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Guarantor loans
Looking for the best personal loan available? The truth is that the “best” loan will entirely depend on your personal circumstances, your credit rating and how much you want to borrow. To help you with this part, we’ve curated a list of the best personal loans by credit status and size of the loan so you’ll get a better idea of which lenders are more suitable for you. We’ve also added a wealth of tips and advice to ensure that you’re able to confidently decide which is the best personal loan for you.
While the best personal loans will depend on how much you want to borrow, in general you’ll find that the better your credit score and history, the better the rate you’ll receive. For personal loans over £7,500, you are likely to be offered a rate around 3% if you have a fair credit rating.
Hitachi Personal Finance Hitachi Personal Loan
3.5%
APR representative
£25,000
Max loan
2-5 years
Loan terms
Age | 21 or over |
---|---|
Credit ratings | Good |
Soft credit search | No |
Joint applications | No |
Instant decision | Yes |
Repayment frequency | Monthly |
If you have bad credit or a limited credit history, you may find it hard to be approved for a personal loan. However, you still have loan options, but are unlikely to be offered the best rates. Instead, you may want to consider a guarantor loan or secured loan, especially if you find you’re only being offered unfavourable loan terms on a regular personal loan.
Oplo Homeowners Unsecured Loan
25.2%
APR representative
£15,000
Max loan
2-6 years
Loan terms
Age | 21 or over |
---|---|
Minimum income | £15000.00 Per Annum |
Credit ratings | Poor |
Soft credit search | Yes |
Joint applications | No |
Instant decision | Yes |
Repayment frequency | 4 Weekly, Monthly, Weekly |
These days, many lenders will offer instant decisions or pre-approval on personal loans, but some will still take a couple of days to send you the money. However, there are some lenders that will fund your loan the same day and some lenders will even do it within a couple of hours of you being approved.
Lendable Personal Loan
27.9%
APR representative
£20,000
Max loan
1-5 years
Loan terms
Age | 18 or over |
---|---|
Minimum income | £800.00 or more per month |
Soft credit search | Yes |
Joint applications | Yes |
Instant decision | Yes |
If you have limited or poor credit history, you may have a better chance of getting approved for a guarantor loan. By having friend or family member act as a guarantor for your loan, you reduce the risk for the lender, which increase your chance of approval, and may also help you get better loan terms and rates.
Guarantor My Loan
48.9%
APR representative
£10,000
Max loan
1-5 years
Loan terms
Age | 21 or over |
---|---|
Credit ratings | Poor |
Repayment frequency | Weekly, Fortnightly |
Secured loans are a specific type of personal loan that requires you to use the equity you have in your property as collateral against the loan. In return, you’ll generally receive more favourable loan terms than you would with an unsecured loan, including much more competitive rates, loan amounts and terms.
Paragon Personal Finance Prime Rate Secured Loan
65%
Max LTV
£500,000
Max loan
10-30 years
Loan terms
3.6%
APRC
Minimum age | 21 |
---|---|
Maximum age | 80 |
Credit profile | Good |
Available to self-employed | Yes |
Joint applications | Yes |
Can be used to consolidate debt | Yes |
Lender fee | £795 |
Here are our picks for the best personal loan for a range of circumstances:
This is a non-exhaustive list of the features of personal loans that you can use to differentiate lenders in the UK, and to start to home in on the right products for your needs.
The are a range of different products that sit under the umbrella of “loans”. If you need £100 to tide you over until your next payday, then you’re not looking for a second charge mortgage! Similarly, if you’re looking to kick start your new business, a standard unsecured personal loan from a bank might actually be off the table (there are however government-backed loans for start-ups that are well worth a look). Some of the main types of loan are listed below.
Some of the key features of personal loans are listed below. Which of these are important to you? Perhaps you want to be sure that the loan you take out will reward you for making overpayments and clearing the debt ahead of time. Or perhaps you’re looking for a loan that offers a repayment holiday option to give you a month or so to get back on your feet financially. Ask yourself which of these features are essential, and which ones simply “would be nice to have”.
OK, so you know what you’re after, now it’s time to find the most competitive product available to you. Rates are obviously important, but it’s not ALL about the APR. Focus on keeping the total amount repayable as low as possible, while ensuring the monthly instalments are affordable.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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