BetterBorrow aren’t currently accepting new customers. We’ve kept this review for historical purposes. You can compare alternatives here.
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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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.
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.
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.
You’ll need to meet the following criteria to be eligible for a BetterBorrow loan:
You can apply for a BetterBorrow personal loan by completing the following steps:
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%.
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 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.
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.
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