Shopping around for loans: Get a better more affordable loan

Cheap personal loans: from 2.8% up to £15k

Applyforaloan can help you find the loan you’re looking for. We have searched the loans market to find some of the UK’s leading loan companies and have listed them here. Simply browse through the list and select the one that fits your needs.

Or why not select more than one and compare quotes? Whatever your circumstances, even if you have bad credit, you should be able to find a company that can help. Applicants must be UK residents, aged between 23 and 69, have a minimum annual income of £10,000 and either be a homeowner or hold a debit/credit card.

Borrow £100 to £1500 for any purpose with an unsecured loan from Wentworth Direct Finance. Loans available for tenants and homeowners. Whatever your circumstances, even if you have been refused credit elsewhere, have CCJ’s, defaults or been blacklisted, Applyforaloan can help!

Need money NOW to get you to your next payday? With a payday loan you could borrow up to £750 and receive the cash instantly. Just 3 simple steps to get your payday loan:

  • * Fill in our simple, no obligation application form
  • * Receive your approval online within 60 seconds
  • * Receive between £80 – £750 cash the same day

Personal loans

With a personal loan you borrow an agreed sum and pay it back with interest over a certain length of time (usually one to five years). Interest rates can be fixed or variable. You normally have to stick to a payment schedule. Personal loans can be handy for covering large expenses like buying a car or equipment.

An ‘unsecured’ loan means the lender relies on your promise to pay it back. They’re taking a bigger risk than with a ‘secured’ loan, where they can take whatever you’ve secured the loan against (like property) if you don’t repay it. So interest rates for unsecured loans tend to be higher.

What does APR mean?

APR stands for annual percentage rate. It shows you the actual cost of the loan, as a yearly interest rate. It includes charges and fees as well as interest to help you compare loans on equal terms.

Shopping around for loans

There’s a wide choice of loans available, so shop around for the best deal. Compare interest rates, APR, terms (like charges and penalties for paying the loan off early) and how long you can borrow for. You can use the Money Advice Service’s online calculator to work out typical monthly repayments.

Can you afford to borrow?

Whether borrowing through an overdraft or a loan, be sure you can afford the repayments. If you can’t, your debts can quickly spiral out of control.

It may be that you don’t have a bank account, have a bad credit history (or no credit history at all) and feel that you won’t be able to get the normal low cost credit available from banks or building societies.

The table below provides details of various lenders and their typical rates, showing the savings you could make:

Lender/Rates Illegal lender High cost credit provider Doorstep lender Credit Union
Amount of loan £300 £300 £300 £300
Typical APR 1000% 246.50% 117% 26.8%
Terms of loan (weeks) 52 52 55 52
Weekly repayment £55.50 £17 £9 £6.55
Total repayable £3000.32 £884 £495 £340.44
Total interest £2700.32 £495 £195 £40.44