Admiral personal loans

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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:

Representative example: Borrow £10,000.00 over 3 years at a rate of 6.4% p.a. (fixed). Representative APR 6.4% and total payable £10,987.56 in monthly repayments of £305.21. 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.

How do Admiral’s loans hold up against the competition?

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.

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:

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

• How soon can I get the money?

  If your loan application is successful, Admiral will transfer money into your bank account within 3 to 5 working days of your signed loan agreement being received.

• When do I start paying back my loan?

  You will be asked to specify when you want your payments to start. Repayments will be set to automatically start the following month on this date.

• Can I pay off an Admiral personal loan early?

  Yes. You can pay off all or part of your loan early at any time, but an early repayment charge will apply. When you settle your loan in full, Admiral will charge an additional amount equivalent to up to 58 days of interest at the rate of interest specified on your loan contract.

• Will my payments go up if Bank of England interest rates rise?

  No. Your loan is a fixed monthly repayment, which means that the interest rate is fixed for the term of your loan and your monthly repayments will not change.

• How can I contact Admiral?

  If you find yourself wanting to talk through your loan, you can reach Admiral at 0333 234 6007.

• Can I apply for a joint loan?

  No, Admiral do not currently offer joint loans.

• Can I top-up my loan with Admiral?

  No, Admiral don’t currently provide top-up loans.

• Can I change my payment date?

  Within the first 4 weeks of taking out your loan, you can’t change the payment date. However, once this period has passed, the date can be changed by phoning Admiral at 0333 234 6007.

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