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Personal Loans from £1,000 - £25,000

Terms from 12 – 60 Months. Apply for a Personal Loan

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How much do you want to borrow?

1000
2250
25000
£2,250

How long do you want to borrow for?

12
18
60
18 months
  • Unsecured Loans for Any Purpose
  • Suitable for all Credit Profiles
  • Responsible Lenders

How Can Loanable find me Personal Loan?

  • We have a Single, Hassle-Free Application that takes only minutes to complete
  • We pass on your Application to many Market-Leading Personal Loans lenders
  • Our Panel of Lenders is constantly increasing, so our Customer Success Rate is too!
  • We only work with Lenders who provide the most Responsible and Affordable Loans

Why use Loanable?

  • Instant Access to All Major Personal lenders
  • Personal Loans from £1,000 - £25,000
  • Bad Credit? Defaults? CCJ’S? Lenders will still look at your application
  • Borrow over 12-60 Months? Just tell us what’s best for you.
  • Tenant, Homeowner, Living with Parents? All Applications Considered

How Loanable Works

  1. Computer
    Apply online
  2. Shaking Hands
    Search for a loan
  3. Thumb Up
    Lender may be found
  4. Dollars
    Complete application with lender
What is a Personal Loan?

What is a
Personal Loan?

A Personal Loan is simply a loan from a lender to you the borrower.

You enter a financial contract with the lender and pay back the Amount you borrowed plus Interest in Monthly Instalments over an Agreed Period of time.

Many Customers take a Personal Loan to meet the costs of things such as Home Improvements, a Holiday, a New car or a wedding. Other customers opt for a Personal Loan to consolidate debt in to a single payment.

Loans vary in amounts, so you can borrow as little as £1,000 and in some cases as much as £25,000.

The Amount of time you can borrow the Money for is up to you and can range from 12 months to 60 months.

A Personal Loan is usually Unsecured which means you are borrowing Money without giving the lender any form of security such as your Home or Land or any other Assets.

APR on Personal Loans (which basically tells you how expensive your loan is) can vary greatly depending on your credit file.

Failure to keep up on Repayments may result in additional Interest payments or Fees and your credit file may be adversely effected, making credit difficult to obtain in the future. In certain situations, you could be subject to enforcement action such CCJ’S against you.

It is, therefore, always important to borrow responsibly and consider if a loan is right for your financial circumstances.

FAQs about Personal Loans

A personal loan is a loan made to an individual by a Lender for non-business purposes. A Personal Loan is usually unsecured which means it is not secured against any of the individual’s assets such as property or land.

The amount can be anything from £100 - £25,000, depending on your requirements. The amount the Lender is willing to provide will be impacted by things such as your income and your credit history.

You must be a UK resident between the ages of 18 – 75, have a regular income and a valid bank account in the UK with an associated debit card. You will also need to have a mobile number or email address we can reach you on.

No, it doesn’t. Lenders will consider additional, varying factors beyond the basic criteria so there is no way of knowing if you will be approved. The most important thing is that you can prove to a lender that you can afford the loan.

The lender will look to see proof that after all your monthly outgoings, including creditor commitments, you have enough disposable income to service the loan. This will markedly increase your chances of being approved but will still not guarantee it.

The interest rate can vary massively depending on the Lender and the credit profile of the individual. For example, a short-term personal loan could reach 300% APR whereas an unsecured loan from a high-street bank such as Sainsbury’s could be 5% APR

Lenders have a regulatory duty to be fully transparent with all their customers. Before taking a loan out, you will be informed by the Lender of the precise interest rate, monthly repayments and total amount payable. It’s your responsibility to make sure you read and fully understand any documentation you receive from a Lender before taking a loan out.

The vast majority of the time, a Personal Loan is essentially the same thing as an Unsecured Loan: They are both a form of finance that is provided to an individual which is not secured against any assets (such as a home or land)

There are instances where Personal Loans can be secured, although this is a rarity in the market place.

Secured loans require you to guarantee what you’ve borrowed with your assets. This means that if you default on the loan, the Lender can force you to sell assets so they can recover their money. Secured Loans have a lower APR than Unsecured ones as they are less risky for the Lender, but they carry a great deal more potential risk for the borrower than an Unsecured Loan does.

Each lender has their own unique lending policy so it’s very difficult to answer why your loan has been declined. Lenders will decline borrowers for several reasons including poor credit history, especially if they think the borrower can’t afford to service the loan. Some lenders will explain the exact reason that you have been declined for a loan while others will not share the information with you. If you have been declined a loan recently, it’s a good idea to obtain a recent copy of your credit file and have a look for any obvious reasons.

Yes, there are many Lenders who provide finance to customers who have had credit problems in the past. Be aware, though, that the interest rate on a loan is linked to your credit file. People with good credit profiles tend to be offered lower interest rates and people with poor credit profiles higher rates. This is to protect the lender against the higher risk of default when lending to people with a history of adverse credit.

