What Are the Best UK Personal Loans?
When it comes to finding a UK personal loan, there are a few things to look for. First, the lenders look at your credit record.
A credit check is part of the application process and logs the amount of credit you’ve taken. The lender uses this record to determine if you’re responsible and can pay back the loan. Once this information is compiled, they’ll be able to choose the best loan for your needs.
Bankrate’s picks for the best UK personal loans
When choosing a personal loan, you need to consider several factors, including interest rates, features, and terms and conditions.
Bankrate’s Best Personal Loans guide highlights which lenders are most suited to different financial situations and credit ratings. Personal loans are typically short-term loans that allow borrowers to pay back the money in installments over a set period of time. You can use them for a variety of reasons, including debt consolidation or purchasing a home.
Repayment holidays
Having difficulty paying back a loan? You can get a repayment holiday if your lender allows it. The Financial Conduct Authority (FCA) encourages lenders to consider this option.
It helps borrowers in difficult financial circumstances make the required adjustments to their financial situations. But make sure to check your local regulations and requirements before applying. The following are some ways that lenders will honor repayment holidays for UK personal loans. If you qualify for a payment holiday, contact your lender today.
Interest rates
UK residents have been taking out personal loans for decades. These unsecured loans are based on the borrower’s income and credit score and are not backed by any tangible collateral.
Figures for the last 25 years for personal loans may differ from one lender to another and are not indicative of the average rate. However, if you are looking for a personal loan, it is important to understand the terms of the loan.
Credit cards with 0% interest on purchases
If you want to pay no interest on purchases, but also have the ability to carry over your balances, then credit cards with 0% interest on purchases may be a good option for you.
Although these cards are usually not available to people with bad credit, there are a number of options that might fit your needs. Below, you will find a list of the different parameters that should be considered when selecting one of these cards.
MBNA
If you’re in the market for a personal loan, MBNA may be the company for you. This loan company is regulated by the Financial Conduct Authority (FCA) and offers low interest rates on loans up to £20,000.
MBNA also has a credit card, so you can consolidate debt with ease, and access money whenever you need it. However, the company’s reputation has suffered from a few negative reviews on review websites.
Lloyds Bank
If you are looking for a flexible loan with low interest, you can find it with Lloyds Bank. These loans can be taken over one to five years, with repayments spread out over this period.
The interest rates depend on the amount of the loan and the length of repayment. Your credit rating and income also play a part, so you should always compare interest rates before making a decision.
Alternatively, you can opt for a repayment holiday and pay off the loan earlier – however, you may end up paying a higher interest rate and the term of the loan is longer than what you expected.
Cahoot
A personal loan is a type of borrowing that is not secured against a person’s home. It can be taken out to meet personal expenses, such as a new car or furniture.
It is often difficult to pay off large amounts at once, which is why Cahoot offers competitive fixed-rate personal loans. Cahoot offers personal loans for a variety of purposes, including home improvements, medical bills, and furniture.
