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Borrow anywhere between £1000 to £50,000

What is a personal loan?

Simply put, a personal loan lets you borrow a one-off lump sum that you then pay back over a set number of years. A personal loan, otherwise known as an unsecured loan, is a nice way to meet those large expenses you might not be able to afford otherwise. “Unsecured” means that you won’t be borrowing the cash against something valuable, like your car or home.

So you won’t have to worry about the lender taking your assets if you fall behind on the payments! This makes it less risky for you when you’re borrowing money, but it also means a personal loan will probably have higher interest rates than other types of loan.

If your credit score isn't quite where you'd like it, our Loans for bad credit or Debt consolidation pages might be able to help you.

Why do I need a loan?

A loan like this can be used for a number of different reasons. One of the more popular choices is to help with the purchase of a new car. You also may want to use the loan to consolidate your debt or even to pay for your wedding. Whatever you may need the money for, a loan is one way to get the amount you need quickly and easily at a rate you can agree on.

How much can I borrow?

Personal loans typically offer between £1,000 and £50,000, and could be used for purchases such as a new car or some home improvements. They also give you the flexibility to pay back the loan over a number of years. Most unsecured loans have a fixed interest rate, which means that repayments will stay the same throughout the term.

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The loan application process

Before you apply for a loan, take some time to work out how much you want to borrow and how much you can afford to pay back monthly. Before deciding on a loan, it's worth taking your income and expenses into account to be sure you can realistically make the repayments.

Depending on your credit rating, you may be offered a different interest rate (Representative APR) or be limited to a certain amount that you can borrow. Compare loans without affecting your credit score and get approval in three minutes.

You may also be asked for proof of address and proof of earnings to support your application, so be sure to have these to hand. You can learn more about your options by reading our finance explained article or by heading over to our car finance guides hub for more in-depth, expert knowledge.

What you'll need to apply for a loan

Your current UK address

A contact phone number and email address

Annual income

General outgoings

Confused.com is a credit broker, not a lender. Our website makes it easy for you to compare a wide variety of products, all from a range of trusted providers.

If you decide to buy through us, we get a small fee from one of these providers. Comparing with us costs you nothing!

And please note, the size of the provider’s fee doesn’t affect how we display our products.

Using Confused.com will not affect your credit rating as only soft searches will be carried out.

Why use Confused.com and Monevo for personal loans?

We’ve teamed up with the personal loans experts Monevo to offer the best possible deals on unsecured, secured and guarantor loans. With Monevo’s loan service you get:

A free service with no obligation to apply once you’ve got your rate

Eligibility checks with no impact on your credit score - lending partners run a soft search on your credit file which doesn’t affect your score

If you’re thinking of applying for a secured loan: THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

If you’re thinking of consolidating existing borrowing: YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

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No effect on your credit score

Compare quotes to see your exact monthly payments without affecting your credit score

Looking for car finance?

If you’re not sure how best to fund your car, it may be worth looking at the different types of car finance available. These include:

Hire purchase (HP)

Hire purchase – Hire purchase, a type of secured loan, usually requires a 10% deposit followed by monthly payments. You hire the car until your final payment after which you own the car.

Personal contract purchase (PCP)

Personal contract purchase – PCP is quite similar to hire purchase but requires a ‘balloon payment’ at the end of the term in order for you to own the car outright. You also have the option to give the car back and start a new PCP deal.

You can learn more about your options by reading our finance explained article or by heading over to our car finance guides hub for more in-depth, expert knowledge.

Loans FAQs

Will I be eligible for a loan?

We allow anyone to see if they're able to get a loan within minutes. We'll ask for some information, and we'll allow providers to carry out a soft credit search to see if they can offer you a good deal. A soft credit search will not affect your credit rating.

What circumstances will affect the loan rate I'm offered?

There are a number of factors that might influence what interest rate you'll be offered, including: your outgoings versus income, your previous credit history, any existing finance you hold, your payment history or previous debts, such as CCJs / bankruptcy or the value of the loan, and its term

Can I change my loan repayment date?

In some circumstances you can change your loan repayment date. This can be done by contacting your lender directly.

Can I increase or decrease the amount I pay every month?

Yes, again this a conversation that is required with your lender to discuss repayment options.

Need more help? Take a look at our expert guides

Credit scores and checks explained

A look at credit scores and credit checks.

What is APR?

What you need to know about APRs.

Unsecured loans versus secured loans

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Representative APR vs exact APR

Unravel the confusion behind APRs when borrowing.

How to improve your credit rating

Improve your credit score? We'll show you how.

How to get car finance with bad credit

Got credit issues with limited options? We can help.

Check out more of our expert guides

Confused.com’s Personal Loan solution is offered by Monevo Limited. Monevo Limited (Monevo) acts as a credit broker not a lender. Monevo which is an Appointed Representative of Quint Group Limited (Quint), and is entered on the Financial Services Register under reference number: 723672. Quint is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 669450. Monevo is registered in the UK with its registered office at Oxford House, Oxford Road, Macclesfield, Cheshire, SK11 8HS.