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Personal Loans

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A personal loan is the most common means of borrowing money from a bank, building society or other loan provider. Generally speaking, the more you borrow, the lower the interest, but rates vary from around 6% to 20%, so you'll need to shop around. And Loan UK is the best place to do this, we have all manner of loan types under one site.

Personal loans can be secured or unsecured. Secured loans are usually tied to your house or a property of substantial value. Unsecured loans are not tied into anything, but if you don't make the repayments, the bank will blacklist you and you may find it difficult to take out other financial products, such as credit cards or a mortgage. Loans for specific items such as new cars are also available, often with lower interest rates. If you're taking out a loan for a car, be sure to look at our Car Loan page.

Most loans are re-paid by monthly instalments and the repayment period will be agreed before you get the money. This is usually a fixed period and you will have to pay a redemption penalty - an example being two months interest - if you want to pay it off sooner. The longer the repayment period, the more interest you will be paying, so go for the shortest one you can manage. Flexible loans, which let you borrow and pay back at will, are becoming more common, but the interest rate charged is often significantly higher.

There is no shortage of companies willing to offer an unsecured personal loan. But tread carefully. While there are a few providers who have been coming up with more flexible products lately, personal loans often mean tying yourself into paying back a large sum over quite a long period, with penalties (usually a fee of one or two months' interest) for clearing the debt early.

If you're looking for a personal loan and need it quickly then try Loans UK.