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Peer-to-peer (P2P) platforms are a recent trend in personal finance, matching investors looking to earn bank-beating interest rates on their savings with borrowers looking to pay less interest on a loan. P2P platforms claim that by cutting out the bank in the middle, with its expensive overheads, they can offer market-leading rates.
QuidCycle states that it wants to help UK middle-income individuals and families help each other. It also puts a strong emphasis on refinancing to consolidate debt. As new companies emerge in the P2P sector, each with its own particular “angle”, more of the UK borrowing market is being covered. The companies listed below are all P2P lenders but with varying target markets and tailored products to match.
|Representative example: Borrow £7,500 over 36 months at a rate of 18% p.a. (fixed) with £440.00 fees. Representative APR 22.9% and total payable £10,144.52 in monthly repayments of £281.79.||Check eligibility|
|Borrow £1,000 to £25,000 over terms from 12 to 60 months. Soft search facility means that checking your rates won’t affect your credit score. FCA firm registration number: 718925.||Representative example: Borrow £7,500 over 5 years at a rate of 8.8% p.a. (fixed) with a £180 fee. Representative APR 9.9% and total payable £9,443 in monthly repayments of £157.40||Check eligibility|
|Borrow £2,000 to £25,000 over terms from 24 to 60 months.||Representative example: Borrow £10,000 over 5 years at a rate of 10.0% p.a. (fixed) with no fee. Representative APR 11.7% and total payable £13,258.16 in monthly repayments of £220.97.||More info|
|Borrow £1,000 to £25,000 over terms from 1 year to 5 years. Soft search facility means that checking your rates won’t affect your credit score. FCA firm registration number: 723151.||Representative APR 9.9%. The rate you are offered depends on your personal circumstances, the loan amount and the repayment term, and may differ from the Representative APR.||Go to site|
|Borrow £1,000 to £7,500 over terms from 12 to 60 months. FCA firm registration number: 724098.||Representative example: Borrow £3,500 over 5 years at a rate of 4.9% p.a. (fixed) with fees of £105.00. Representative APR 7.31% and total payable £3770.64 in monthly repayments of £104.74.||More info|
|Borrow £500 to £35,000 over terms from 12 to 60 months. Soft search facility means that checking your rates won’t affect your credit score. FCA firm registration number: 722768.||Representative example: Borrow £5,000 over 1 year at a rate of 3.9% p.a. (fixed) with no fee. Representative APR 3.9% and total payable £5,195.00 in monthly repayments of £432.92.||Check eligibility|
Before you take out a personal loan, it’s smart to read up and shop around. You can use the cost estimating tool below to see how much you’d be likely to pay for the loan that you have in mind from a range of popular lenders:
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