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These are loans taken out to pay for things like weddings, home improvements or a new car. With a personal loan, you borrow a fixed amount over an agreed time period, and pay this amount back in monthly instalments. You pay interest on top of your loan, and this fixed interest amount is included in your monthly repayment.
These are taken out to cover a series of smaller debts. Here, your debt is consolidated into a single amount, which you then pay off - plus interest - in monthly installments. If you have debts spread over several credit cards or accounts, consolidating them in this way can make it easier to keep track of exactly what you're paying in interest and other fees.
If you have a poor credit rating, but need more credit, you may still be able to find a lender willing to help you. Just bear in mind that your credit score determines the rate of interest you’ll be charged on top of the amount you borrow. The higher the interest rate the more you’ll ultimately end up paying back to your lender.
When you get a quote with us, our partner Monevo performs a soft credit check on you. This allows them to see what deals you’re eligible for. They use this information to find and then show you the best prices they can source for the amount you want to borrow. Soft credit checks do not affect your credit score, and aren’t marked on your credit report.
If you choose to take out a loan with one of the providers you’re shown quotes for, they may then perform a hard credit check on you during the application process. Hard checks are recorded on your credit report, and failing one can damage your score. This makes comparing quotes rather than simply applying for one directly the safer option.
When you compare quotes, you notice a figure next to the prices you're shown. This is known a an APR (annual percentage rate).
A loan's APR is the total amount of compulsory charges you’ll have to pay on top of the amount you're borrowing.
If a loan has an APR of 15%, you’ll pay15% in interest and other fees on top of what you’re borrowing.
This doesn't include things like administration fees, payment protection, late payment charges or exit fees. So make sure you read the terms and conditions to see exactly what you’re liable for.
Yes, most lenders should allow you to make changes to your loan. You’ll often be able to change the amount you’ve borrowed and the term you’ve borrowed it for.
Some might even offer you a new deal entirely.
The best way to do this is to contact your lender directly.
You should also let your lender know if you:
Get into financial difficulty
Have a change in personal circumstances
Need to update your contact details, address, name, or employment status
Yes, in most cases, you should be able to pay off your loan early. But you might be charged a fee to do so.
Many loans come with an early settlement charge baked into them. This is a fee you agree to pay to cut your borrowing term short. It varies from provider to provider, but the earlier into your term you end your loan, the higher it’s likely to be.
In some cases, it can actually be cheaper to allow your loan to run its course and end naturally, rather than paying this early exit fee to end it early.
This is why it’s important to consider whether you may be better suited to other borrowing options before you commit to taking out a loan. Things like credit cards may be better for short term borrowing, for example.
If your circumstances change and you find yourself unable to meet your monthly repayments, contact your lender as soon as possible.
They’ll often have schemes in place to help borrowers who find themselves in financial difficulty.
There are also debt relief charities available for those facing serious financial hardship.
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