If you are approved for a personal loan with Argos, it will act as a credit broker, not as a lender. Credit is provided by Creation Consumer Finance Ltd, part of global banking group BNP Paribas.
In 2013, Argos partnered up with Creation Consumer Finance Ltd, the finance specialist behind some of the UK’s biggest high street brands, to add personal loans to its finance offering. It aims to provide flexible and affordable credit to customers who have a good credit history.
Argos Personal Loans is a trading name of Home Retail Group Card Services Ltd (HRGCS).
Argos personal loans at a glance
Argos loans are available over terms of 1-5 years and applicants can apply to borrow up to £20,000. Interest rates are subject to status, meaning the advertised representative APR may not be the rate you’ll receive: Argos will offer you a personalised rate based on assessment of your personal financial circumstances.
Spread your loan over 12 to 60 months. The 12-month term is only applicable to loans of under £15,000.
Borrow £1,000 to £20,000. The amount you can borrow will be determined by your credit score and affordability.
Get a quick quote. Argos aims to give you an instant decision on a loan. However, this sometimes isn’t possible and you may be required to provide additional information.
No arrangement fee. Argos will not charge a fee for arranging your loan.
Fixed monthly repayments. You’ll pay the same amount each month, helping you to budget. This also means that the overall cost of the loan will be clear from the start.
Early repayment option. If you repay early, you will pay back both the outstanding capital and any accrued interest. You will also be charged an early settlement fee of one month’s interest.
Am I eligible for an Argos loan?
You should only apply for an Argos personal loan if you’re certain you can meet the repayment terms. You must also:
Be aged 23 or over, and under 70, at the time of application
Have been resident in the UK for at least 3 years
Have an annual income of at least £12,000 (before tax)
Have a bank or building society current account
Not have a history of bad credit such as missed or late payments, county court judgements (CCJ) or bankruptcy
Frequently asked questions
Argos will use the information you provide on your application form, together with details from a credit reference agency, to give you a score. This score is then matched alongside its ‘acceptance’ score, which is based on detailed analysis of its experience with previous applicants.
If your application reaches the “acceptance” score, you will be approved for a loan. If not, you will be refused. This simply means that Argos’s acceptance requirements have not been met.
In many cases, Argos will provide a decision instantly after you apply online. However, there may be times when this isn’t possible or you may be required to provide additional information.
You can repay your loan early at any point during the lifetime of your loan by repaying both the capital outstanding and the interest accrued up to that date. You will also be charged an early settlement fee of one month’s interest.
Argos’s current policy is to phone approved applicants prior to funding, if the loan requested is more than £17,000. This is to protect against fraudulent activity.
Argos Personal Loans is part of Home Retail Group Card Services Limited (HRGCS) which is authorised and regulated by the Financial Conduct Authority (FCA). When it comes to loans, HRGCS acts as an introducer for Creation Consumer Finance Limited (that’s who actually provides the loan). Creation Consumer Finance is also authorised and regulated by the FCA.
The loan application form on Argos’s site uses 128-bit encryption security software.
No, Argos won’t charge you a fee for arranging a loan.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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