BetterBorrow loans review 2024

Part of Chetwood, BetterBorrow is a UK lender offering personal loans up to £12,000.

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BetterBorrow

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BetterBorrow loan calculator

Name Product Finder score Finder score Customer rating Loan amounts Loan terms Loan rate type Link
BetterBorrow
Finder score
★★★★★
3.5
★★★★★
Not yet rated
£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).
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Table: sorted by representative APR, promoted deals first

How do BetterBorrow loans compare against the competition?

Name Product Finder score Total Payable Monthly Repayment Representative APR Link
Novuna Personal Loan
4.5
★★★★★
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.
My Community Bank Personal Loan
4.5
★★★★★
Check eligibility
View details
Representative example: Borrow £5,000 over 48 months at a rate of 24.9% pa (fixed). Representative APR 27.9% and total payable £7,939.24 in monthly repayments of £165.40.
Fluro (formerly Lending Works) Personal Loan
4.0
★★★★★
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.
Barclays Existing Current Account Loan
4.5
★★★★★
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.1% p.a. (fixed). Representative APR 6.1% and total payable £10,941.12 in monthly repayments of £303.92.
Plend personal loan
3.5
★★★★★
View details
Representative example: Borrow £8,000 over 48 months at a rate of 16.66% p.a. (fixed). Representative APR 17.99% and total payable £11,013.12 in monthly repayments of £229.44.
Tesco Bank Personal Loan
4.5
★★★★★
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.5% p.a. (fixed). Representative APR 6.5% and total payable £11,003.04 in monthly repayments of £305.64.
Tesco Bank Clubcard Personal Loan
4.5
★★★★★
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.1% p.a. (fixed). Representative APR 6.1% and total payable £10,941.12 in monthly repayments of £303.92.
Lendwise
3.5
★★★★★
View details
Zopa Personal Loan
4.0
★★★★★
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.
Lloyds Bank Existing Customer Personal Loan
4.0
★★★★★
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.7% p.a. (fixed). Representative APR 6.7% and total payable £11,034.00 in monthly repayments of £306.50.
thinkmoney Personal Loan
1.5
★★★★★
View details
Representative example: If you borrow £29,100 over 12 years, initially on a fixed rate for 5 years at 8.885% and for the remaining 7 years on the Lender's standard variable rate of 9.285%, you would make 60 monthly payments of £375.53 and 84 monthly payments of £380.29.
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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.

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

Pros

  • Flexible loan amounts
  • Fixed rate
  • Easy online application process
  • Quick funding

Cons

  • Requires good credit history
  • Personalised rates can vary significantly

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 4.7 out of 5, based on over 1,500 reviews (updated January 2024). 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

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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Written by

Tom Stelzer

Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full profile

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