BetterBorrow loans review 2023

BetterBorrow loan calculator

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Name	Product	Loan amounts	Loan terms	Loan rate type	Link
BetterBorrow		£1,000 to £12,000	1 year to 5 years	Fixed rates available	Check eligibility View details	Representative Example: 27.3% APR Representative based on a loan of £5,000, repayable over 42 months at an interest of 21.3% pa (fixed). Monthly repayment of £178.12. Total amount payable £7,480.93 (including an arrangement fee of £400.00).	Compare	loading Fetching your data...

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How do BetterBorrow loans compare against the competition?

How much do you need to borrow? £

15000

How long do you need to borrow for?

3

years

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Name	Product	Ratings	Finder rating	Customer rating	Total Payable	Monthly Repayment	Representative APR	Link
Novuna Personal Loan		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 7.4% p.a. (fixed). Representative APR 7.4% and total payable £11,142.00 in monthly repayments of £309.50.	Compare	loading Fetching your data...
Fluro (formerly Lending Works) Personal Loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				Check eligibility View details	Representative example: Assumed borrowing of £7,500.00 over 48 months at 17.9% APR representative. Monthly cost of £214.79. Total amount repayable of £10,309.78. Interest rate of 16.6% p.a.(fixed) and total fees of £150.00. Available for loan amounts between £5,000 - £25,000.	Compare	loading Fetching your data...
My Community Bank Personal Loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				Check eligibility View details	Representative example: Borrow £5,000 over 36 months at a rate of 26.2% pa (fixed). Representative APR 24.6% and total payable £7,014.45 in monthly repayments of £194.85.	Compare	loading Fetching your data...
Lloyds Bank Existing Customer Personal Loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				View details	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.	Compare	loading Fetching your data...
Tesco Bank Clubcard Personal Loan Finder Award		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.9% p.a. (fixed). Representative APR 5.9% and total payable £10,910.52 in monthly repayments of £303.07.	Compare	loading Fetching your data...
Vanquis Bank Personal Loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 22.3% p.a. (fixed). Representative APR 22.3% and total payable £13,433.76 in monthly repayments of £373.16.	Compare	loading Fetching your data...
thinkmoney Personal Loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				View details	Compare	loading Fetching your data...
Zopa Personal Loan		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				View details	Representative example: Borrow £1,500.00 over 3 years at a rate of 22.9% p.a. (fixed). Representative APR 22.9% and total payable £2,028.60 in monthly repayments of £56.35.	Compare	loading Fetching your data...
Tesco Bank Personal Loan Finder Award		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 6.3% p.a. (fixed). Representative APR 6.3% and total payable £10,972.08 in monthly repayments of £304.78.	Compare	loading Fetching your data...
Barclays Existing Current Account Loan		Finder score ★★★★★ User survey ★★★★★	★★★★★ Expert analysis	★★★★★ User rating				View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 9.9% p.a. (fixed). Representative APR 9.9% and total payable £11,527.92 in monthly repayments of £320.22.	Compare	loading Fetching your data...
Lendwise		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				View details	Compare	loading Fetching your data...
Plend personal loan		Finder score ★★★★★	★★★★★ Expert analysis	Not yet rated				View details	Representative example: Borrow £5,000 over 36 months at an interest of 22.51% p.a. (fixed), you will repay 36 monthly payments of £192.27. Interest Payable £1,921.72. Total Repayable £6,921.72. 24.99% APR Representative.	Compare	loading Fetching your data...

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BetterBorrow loan rates at a glance

The BetterBorrow charges 27.3% APR representative on loans between £1,000 and £12,000. BetterBorrow offers the loan with repayment terms between 12 and 60 years, and applicants can apply to borrow from £1,000 to £12,000.

What is BetterBorrow?

BetterBorrow is a personal lender in the UK that launched in 2020 as part of Chetwood Financial Limited. It offers straightforward unsecured personal loans and aims to provide a quick and simple loan application process.

BetterBorrow is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.

How do BetterBorrow loans work?

