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  • We’ve partnered with Monevo to offer their best deals on loans

  • Compare quotes from a wide range of trusted providers

  • Apply today and borrow between £1,000 and £50,000

We've partnered with Monevo to offer their best deals on loans. Monevo is a credit broker not a lender.

Comparing loans with Confused.com and Monevo

We've teamed up with experts Monevo to offer their best deals on unsecured and secured loans, based on your circumstances. With Monevo's 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
A loan can be a quick and handy way of getting some financial help but it's a decision that shouldn't be taken lightly.

If you've worked out a budget and are comfortable with the financial commitments and the repayments, then it might be helpful.

Before you apply

Before you apply for a loan, work out how much you can afford to borrow and if you can afford to pay it back. You'll then be able to view loans in your price range, making it easier to compare.

It could also increase your chances of being accepted, as you won't be applying for what you can't afford. To help you work out your budget for a loan, try using our loans calculator.

When budgeting, you might think about extending the length of your term to reduce your monthly payments. Whilst this could help, extending the borrowing term could mean increased interest rates.

Be sure to check whether the increased rates don't mean you're re-paying more over this longer period compared to a shorter one.

Your credit rating can limit how much you can borrow and can also affect the interest rate lenders offer you. If you can improve your score before applying, you may see better offers.

We've come up with a few helpful tips on improving your credit score which might come in handy.

Types of loans

A personal loan is an unsecured loan. You can borrow a fixed amount over an agreed time period. Included in your monthly repayments is interest on the amount you've borrowed. The rate of interest is usually fixed.

Secured loans, sometimes called homeowner or guaranteed loans, secure the amount you want to borrow against an asset, like your home. If you've got a bad credit score, you might want to use this type to borrow a larger sum of money.

Securing the money you're borrowing against your home reduces the risk to the lender, so you're more likely to be accepted. If you're a homeowner, Monevo may show you secured loan options available through a secured loans broker.

But if you fail to keep up with the repayments, the lender could seize your property.

Loans for bad credit are available if you've got a low credit score. A bad credit rating usually means you'll have a limited choice and higher interest rates.
Debt consolidation loans combine all your existing debt repayments into one loan. You could save money and you may find a better interest rate. Just add up how much you owe in total and apply for that amount.

Just know that you may be extending the terms of the debt and increasing the total amount you repay.

Home improvement loans are useful if you want to make changes to your home. You can pay for any work that's done upfront and pay back the money over a set time period.

Wedding loans can be used to pay off the full or remaining balance of your dream wedding if you need some extra help.

A holiday loan is a personal loan you can take out if you can't afford to pay for a holiday upfront.

A guarantor loan is an unsecured loan where a second person, usually a family member, agrees to cover your debts if you can't. They can help if you've struggled to borrow money before. For a full breakdown of how it works, read our guarantor loans explained guide.

Pros and cons of a loan

Pros of getting a loan include:

  • Quick access to cash. After approval, you can receive your money in a few days, or sooner.
  • Flexible repayments mean that whether you need to stretch payments over a couple of years or are able to pay back the loan in less than a year, there's loan options to suit most financial situations.
Cons of getting a loan include:

  • High interest rates with unsecured loans, especially if you have a poor credit history.
  • Repossession of assets you used as security against the loan if you miss repayments. This could be your car or home. Not making repayments can also lower your credit score, impacting your chances of being approved in the future.

What you need to apply for a loan

  • The amount you'd like to borrow
  • The purpose of your loan e.g. holiday, one-off purchase
  • How long you'd like the loan to run for (the term)
  • Your personal details
  • Your UK address and any previous addresses from the last 4 years
  • Your annual income and general outgoings

Understanding credit reports and credit checks

A credit report provides information on how you've used credit in the past. This includes whether or not you've paid bills on time and how much debt you have.

These reports are produced by credit agencies like Experian and Equifax. They get your credit information from a range of sources, including lenders.

When you apply for credit like a credit card, mortgage, or finance, lenders will check your report. They'll use it to decide whether or not to lend to you.
Your credit score is determined using the information on your credit report and the personal information you've entered. It's a number that represents your credit history and shows how creditworthy you are.

Different credit agencies use different marking systems, but your score will usually be marked from 0 to 1000. The higher the number, the better the score. Lenders then use your score, along with your report, to work out whether or not you’re a good investment to lend to.

