Founded in 1959, Saga is well-known for offering a range services including package holidays, insurance, and personal finance. In addition to this, the Saga magazine in extremely popular, with an estimated readership of over one million per month and has been described as the “United Kingdom’s biggest selling monthly subscription title.”
Fast, flexible loans from Post Office Money
- Borrow from £1,000 to £25,000
- Instant decision in most cases
- Fixed rate and fixed monthly payments over the whole term
- Applications from self-employed considered
Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
Warning: late repayments can cause you serious money problems. See our debt help guides.
How do Saga personal loans compare against the competition’s?
Table: sorted by representative APR, promoted deals first
Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much you’d be likely to pay for your loan each month and overall.
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Key features of Saga personal loans at a glance
Saga provides “unsecured” loans meaning they’re be based on creditworthiness, rather than the use of property or other assets as collateral.
- Loan terms from 1-7 years. The repayment time you can choose is dependant on the amount of money you borrow.
- Loan amounts from £1,000-£25,000.
- Soft searching. Find out whether you’re likely to be approved for a loan without it affecting your credit score
- Make early repayments. You can repay all or part of the outstanding balance of your loan at any time – simply contact Saga by post or over the phone (0345 848 0269). Early repayment charges will apply.
- Take payment holidays. After 6 monthly regular payments, and as long as you account is up to date, you can request to take a month off from payments. You can have one payment break every 12 months and can do this 5 times depending on the loan. While there are no fees charged for the break, you’ll still accrue interest during this period meaning your loan will cost more overall.
All interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for a Saga personal loan?
When applying for a personal loan with Saga, factors such as your credit history, income and the amount you apply for will be considered. You shouldn’t apply unless you’re certain you can meet the repayment terms. You’ll then also need to meet the following criteria:
- Aged 50-75 when you apply.
- Live in England, Scotland and Wales.
- Own you own home.
- Have an annual income of £12,000 or above (including pension income).
How do I apply?
If you’ve decided that a Saga personal loan is right for you, then you can apply online by following the loans application process or alternatively give them a call on 0800 121 4240 to speak to a representative from Monday–Friday 9am-9pm, Saturday 9am-5pm.
Frequently asked questions