Founded in 1959, Saga is a British company whose focus is on serving those aged 50 and over. It’s well-known for offering a range services including package holidays, insurance and personal finance products. The Saga magazine is 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”.
Until 2019 Saga offered fixed-rate personal loans, but it has since opted to focus on equity release plans.
if you’re looking for a personal loan, you can use this page to find an alternative lender and estimate the cost of the loan that you have in mind.
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.
Late repayments can cause you serious money problems. See our debt help guides.
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Table: sorted by representative APR, promoted deals first
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Saga personal loans at a glance
Saga provided “unsecured” loans – 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”.
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:
Resident of England, Scotland or Wales
Annual income of £12,000 or above (including pension income).
How do I apply?
It’s not currently possible to apply, but existing customers can call 0800 121 4240 to speak to a representative from Monday–Friday 9am-9pm, Saturday 9am-5pm.
Frequently asked questions
Yes, If you want to clear your loan earlier than you planned, then you can with Saga. If you decide to do this, you pay no more than the current month’s and following month’s interest on top of the outstanding balance.
There could be a number of reasons why you have been declined as each decision is based on your personal circumstances and by reference to a credit reference agency. The most common reasons for a decline decision are:
Information from Credit reference agencies
Your credit score
Internal policy rules
A soft search allows you to request as many quotes as you like without leaving a footprint on your credit file. This stops you from applying for the wrong products and harming your credit score, which would make it harder to be accepted for credit in the future. You can then choose which individual quote is right for you and you can proceed with that application.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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