What are the pros and cons of personal loans?
The pros of personal loans include:
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Your credit score could improve, which is handy if your credit score isn't as high as you'd like. Keeping up with monthly repayments can help you rebuild your score. This will improve your chances of being accepted for credit in future.
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Set the terms of your repayment, including how long you'll be paying back your loan for. When you take out a loan with us and our partner, Monevo you can pay it back in between 1 and 5 years. Successful applicants could have the money in their account within a few days.
The cons of personal loans include:
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Missing payments can harm your credit score. you'll need to make sure you can make the repayments first.
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A bad 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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How much can I borrow?
How much you can borrow will depend on your borrowing or 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?
A secured loan will typically offer between £1,000 to £250,000. But it depends on the lender and your own personal and financial situation.
What is a secure 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 miss payments. If you think this isn’t worth the risk then a personal loan could be exactly what you’re after.
If you're a homeowner, our loans partner, Monevo, might show you options for secured loans available through a secured loans broker.
This type of loan usually means you’re able to borrow more, but it comes with the risk of losing your asset if you miss payments. If you think this isn’t worth the risk then a personal loan could be exactly what you’re after.
If you're a homeowner, our loans partner, Monevo, might show you options for secured loans available through a secured loans broker.
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. Take this into account when working out how much your personal loan will cost. This will give you a better idea of how much you’re expected to pay back.
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Explore more loans guidesConfused.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).