Personal loans

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Borrow anywhere between £1,000 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.

What can I use a personal loan for?

A personal loan is a great way to meet large expenses that you might not normally be able to pay so easily. One-off expenses that you may need a loan for include paying for your wedding or that holiday you and the family have been dreaming of. Personal loans are also handy if you’re looking to consolidate multiple debts into one manageable, monthly payment.

There are many more reasons why you may want to borrow some cash, like doing some home improvements, buying a car or something else altogether. The process of taking out a personal loan with us is the same as any other loan we offer. We’ll ask you for a few personal details and how much you want to borrow. We’ll also take into account your credit score and credit history as well as a few other details.

The pros and cons of a personal loan

Pros

Your credit score could improve

If you’re in a position where your credit score isn’t quite up to scratch, a personal loan could help. By keeping up with your monthly repayments, it could help rebuild your score. Improving your chances in the future of being accepted for credit!

Set the terms of your repayment

You’ll be able to work with your lender to set the terms of your repayment. This includes how long you’ll be paying back your loan for. When you take out a personal loan with us and our partner, Monevo you’ll have the option of paying it back in less than a year or up to five years. If your application is successful, you could have the money in your account within a few days!

Cons

Missing payments

As much as making your personal loan repayments on time can improve your credit score, missing payments can harm it. Make sure you can make the repayments first before applying for a loan.

Bad credit score

A poor credit score can negatively affect your chances of being accepted by a lender. If you’ve previously defaulted (missed or stopped making a payment) or have a history of not making repayments on time, you may find it difficult to find a suitable personal loan.

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Tips for personal loans

Work out your budget first

It can be really helpful to work out your budget first before you apply for a personal loan. Don’t take out more than you can afford to pay back, and you’ll put yourself in a much better position. You’ll also avoid the risk of defaulting on payments.

Don’t apply to a lender directly without shopping around first

Applying for a personal loan directly can be a bit risky if you’re not sure whether you’ll be rejected or accepted. If you apply directly, the lender might put a hard credit check on your profile and you might not even get the loan if your application fails. By using a comparison site like ours you can get a number of prices from some of the country’s top lenders. You’ll be able to check your likelihood of being pre-approved and see who can give you the best deal.

Check your credit score first

Before comparing quotes for personal loans, it’s worth making sure your credit score is in tip-top shape! Your credit score is one of the ways lenders will get an idea of your credit history and whether or not to lend to you. Getting your score as high as possible should be a priority. Luckily, we’ve put together some tips on how to improve your credit score.

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.

FAQs

 

How much can I borrow?

How much you can borrow will depend on a few factors such as your borrowing or your credit history and your personal circumstances. But, as a starting point, our partner Monevo offers personal loans anywhere between £1,000 to £50,000.

How long can I take a personal loan out for?

Typical loan terms tend to be between less than a year and 5 years plus. The length of your deal will depend on the lender and the type of loan you’re looking to take out. Whilst a longer length loan can reduce your monthly payments, you could end up paying more in interest.

What is a secured loan?

A secured loan is where the loan is tied to an asset you own, like your house or car. Your asset acts as security to the lender if you’re unable to make payments. This type of loan usually means you’re able to borrow more, but it comes with the risk of losing your asset if you default on payments. If you think this isn’t worth the risk then a personal loan could be exactly what you’re after. For a complete breakdown of secured vs unsecured loans, please visit our guide.

What is APR?

APR stands for Annual Percentage Rate. This is the interest rate at which you’ll pay back the money you’ve borrowed from the lender. Be sure to take this into account when working out how much your personal loan will cost. Including the interest rate in your repayments will give you the full picture of how much you’re expected to pay back.

Didn't find the question you were after? Take a look at our loans FAQs page.

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Compare personal loan quotes and apply today without affecting your credit score

Secured vs unsecured loans

A look at unsecured vs secured loans.

How do I improve my credit score?

What you need to know to improve your score.

Guarantor loans explained

Everything you need to know about guarantor loans.

Bridging loans explained

Confused about bridging loans? We're here to help.

Wedding loans explained

Everything you need to know about wedding loans.

Holiday loans explained

The pros and cons of wedding loans.

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.