BetterBorrow offers unsecured loans up to £12,000, with a representative APR of 16.7%. You can apply for a BetterBorrow loan online within five minutes, and will receive an instant decision on your loan application. If your application is successful, you can receive your funds within two hours. Your loan can be managed online, and you can contact the BetterBorrow customer support team via live chat and email.

As with all personal loans, the interest rate you receive will vary based on the size of your loan and your own personal circumstances.

Key features of BetterBorrow loans

• Loan amounts of £1,000-£12,000.
• Loan terms of 1-5 years.
• No set-up fees.
• Unsecured. Your loan is not secured against an asset (such as your home or car).
• Fixed-rate. The interest rate you receive will not change during the course of your loan, meaning your repayments will always be the same size.

Pros and cons of BetterBorrow loans

Eligibility criteria

You’ll need to meet the following criteria to be eligible for a BetterBorrow loan:

• Be at least 18 years old
• Have a UK bank account
• Currently be employed, self-employed or on a pension
• Have an annual income of at least £12,000
• Have a good credit history

How do I apply for a BetterBorrow personal loan?

You can apply for a BetterBorrow personal loan by completing the following steps:

1. Complete the online application form. You’ll need to supply personal and financial information as part of your application.
2. Submit your application. Once you’ve submitted your application, you should receive an instant decision.
3. Review your loan offer. If you’re successful, you should check that you’re happy with the loan terms. If so, you can accept the loan.
4. Wait for your funds. Once your loan has been approved, you should receive your money within two hours.

What interest rates does BetterBorrow offer?

BetterBorrow offers a standard fixed interest rate with a representative APR of 16.7%. However, the rate you receive will be influenced by factors including your credit history, personal and financial situation, and the size of your loan. This means the rate you receive may be higher or lower than the representative APR. BetterBorrow claims to offer personalised APRs from 11.6% to 39.7%.

What fees does BetterBorrow charge?

BetterBorrow doesn’t charge any application or late repayment fees, but you may need to pay an early settlement fee if you decide to pay off your loan early. This fee can be equal to up to 58 days of interest, but if you want to repay your loan early, you can calculate how much you’ll need to pay by logging in to the BetterBorrow site and going to the Manage page.

BetterBorrow customer reviews

BetterBorrow has received positive reviews from customers, according to review platform TrustPilot. It has an “excellent” rating of 4.9 out of 5, based on 1,280 reviews (updated 23 February 2022). Some customers praised its easy and straightforward application process and quick decisions.

Our verdict

BetterBorrow aims to offer easy, streamlined personal loans, with instant decisions and fast funding, as well as a clear fixed rate. While you may be able to find a lender that offers you a better APR, BetterBorrow may be a good option for those with good credit looking to borrow up to £12,000.

Frequently asked questions

• How much can I borrow with a BetterBorrow loan?

  You can borrow up to £12,000 with a BetterBorrow personal loan, with the smallest loan being £1,000.

• Can I pay off a BetterBorrow loan early?

  Yes, you can pay off your BetterBorrow loan early, but, like with other lenders, you may be charged an early settlement fee that’s equal to up to 58 days of interest. The size of your settlement fee will depend on how much of your loan you have already paid off.

• What happens if I am having difficulty repaying my loan?

  If you’re struggling to make your loan repayments, you should contact BetterBorrow as soon as possible to discuss your options.

• Are BetterBorrow loans safe?

  BetterBorrow is a trading name of Chetwood Financial Limited, which is authorised and regulated by the FCA and PRA, and is also a member of CIFAS, the fraud protection service.

• Is BetterBorrow a direct lender?

  Yes, BetterBorrow offers loans directly to customers and does not operate as a broker.

• How long has BetterBorrow been trading?

  BetterBorrow was founded in 2020 and is part of Chetwood Financial Limited, which was founded in 2016 and received its UK banking licence in 2018.

• Are LiveLend and BetterBorrow the same?

  BetterBorrow and LiveLend are separate lending products but are a part of the same company, Chetwood Financial Limited.