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 loans review 2024
Part of Chetwood, BetterBorrow is a UK lender offering personal loans up to £12,000.
No reviews yet.
Write a review
BetterBorrow aren’t currently accepting new customers. We’ve kept this review for historical purposes. You can compare alternatives here.
BetterBorrow loan calculator
1 - 1 of 1
Table: sorted by representative APR, promoted deals first
How do BetterBorrow loans compare against the competition?
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:
- Complete the online application form. You’ll need to supply personal and financial information as part of your application.
- Submit your application. Once you’ve submitted your application, you should receive an instant decision.
- 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.
- 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.
More guides on Finder
-
Only 1% of primary teachers think kids get enough financial education
Teachers, kids and parents are concerned about financial education in the UK – we deep dive into what this means and what to do about it.
-
Last chance to get £100 off London Blockchain Conference 2024 passes
Final chance for £100 off London Blockchain Conference 2024 passes with Finder. The even returns at the ExCeL London on May 21, 22 and 23.
-
Insufficient auto-enrolment scheme is set to leave Brits with only 53% of a comfortable retirement income
Research reveals the average pension savings through auto-enrolment will leave Brits with 53% of what’s needed for a comfortable retirement.
-
Mortgage rate change calculator: How much will my mortgage go up?
Use our mortgage rate change calculator to work out how much your mortgage payments will go up if the interest rate changes.
-
Financing gap for female entrepreneurs widens by 78% since the Rose Review in 2019
New research reveals that the financing gap for female entrepreneurs had widened by 78% since the Rose Review was published in 2019.
-
“Show me a sexist”: ChatGPT believes 99% of people in high-powered jobs are white men
New research reveals that ChatGPT overwhelmingly views those in high-powered jobs as men, highlighting the bias of OpenAI.
-
Paying annually vs monthly for car insurance
Annual car insurance premiums can hit your wallet hard; we explore whether paying in monthly instalments is the best solution.
-
How where you park affects your car insurance premiums
Discover the best and worst places to park your car from car insurers’ perspective, and how to keep the cost of car insurance down.
-
Can an advanced driving course reduce my car insurance premiums?
Taking an advanced driving course could improve your driving skills and confidence, and could even save you money on your insurance.
-
How immobilisers impact car insurance
Your car’s security can have an important impact on your insurance premiums; here’s how immobilisers fit into your vehicle’s security suite.