Yes absolutely. Since Personal Loans are typically Unsecured loans, they are ideal for people who have no security to offer a Lender - such as a home. In fact, a large percentage of Unsecured loans are given to people who do not own their home. At Loanable, we specialise in working with a number of Lenders who consider borrowers who are non-home owners.

There are only a few restrictions on what you can use your Personal Loan for. Restricted uses include gambling; buying property (although home improvements are allowed); or using the loan money for any illegal purposes.

There are also restrictions on putting Personal Loan money into businesses as an investment and / or using the loan to service business overheads or debt. For the avoidance of doubt, it is best to speak to the prospective Lender.

It is also worth pointing out that there are some lenders who will evaluate your specific loan purpose, beyond the above criteria, when they make their decision on your application.

At Loanable, we advise against taking out a Personal Loan unless you have what you consider to be a clear and sound reason for wanting to borrow the money.

These are different types of Unsecured loans. The most important thing to remember is that regardless of the label applied to the Loan, if there is no asset being offered as security, then it is always an ‘unsecured loan’.

We will pass your application onto a number of Lenders who we think best match your requirements. Each Lender will have their own unique underwriting process. Some Lenders may only carry out a “soft credit” search which does not leave any credit footprint. However, other Lenders may want to carry out a full credit search which will show up on your credit file. The frequency with which you make loan applications is also a factor that can negatively impact your credit score.

There can be many different genuinely valid reasons to take out a Personal Loan. Some people use them to consolidate debts while others may need a loan to pay for their wedding or make important improvements to their home. Whatever your reason for taking out a Loan, the most important thing to think about it is whether you can genuinely afford to re-pay it.

No! Loanable will never charge you a fee for taking out any loan, including a personal loan. If you are ever asked by a loan company to pay an upfront fee before taking out a loan, abandon the application and report them to the FCA.

Failure to keep up with repayments on your loan can have serious consequences, so you should only borrow money that you can afford. Failure to keep up with repayments can mean your credit file is adversely affected making it difficult to obtain credit in the future. And in certain cases, more serious enforcement action can occur. If you are experiencing financial hardship, get in touch with the Moneyadvice Service or Step Change.

No, we match your single application to the most suitable Personal Loan providers from our extensive panel of market leaders in this field. This saves you the time and potential disappointment of completing multiple, unsuccessful applications.

While this may be possible, many loans have what are called “lock-in penalties”. This means you would be charged a fine for transferring the loan. Therefore, you would need to speak to your Lender to establish what the fine might be and figure out if a loan transfer is ultimately a cost-saving exercise or not.

Lenders use a representative rate to provide an illustrative example of how the repayment of their loans would work.

So, a £10,000 loan, for example, paid back over a year with a representative rate of interest of 5% would mean you would pay back £10,500 overall. This would most be split in to 12 monthly repayments of £875 each.

However, you should be aware that a lender can charge you a higher rate of interest than their representative rate depending on your credit file. This is why it is crucial to properly consider a loan agreement before committing to it.

Yes, Lenders must allow you the option of repaying your loan in full early. However, they may charge you a penalty to do so which is often between one and two month’s interest. It is important to speak to the individual Lender to find out what their policy is.

This is when you make monthly loan repayments of amounts greater than is contractually required of you. People typically do this when they want to reduce their overall repayment period. Paying off the loan before the final instalment date due in the contract can lead to a penalty fee, though, so it’s important to speak to the individual Lender about what conditions they apply.

These apply to loans you can repay early - as a lump sum in full, or through over-payments - without being charged a penalty by the lender. Typically, they require a stronger credit file on the part of the borrower.

This is when individuals seeking a loan are matched with individuals willing to provide one. Therefore, financial institutions and services are removed from the actual lending process although they can help match the borrower with the individual lender.

Yes, we can use our extensive database to potentially source peer to peer lending for our customers.

Peer to peer loan providers frequently offer lower APR than other providers so it can be a cheaper way of borrowing money. Also, potential peer to peer lenders will only “soft search” your credit history which means applying will have no adverse effect on your credit file

PPI stands for Payment Protection Insurance. Should you pay for this service, it means that if sickness, unemployment or an accident prevent you from meeting your loan repayments, then the insurer will meet them instead. Typically, the insurer will meet these payments for a period of between 12 and 24 months.

The cost of PPI can vary widely, so it’s worth shopping around for different quotes.

Firstly, it’s important to remember that loan agreements are legally binding contracts. Therefore, you should only borrow what you can repay and you should remember that you may not get sufficient financial relief from your lender if you find servicing your loan too expensive. However, if you feel you have a genuine grievance you can contact the financial Ombudsman Service on 0800 023 4 567. They may also be able to provide advice if you are experiencing financial hardship.

