to borrow from £1,000 to £25,000.
What is Admiral?
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.
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|
|Same day funding available|
|Instant decisions in most cases|
|Soft-search facility available|
|Overpay without penalty|
|Concurrent loans allowed|
|Topping-up pays off existing loan and initiates a new loan|
|Repayment methods||Direct Debit|
Am I eligible for an Admiral personal loan?
You should only apply for an Admiral loan if you meet the following criteria:
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.
What credit score do I need to get an Admiral loan?
Admiral typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Admiral will consider. However if you don't have a high credit score, you're very unlikely to get approved for an Admiral loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Do Admiral loans give an instant decision?
No, currently decisions aren't instant. However, you can use the soft search eligibility checker to instantly find out your chances of getting approved (this won't affect your credit score).
Can I get a second Admiral loan?
Yes, Admiral allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, Admiral also allows you to effectively "top up" your loan, by closing your current loan and starting a new, larger loan. There's no penalty for repaying ahead of time, but bear in mind that any overpayments may be subject to up to two months of interest beyond the date on which you overpay. Because of this, it may work out cheaper to run a second loan alongside the first, rather than consolidating the two.
Can I make overpayments on an Admiral loan?
Yes, you can make overpayments without incurring any penalty fee. However Admiral can continue to charge interest for up to two months on any sums overpaid, so although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
How do I apply?
If you've decided that a personal loan from Admiral is right for you, you can head over to Admiral's website to apply. Completing the secure online application form usually takes about 15 minutes. Before you apply, you can provide Admiral with a few details about yourself in order to find out your likelihood of being approved. This will not affect your credit score.
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.
Admiral customer reviews
Admiral has received positive reviews from customers overall, according to review platform Trustpilot. It currently has a rating of 3.8 out of 5, based on more than 9,000 reviews (updated 6 April 2021). Many customers praised the customer service, but others highlighted a slow loan application process.
Frequently asked questions
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