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Compare Personal Loans

Use our personal loan comparison tool to find the right deal for you and discover low-interest personal loans with ease.

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Personal loan comparison that doesn’t affect your credit score

Compare Personal Loans

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Personal loan comparison

Use our personal loan comparison tool to find the right deal for you and discover low-interest personal loans with ease.



What is a personal loan?

A personal loan is an amount of money that can be borrowed from banks, credit unions, or lenders to use for personal purposes. The borrowed amount will need to be repaid over a set period, typically with interest.

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What can personal loans be used for?

Personal loans are typically used for large, one-off purchases, but can generally be used for almost anything. However, it’s always a good idea to check the terms of the loan before you apply. Common uses of personal loans include:

  • Paying for a wedding

  • Home renovations

  • Holiday funds

  • Debt consolidation

  • Unexpected bills


Costs will also vary between individuals depending on their personal circumstances and financial history. For example, if you have a low credit score, lenders are likely to apply a higher interest rate to your loan.

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Which type of personal loan would work best for you?

If you want to apply for a personal loan, many different types are available on the market. Our Marketplace tool lets you compare personal loans for different purposes. These include loan rates for debt consolidation, home improvements, vehicles, holidays, weddings, and more.

Loans generally fit into two categories: secured loans and unsecured loans. It’s important to understand the difference between the two before you decide which to go for. You should consider your circumstance and how a secured or unsecured loan would fit into it.

Secured Loans

A secured loan gets tied to one of the borrower’s assets, which is a security measure. This option is popular with applicants with a poor credit rating or wanting to borrow a large amount of money.

Unsecured Loans

An unsecured loan does not require an asset to guarantee the loan. Instead, this money is lent based on the borrower’s credit report and other factors. Lenders tend to favour applicants with a higher credit rating or those who want to borrow a smaller amount of money. You can get a free credit score to check your credit rating.
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Personal loans for bad credit

It is possible to get a personal loan with bad credit but keep in mind that you may have fewer lenders to choose from, or you may need to take on a higher interest rate.

Comparing personal loans with our handy tool is a good way to scope out your options. If you’re concerned, there are lots of ways to improve your credit score. These methods vary from making full repayments on time to registering on the electoral roll.

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Pros and cons of personal loans

Before comparing personal loans, weigh up the pros and cons to decide whether it’s the right option for you.

Advantages of personal loans

  • No set use

    Within reason, personal loans can be used for whatever you like, giving you flexibility around how you use the money.

  • Flexibility

    Depending on your credit score, you can choose how much to borrow and how long you would like to repay it for.

  • Debt consolidation

    Personal loans can be used to pay off other debts that you may have. You may find it easier to pay one lender back rather than numerous creditors. However, you should think carefully about taking out more loans. If you are finding it difficult to keep up with payments, the problem will likely continue. There are places where you can seek support if you need it.

  • Fixed rates

    Unlike credit cards, interest rates on personal loans are often fixed, so you will know ahead of time how much you will be paying each month.

  • Building credit score

    By keeping up with monthly payments, you can prove yourself to be responsible with money and build your credit score.

  • Speed

    You will likely be able to access the money quickly after being approved.

Disadvantages of credit cards

  • Commitment

    Similar to personal loans, you will need to keep up with monthly payments, so you should consider whether your income is likely to change during your repayment period.

  • Potential penalties

    You may be subject to fees or penalties if you cannot keep up with payments, or make payments late. This can also impact your credit score.

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Frequently asked questions

There are several aspects to consider when looking for a good loan option. These include the amount you want to borrow, the repayment arrangement and period, the interest rate and your credit history. Use our comparison tool to help you find a suitable provider.

Calculate your monthly loan repayments by dividing the total loan and interest by the number of months you will need to pay it off.

Interest rates vary, depending on the market and your credit score. When taking out a loan, the average interest rate would be better for someone with a great credit score than someone with a lower score.

Find out more about different types of interest rates.

Secured loans get tied to one of the borrower’s assets, which is a security measure. This type of loan benefits those with a poor credit rating or those who want to borrow a larger sum of money, usually at least £3,000 but often over £10,000.

Securing a loan against an asset reduces the risk. As a result, secured loans often have lower interest rates. They often have higher borrowing limits and longer repayment periods than unsecured loans.

There are several factors to consider when searching for a suitable loan for your business.Should you go for fixed - term or flexible? Is your business secure, or do you need an unsecured option?

Like personal loans, business loans fall into the categories of secured or unsecured.Secured business loans get held against the business’ assets, such as property or stock, while unsecured loans don’t need any security or assets.

Lenders favour businesses with higher turnover and a longer period of trading history when it comes to unsecured loans. They may also need a personal guarantee which will consider the business director’s net worth.

Some business loans have a fixed period for repayment and fixed monthly payments. However, other providers offer more flexible options, offering an overdraft-style arrangement if you can’t make a payment.

A secured loan requires collateral as security. Common types of collateral include things like property or a car.

If you default on your loan, then the lender can claim the asset as repayment.An unsecured loan doesn't require collateral. However, to compensate for this, they often have higher interest rates.

Most loans allow early repayment. However, some have penalties or fees associated with paying them off early. Check your current loan agreement for details or ask your lender.

Or, if you’re looking for a new loan, check the terms carefully if you think you might be in a position to repay ahead of time.

Missing a loan payment can lead to late fees being charged. It may also affect your credit score. Contact your lender if you think you'll miss a payment. They might be able to offer a solution or help you put together a more manageable payment plan.

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