Personal loans in the UK are unsecured, meaning that you do not have to pledge any assets as security. Instead, lenders assess your credit worthiness and affordability by examining your income and outgoings.
They may also use ‘open banking’ to view your income and outgoings. The best way to get the best personal loan for your needs is to shop around. Read on for some of the best personal loans available in the UK.
The criteria for obtaining an unsecured loan vary from lender to lender, and are based on your particular characteristics. Generally, unsecured loans are easier to obtain than secured loans because lenders lend only the amount they are confident you will repay.
Banks and other lending institutions offer unsecured loans. You can compare and contrast these different loan options to find the best one for your needs.
Among the most important factors to consider when choosing a loan are the repayment terms and the amount of money you need. Some people are tempted to take on a loan as soon as possible and need the money fast. However, that could mean paying a higher rate of interest in the long run.
Although unsecured loans are the easiest UK personal loan to get, they are not the cheapest. While secured loans are wise for larger loans, they can delay the money you need.
A good way to find an unsecured loan with a good rate is to search for direct lenders. This method will require a lot of legwork, but it will save you a lot of time. Unsecured loans require no collateral, and there are no credit checks.
HSBC is one of the best lenders for personal loans in the UK. Its competitive rates and easy online application make it the easiest way to secure a loan.
HSBC also offers loan insurance for its customers, which provides security in the event of disability or death. It covers up to £100,000 of the loan balance, and is available for both the main borrower and the cosigner. The company’s website has useful calculators and financial information to help you determine your borrowing needs.
In times of financial emergencies, parents often require funds for school expenses. Distance learning requires the purchase of gadgets, and home-schooling requires the set-up of a home-school.
A HSBC personal loan can cover the cost of tuition and educational equipment. In addition to helping parents tackle a range of financial emergencies, personal loans from HSBC are cheaper than emergency loans from private lenders.
Ikano Bank is a Swedish financial institution founded by the family that created IKEA. It provides finance to individuals and businesses on fair terms.
The bank has long prided itself on being a customer-focused institution and has embraced robotic process automation and software robots. The company has grown to over two million customers and employs over 1,100 staff. Read on to learn more about this company and its products.
Ikano Bank offers personal loans ranging from £1,000 to £15,000. Its repayment terms are flexible, allowing borrowers to decide how much money they need and how much to repay.
Borrowers can choose from 12 to 60 months to pay back the money. The interest rate varies based on the size of the loan and the number of monthly installments. The company understands the needs of its customers and works hard to meet those needs.
If you’re looking for a personal loan but are unsure whether peer-to-peer lending is right for you, RateSetter may be the perfect solution.
This loan provider offers free and impartial advice to help you make the right decision about the loan. RateSetter has been around for a while, but it nearly went out of business before it was acquired by Metrobank. The company was founded in 2007 and has since gained a reputation for easy application and approval.
RateSetter is a peer-to-peer lender that offers personal loans at competitive prices. You can use this money for a range of purposes, including home improvements and debt consolidation.
RateSetter works by both lenders and borrowers stating how much they’re willing to lend, and then matching those applicants with lenders who offer the lowest interest rates. RateSetter also offers a free no-obligation quote on your loan, so you know how much you’ll need and the interest rate before submitting your application.