The term loan is translated into the borrowing of money to a party in exchange for future returns of the total sum, most often with a small interest on top. Loans are agreed upon by all involving parties before any money is advanced. Loans can be a specific one-time amount transferred with a fixed return date or paid back in instalments over a longer period of time.
Below are our top 10 of the most popular loan options in the UK.
AA Loans – AA Loans are provided by Bank of Ireland to offer a competitive loan rate of 3.1% representative APR (from 1st April 2019). Personal loans with breakdown cover. Loans from £1,000 – £25,000 with no arrangement or set-up fees. Loans are available between 1 and 7 years (depending on the value of your loan).In most cases you will get an instant decision online. In some cases we may require additional information or evidence of documentation.
Asda – A personal loan can help in so many different ways, whether you want to take control of your finances, make some home improvement, or replace a worn-out car. They have carefully selected a number of trusted lenders on their panel, and with one simple application you can compare and find the offer that’s best for you and your circumstances. You can also check your eligibility safely without harming your credit score. Average score of 9.4 out of 10 based on a survey of 574 Asda Personal Loans customers in August 2019.
Post Office Loans – Won the Moneyfacts 2018 “Personal Finance Provider of the Year” Award
- 8.9% APR Representative (fixed) on loans from £3,000 – £4,999
- Borrow from £1,000 – £25,000
- Instant decision in most cases
- Terms from 1 year to 7 years, depending on the amount borrowed
- Funds could be transferred the following day
- Pay back more with no extra charge. We only charge a fee if the loan is paid off in one go
Loan.co.uk – Homeowner, Personal and Guarantor Loans
- Automatically search over 5,700 loans
- Soft Searches won’t affect your credit score
- Access to over 90+ selected lenders
- Adverse and bad credit considered
- Always the lowest rate available for your circumstances
Tesco Loans – A loan from Tesco Bank could be a great way to fund a home improvement project, upgrade your car, or help to cover the cost of your wedding. Rates will vary depending on loan amount and individual circumstances. The minimum rate they offer is 2.9% APR and the maximum rate is 25.5% APR. Subject to status.
Halifax – 3.5% APR Representative on loans between £7,500 and £25,000 over 1 to 5 years. Other loan amounts and terms are available at different rates. Our loans start at £1,000.
Lloyds Bank – 3.9% APR Representative on a Personal Loan between £7,500 and £25,000 over 1 to 5 years.
- No hidden fees – we won’t charge you for setting up your loan or if you want to settle early
- A quick decision – we usually give an instant online decision
- Risk free quotes – a personalised quote that won’t affect your credit rating
- Acceptance indicator – know if you’re likely to be accepted before you’re credit scored.
- Money in your account in 2 hours – to your Nationwide current account
Virgin Money – It’s flexible – you can borrow £3,000 – £25,000* and repay over one to five years. Or, if you’re borrowing £7,500 or more (and less than 50% of it is to pay back an existing loan) you may have the option to repay up to seven years.
*Existing customers can borrow £1,000 – £35,000.