Worried your score isn’t as good as it could be? We’ve got some helpful tips that could improve your credit score.

Hard vs soft credit checks

A soft credit check happens when a financial company views your credit report to pre-approve you. It also occurs when you check your own report or a comparison site like us checks your credit report to get you offers for you to compare.

Soft credit checks are designed so businesses can look at your report to get an idea of what offers you may be eligible for. They don’t mark your credit report and won’t affect your credit score.

Comparing loans with us and our loans partner, Monevo, rather than applying straight to the lender means you can check what offers may be available to you. Monevo will only ever run soft credit checks on your credit report. Once you’ve chosen and applied for an offer, the lender will run a hard credit check.
A hard credit check is more thorough and can leave a semi-permanent mark on your report. It happens when you apply for credit from a lender, and will help them decide whether to approve your application.

The lender may check your report from more than one major credit agency. Hard credit checks are tied to your credit application and can affect your credit score.

Failing a credit application after a hard credit check can damage your credit score. Lenders can see this and think you're having financial difficulties, which can lower your chances of being approved. So it's always worth comparing loans before applying.

How to understand APR

An annual percentage rate (APR) shows you the combined total cost of all the compulsory charges that you'd have to pay per year. This includes the interest rate and any additional charges. You'll see APR expressed as a percentage on our site.

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 find out more about APRs and how they affect your borrowing, read our APRs explained guide.

Term of the loan

The term of the loan is how long you're making repayments for. Often, how much you want to borrow will determine the length of the term.

For example, a loan of £8,000 may be difficult to pay off in 12 months due to high monthly payments. But borrowing £3,000 for the same term could be more manageable.

The term can also impact the total cost you'll have to pay back. A longer term could mean lower monthly payments. But the total interest could be higher than if you chose a shorter term.

Be careful not to borrow more than you can afford to pay back and weigh up your options carefully. Working out a budget first is always a good idea! Whatever your financial situation, it's worth comparing as many offers as possible to find the best deal for you.
Compare quotes to see your exact monthly payments without affecting your credit score

Need more help?

Will comparing loans affect my credit score?

You can compare loans with us as many times as you like without affecting your credit score. We’ll carry out a ‘soft search’. This helps us match you to your credit report to understand your borrowing history.

Will I be accepted for a loan?

Whether you're accepted for a loan depends on your personal details and your credit history. Both will give the lender an idea of whether you'll be able to afford the repayments.

Different types of loans and lenders will look for different things when they're approving your application, which makes it all the more important to compare.

How do I pay back a loan?

When taking out a loan, you'll decide with the lender how long you'll have to make the repayments. This is usually between 1 and 5 years. You'll receive the loan amount and usually repay it in monthly instalments. The monthly repayment cost will depend on the amount you borrow, the term length and the interest rate.

Can I make changes to my loan?

You should 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
They can then update their records. If you’d like to extend the length of your term or increase the amount you’ve borrowed, it’s worth getting in touch with your lender. You may not be able to adjust your existing deal but they might offer you a new one that suits you better.

Can I pay off my loan early?

If you're able to pay off your loan early, you may be able to ask your lender for an early settlement amount. This will show your outstanding balance, the interest that's been deducted, any early repayment charges and the final settlement you need to pay. But be careful – sometimes, paying off early might not save you money.

Always check what the early repayment fees are before you agree to anything, as you could be better off letting the repayments run their course.

What if I’m unable to pay off my loan?

If your circumstances change and affect your repayment plan, talk to your lender as soon as possible. They may be able to offer you flexibility.
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What our expert says:

Getting a loan isn’t a decision you should take lightly. But if you’ve done your research and you’re happy you can make the repayments, it makes sense to compare as many lenders as possible. We’ll show you the best rates we can offer based on your finances so you can pick the one that suits you best.
Louise Thomas - Car insurance, personal Finance, mortgage and life insurance expert signature

Louise Thomas

Personal finance expert

Confused.com’s loan solution is offered by Monevo Limited. Monevo Limited (Monevo) acts as a credit broker not a lender. Monevo Limited (Monevo) 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 England and Wales (Company number 06511345). Registered office: Glasshouse, Alderley Park, Nether Alderley, Cheshire, SK10 4ZE. Licensed by the Information Commissioners Office, (Registration number Z1498441).