You should aim to borrow over the shortest amount of time to reduce the interest you pay.įor example, borrowing £10,000 over five years at a rate of 5.8% will cost you £1,502 in interest.
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Check your eligibilityĪn eligibility check will show how likely you are to get a loan, without leaving a mark on your report, and in some cases, it can tell you what size of loan you are likely to receive. Here's what to check before committing to a loan. Find out more: personal loans explainedĥ tips for borrowing with a personal loan.This is a charge applied if you repay your loan before the end of the term. This means you might not end up with the same rate as the one you saw advertised, as the rate you get is based on your personal circumstances and credit history.Īll of the loans included in our best tables include an early repayment charge. These loans are widely available across the UK, and consumers do not need to own any other financial products from an institution to qualify for them.Īll of the loan providers featured in our tables use risk-based pricing to determine what interest rates their customers get. How we choose the best rate personal loansĪll the loan providers listed by Which? are signed up to the Lending Code, which sets the minimum standards for the way banks, building societies and other providers should treat their customers.
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*APR is subject to change based on individual circumstances and the representative APR may not be what you receive. Please check the provider website for the precise amount.
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The total amount payable is rounded to the nearest pound. The table shows the monthly repayment and total cost of a £25,000 loan taken out over five years. Table notes: table last updated 29 February 2024.