Loans - more loans
- How much can I borrow and who provides them?
- What can I borrow money for?
- How much will a loan cost me?
- What does unsecured mean?
- What does APR mean?
- What's the interest rate?
- How long can I repay it over?
- What happens if I struggle with repaying my loan?
- What is payment protection?
- What if I want to repay the loan early?
How much can I borrow and who provides them?
You can get a loan for £500-£15,000 and often up to £25,000. With loans, the lender will do a credit score on you before they say 'yes' to giving you a loan. Credit scoring looks at lots of information, like your record of borrowing and paying back money, to help lenders decide if they want to lend you money. Look at the credit scoring section to find out more.
There are loads of different places to get loans including:
- Banks or building societies
- Some larger shop chains
- Supermarkets
- Other new financial services companies
You can apply for a loan over the phone, by posting in an application, or by applying on the internet. You'll find that companies often offer discounts for applying online, so check the internet first. There are lots of loan comparison sites online too - making it easy to compare loans from different providers.
What can I borrow money for? You can borrow money for various purposes from paying off your debts to going on a dream holiday.
How much will a loan cost me? How much a loan costs depends on:
- How long you borrow for - the longer the term, the lower the monthly repayment, but the higher the total cost of borrowing.
- How much you borrow - many lenders have different rates depending on the size of the loan, with larger loans attracting a lower rate.
- Who you borrow from - always shop around as rates vary.
What does unsecured mean?
Personal loans are often 'unsecured'. That means you don't have to give something valuable that you own, like your home, as a guarantee the loan will be paid.
With unsecured loans, the lender will do a credit score on you before they say 'yes' to lending you money. This looks at lots of information, like your record of borrowing and paying back money, to help them reach a decision. Look at the credit scoring section to find out more.
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