Let’s compare loans
Applying for a loan might seem like a challenge. You know you need the extra cash but there are so many to choose from and it can be hard to understand all of the terms, from APR to secured or unsecured – how do you know where to start?
But that’s where we come in. We can help you to get to the bottom of the different types of loans, from personal loans, to homeowner loans and loans if you’ve got bad credit. We can also help you to understand what to expect from the amount you borrow, whether that’s £1,000 or £5,000 or even more and tell you about the providers themselves. The most important thing is to make sure you can afford the repayments – if you can’t keep up with these, you will be charged extra penalties and could end up getting yourself into greater debt.
When you compare with us, you can quickly review information such as provider, product, representative APR, total amount repayable and monthly repayments to find the loan that’s right for you. Why not start comparing now?
Why compare loans with comparethemarket.com
We’re here to help you compare loan information. Our easy to use comparison table will show you loans ordered by the highest amount you can borrow or monthly repayment based on how much you want to borrow and over how long, or your monthly repayment budget.
We’ll also show you details such as provider, product, representative APR, total amount repayable and monthly repayment details to help you pick the best loan for you.
We’ll try and avoid any technical jargon and give you all your results at a glance in a simple, clear table for easy comparison.
For each loan available, we will highlight all the key features, as well as let you know what you’ll need to complete an application.
Don’t forget, if you get a loan through comparethemarket.com you’ll get MEERKAT MOVIES*, which will give you 2 for 1 cinema ticket on Tuesday or Wednesday every week for a whole year.*
What do you need to compare loans?
Nothing, it’s simple. You’ll just need to enter how much you want to borrow, over how long, or you monthly repayment budget, then we’ll show you available loans.
Just remember each time you are refused an application for a loan it may impact your credit rating. But searching and comparing wont! We recommend that you only apply for loans that you’re confident you will be accepted for.
What different types of loan can I compare?
Personal loans: Also known as an unsecured loan, this is based only on your personal circumstances, such as how much you earn and your monthly outgoings.
Homeowner loans: This is secured against your property, so that you must be a homeowner (either own outright or have a mortgage) to be eligible for this type of loan. It is worth being mindful that if you do not keep up your repayments then your property may be at risk with this type of loan.
What does APR mean?
APR stands for ‘annual percentage rate’. The figure shows you the real rate of interest that will be paid, across a year, after costs such as fees, charges and admin are taken into account. This is the rate that has been offered to no less than 51% of the lenders customers – so you may be offered a slightly higher or lower rate in some circumstances.
What’s the Total Amount Payable?
Total amount payable, is your full loan amount including fees and interest over the period of time the loan is taken out for. Again this might change if the APR your lender provides changes.
What is the repayment term?
The repayment term varies between Personal and Homeowner loans. Generally, the term offered for personal loans falls between 6 months and 120 months. Homeowner loans are usually offered over a longer period, between 12 and 300 months. You should check with your chosen provider what repayment terms they offer before you proceed with an application.
What is a credit check?
Once you’ve chosen the loan you’d like, the lender will perform a credit check as part of the application process. They do this to assess how likely it is that you are able to repay the money you borrow.
Credit checks involve asking for some information from you - both personal (such as your address) and financial (such as your current bank details). It also involves the lender contacting credit reference agencies to get records about you such as whether you made late payments, missed payments altogether, or had any County Court Judgments against you.
Your credit details may impact the amount you can borrow, and the exact terms of your loan (e.g. the interest rate may go up or down).