If I decide I need a personal loan, which type of lender is best?

Banks, building societies and specialist finance companies all offer personal loans. None are any better than the others in any outright sense – but because the market is so competitive, you'll need to shop around.

Different lenders have different preferences when deciding which borrowers to take on, that means that you might get a good deal off one lender, and a bad deal off another. For example, some specialise in offering homeowners with a good history loans, whereas others target those with debt and a bad credit history. Some lenders will not touch you at all if you don’t own any property.

As a borrower when you're comparing deals, it is essential that you compare like with like. The main point of comparison is the Annual Percentage Rate (APR). This can be a helpful starting point in determining the real interest rate you'll face over the term of the loan but you still need to treat this figure with care. For example, some lenders will include insurance on this figure and others won’t, so you need to be sure of these things before you can make an accurate comparison.

Hot Topics

What exactly is a personal loan?: A personal loan is a sum of money which you borrow. This could be from a bank, building society or another financial institution.
What is a Car Loan?: There are three different types of car loan. We have covered them here to make you aware of the options open to you when seeking a car loan:
How quickly can I get the money?: How quickly you get your loan depends on who you buy it from.
How do I make repayments and can I choose my monthly repayment date?: Your repayments will normally be taken from your bank by direct debit on a monthly basis. This means that you must have enough cleared funds in your account on the due date, or the payment will fail and you will have missed a payment.
Over what length of time can I spread my repayments with a debt consolidation loan?: You will be able to spread your repayments over whatever term you need to in order to meet your repayments.

If you want a great deal on a personal loan and want to save time shopping around, ask us now for a quote.

For a general purpose loan

Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.

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