Personal loan brokers

Take the hassle and stress out of finding a personal loan by using a specialised loan broker.

See your personalised rates

Find lenders that can approve you

Good and bad credit histories considered

Fast funding with no hidden costs

What is a personal loan broker?

A loan broker is a third party that seeks out and negotiates a personal loan on your behalf. It can act as a go-between for both the borrower and lender.

Finding a personal loan yourself can take a lot of time, effort and stress. By using a personal loan broker, you needn’t waste time searching around for a loan by yourself. A broker can scour multiple products and help you find a loan that best matches your financial situation and requirements. You’ll also benefit from a single contact for the loan’s full term.

Personal loan brokers can help you with the full range of personal loan products lenders offer. Whether you’re planning a holiday or buying a new car, a personal loan broker can assist you with finding a suitable product. Brokers can be especially helpful for those with complicated situations or poor credit scores, who traditional lenders typically reject.

How do personal loan brokers work?

Personal loan brokers work in a similar way to mortgage brokers: they help you find the best deal on your loan. They search for a loan within their panel of lenders and try to find the loan best suited to your needs.

Once you sign up for their services, they will find a product from one of these lenders. Most personal loan brokers offer online applications and loan management, so there is no need to book an appointment or sign and post documents, which can save you time.

Why should I use a broker?

Personal loan brokers offer you convenience. They can find you the best loan option for your unique circumstances. They may be particularly useful if you have a bad credit score or trouble meeting the standard lending requirements at larger financial institutions.

Using a broker can help you maintain a good credit score by preventing unnecessary applications and potential rejections from multiple lenders. Brokers have a better understanding of the different lending requirements of various lenders, so they won’t recommend products you are likely to be rejected for.

A good example of a well-known credit broker is Monevo, which connects borrowers with loan providers to compare loans of up to £25,000.

Monevo works with multiple lenders so you can see quotes without doing hours of research. Its “soft search” facility means you can search through its panel of lenders without affecting your credit score.

However, you’ll sacrifice some variety because you’ll be limited to Monevo’s network of partners.

The advantage is that Monevo’s free service lets you compare personalised and pre-qualified rates from its lending panel. It also cuts down the time it takes to look for a loan, especially if your credit is less than perfect.

Can I get a quick personal loan with a loan broker?

Yes, it’s possible to get a personal loan with a quick turnaround by using a loan broker, especially if it’s an online broker like Monevo. Online brokers aim to make the loan process as straightforward and simple as possible. They remove many hurdles associated with applying for a loan through a traditional lender.

You can apply for a personal loan with an online broker within minutes and see which lenders will approve your loan application almost instantly.

Can I use a loan broker if I have bad credit?

Yes, you can still use a broker even if you have poor credit. In fact, using a personal loan broker can be a great way to determine your eligibility for a loan without further affecting your credit score. Many online loan brokers will compare a wide range of loans and lenders and may be able to find you a suitable loan regardless of how bad your credit score is.

How do I find a good broker?

  • Loans offered. Make sure the broker you are considering offers the loan type you require.
  • Type of interest. Most brokers offer fixed interest loans only.
  • Loan conditions. Can you pay the loan off sooner or make additional repayments? Make sure you can access these services without having to pay a fee.
  • Panel of lenders. This is the group of lenders from which your broker will choose a loan. The bigger the panel, the greater the chance of you getting the best deal available.
  • How they work. Most brokers operate almost entirely online, but some might use the more traditional phone, post and in-person meeting route. Make sure you’re comfortable with whichever system your broker uses.
  • Receiving funds. Brokers have different speeds at which they can approve and fund your loan. If you are in a hurry, an online-based broker can typically approve your loan faster than a paper-based one.
  • Customer service. You will be dealing with the broker for the loan’s term, so make sure you are happy with its service level. Call to see how long it takes to get an answer and find out what support it offers.

Finder survey: What aspects of a personal loan matter most to Brits when choosing a one?

Interest rate35.66%
Monthly cost30.23%
Overall cost27.52%
I would not choose a personal loan21.51%
Flexibility on repayments16.86%
Level of early repayment charges14.24%
Don't know12.21%
Whether there's an arrangement fee12.02%
Provider reputation10.76%
Customer service9.69%
Source: Finder survey by Censuswide of Brits, December 2023

What to avoid with personal loan brokers

  • A small panel of lenders. The more lenders your broker has access to, the better your chance of getting the best loan available. Make sure your broker compares a large range of options. Otherwise, you might as well just do it yourself.
  • Commissions. There isn’t anything wrong with a broker being paid a commission, just be sure of what the commissions are and how they affect the broker’s recommendations. Less honest brokers might push lenders that pay them higher, rather than the ones that offer the best option for you.
  • Fees and charges. Understand the fees and charges you will have to pay. Ensure they are all clearly explained before you commit to your broker and the loan. It may be worth doing a quick comparison with your current bank to get an idea of what you could get without assistance.

Pros and cons of using a personal loans broker


  • Can be a quick and stress-free way of finding the most suitable loan for your circumstances.
  • Can be particularly beneficial if you have poor credit and struggle to find a loan with a traditional lender.
  • You might get a better rate than you could find by searching the market yourself.
  • You can compare a range of lenders and rates in one place.


  • Many brokers only work with a panel of lenders rather than the whole market.
  • You might need to pay a fee for the services provided.
  • Some brokers might be incentivised to direct you to certain lenders to receive a higher commission.

Bottom line

Using a personal loan broker can be a quick and stress-free way of helping you find the best loan to match your circumstances, particularly if you have bad credit. A broker can reduce the risk applying for a loan you won’t get accepted for, and you’ll even have help completing the application form.

However, many brokers only have access to a selected panel of lenders, not the whole market, and you might have to pay a fee for their services, so they won’t be the right choice for everyone. If you have good credit and are confident about choosing the right type of loan for your requirements, you might be happy to go it alone.

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 is provided by Moneyfacts.

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