What is a personal loan?
A personal loan allows you to borrow a fixed amount of money over a certain period of time. This loan will then be paid back, usually at a fixed rate, over a set period of months. A personal loan usually offers between £1,000 and £50,000. Customers can use this loan to purchase a new car, do some home improvements or to help with debt consolidation. If it looks like your credit rating may affect getting a loan, our loans for bad credit page may be able to help.
What is an unsecured personal loan?
An unsecured loan is exactly the same as a personal loan. With these types of loans, you don’t have to offer up any kind of collateral (e.g. your house) as a guarantee in order to get the loan. While this could mean less risk to you when borrowing the money, unsecured loans tend to have higher interest rates as a result.
The loan application process
What you'll need to apply for a loan
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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.
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:
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