Yes, a number of people seek personal loans for this purpose. This is also sometimes referred to as a consolidation loan but in this context both types of loan are the same thing.

This would be extremely unlikely since almost all personal loans are fixed rate loans which means the lender can only ever ask for a monthly repayment amount which is pre-agreed in your contract with them.

Yes, but you should think carefully about what you can afford and be very confident and honest with yourself regarding your ability to repay both loans simultaneously.

This depends on the lender we match you with. Some lenders will release the money on the same day that you complete your paperwork with them. Other lenders will release the money after several working days.

There are other lenders who offer a fast-track, same-day pay-out service, but who will charge you a premium to do this.

This is highly unlikely. Since almost all personal loans are at a fixed rate, they cannot be affected by fluctuations in interest rates.

Yes, you can. The lender may ask you to provide more detailed proof of income than is typically the case - such as historical company and personal bank statements.

Yes, you can. In addition to the level of your maternity leave salary, the amount you can borrow might depend on the nature of your plans for returning to work. It is possible, therefore, that a loan provider may seek to contact your employer in such circumstances.

Yes, we can. In addition to being a UK citizen with a UK bank account and an associated bank card, you may also need to provide a payslip / picture of a payslip. As always, the lender may reserve the right to request additional information.

These could include proof of address, a valid passport, a photo driving licence or proof you are on the electoral register. Depending on the Lender, they may accept or expect other forms of information as well.

We receive commission from prospective lenders but this has absolutely no financial implications for our customers who, as mentioned, are charged no fees by Loanable whatsoever.

This will depend on the lender. It’s worth remembering that even if you can, you can expect interest accumulated during the “holiday” period to be added to the total amount you have to repay.

This will again depend on the lender. They will consider factors such as your credit profile and your repayment track record with current and - where applicable - previous lenders.

Unfortunately not. All applicants must be UK residents as well as UK citizens

Yes. Providing you meet the criteria to demonstrate you can afford your loan, it is highly unlikely a lender would then object to the money being spent in this way.

APR stands for Annual Percentage Rate. This is the rate of interest and any charges you’ll pay on top of the loan amount.

Credit Rating Agencies hold the information that determines your credit profile based on historical financial records for things such as your spending, earnings and servicing of debts. Lenders use this credit profile information to assess the affordability of a loan to you. The main credit rating agency in the UK is currently a company called Experian.

Yes, you can pay companies such as Experian a fee and they will provide you with a full breakdown of your credit file.

You will be required to authorise a direct debit agreement between your bank and the lender.

A pre-determined number of equal, monthly instalments will then be debited from a bank account which must be in your name. It’s also likely to be a requirement of the lender that the account has an associated bank card.

Yes, but you should only do this if you wish to transfer the loan repayments over to a different bank account in your name. Simply stopping repayments wouldn't make your debt disappear. You would accumulate interest and other charges, your credit file could be damaged and a CCJ could be sought against you.

If you experience financial difficulties that leave you unable to make loan repayments, you should contact the lender as soon as possible to give you the best opportunity of settling on a course of action together.

All lenders will provide you with log in details to access your outstanding balance and/or provide telephone assistance to enable you to find out what the outstanding amount is.

If you undergo a change of address or change in your employment status, it’s important you inform your lender as soon as possible.

This is a period at the start of your loan in which you can cancel the loan agreement and repay the full loan amount without incurring penalties or charges from the lender (although interest is still applicable) The borrower typically has 14 days from the signing of the loan agreement in which they can change their minds regarding the loan. They then have 30 days to repay the full amount. As mentioned, they will also have to pay any interest which accrues between the date the agreement was signed and the date on which the loan is repaid.

Yes it is, and it is typically cheaper to borrow money this way. However, you will be securing your loan against your home which means defaulting can mean the lender can require you to sell your home to repay your debt. It is, therefore, crucial to think very carefully about the type of loan you wish to seek.

This is the amount of money a Lender is willing to pay in to your bank account.

Yes. Seeing as our expert panel may well include lenders not available to the other company, it is possible you will receive a different outcome this time around.

It is worth remembering, though, that multiple loan applications can adversely affect your credit file.

The instalment for that month will still be payable and additional interest may well be applied to it. If you envisage missing a payment, you should contact the lender at the first opportunity.

No. Lenders will require repayment by way of Direct Debit from an account in your name with an associated Debit Card.

The Lender will deposit the money directly in to your account. You will need to provide them with your account number, bank name and sort code.

The interest is normally a fixed percentage applied to the actual amount you borrow which is called the “principal”. The interest will be set out in your loan agreement.

You’ll be notified of a decision by phone or by text by the appropriate lender.

Many of our panel of Lenders will enable you to do this. However, we at Loanable cannot guarantee it, so you will need to be in contact with the lender directly.

At loanable, we advise our customers against a “rolling cycle” of loans. However, once the final payment of an existing loan has cleared, we can help match you with Lenders

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