Should I apply for personal loan brokers?
Whether or not you should use a personal loan broker in the UK depends on your specific needs and circumstances. Brokers work with a variety of lenders, so they can help you find a loan that suits your needs, potentially saving you time and effort.
Brokers might have access to exclusive deals or lower interest rates that aren't available directly to consumers.They can offer guidance and help you understand the terms and conditions of different loan offers, ensuring you make an informed decision.
A broker can help you avoid multiple credit checks by handling the application process with multiple lenders, which could help protect your credit score. Some brokers charge a fee for their services, either upfront or as a percentage of the loan amount. Make sure to understand any costs involved before proceeding.
Not all brokers work with every lender, so you might miss out on some offers that could be better suited to you. In some cases, going directly to a lender might get you better terms, especially if the broker's fee outweighs any savings on interest rates.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 5,000 | 8.60% | 233 |
| 5,000 | 9.60% | 260 |
| 5,000 | 10.60% | 287 |
| 10,000 | 10.70% | 580 |
| 10,000 | 11.70% | 634 |
| 10,000 | 12.70% | 688 |
| 20,000 | 12.80% | 1,387 |
| 20,000 | 13.80% | 1,495 |
| 20,000 | 14.80% | 1,603 |
| 25,000 | 15.20% | 2,058 |
| 25,000 | 15.90% | 2,153 |
| 25,000 | 16.90% | 2,289 |
What are the best rates for personal loans?
The best rates for personal loans in the UK are currently starting around 3% APR, with several lenders offering competitive options. Barclays, HSBC, Lloyds Bank, Santander, Nationwide, Tesco Bank, First Direct, The Co-operative Bank, and Yorkshire Bank are among the top choices.
Is it hard to get a first-time personal loan?
Getting a personal loan as a first-time borrower in the UK can have its challenges, but it is certainly possible. Lenders will review your credit report to assess your creditworthiness. If you have no credit history, it might be harder to get approved because lenders have no track record to assess your financial behavior.
Lenders look for a stable source of income to ensure you can afford the loan repayments. A steady job or regular income is crucial. Be prepared to provide proof of income such as pay slips, bank statements, or tax returns.
Starting with a smaller loan amount or a shorter term may increase your chances of approval. Some lenders offer personal loans specifically designed for first-time borrowers with more flexible terms.
See the similar FAQ about UK banks:
- HSBC loan repayment reward offer
- HSBC: how to apply for a loan
- How to claim PPI from HSBC?
- MandS Bank loan calculator
- Where do I fins calculators of Clydesdale Bank?
- Wire transfer in HSBC: how to make?
Details of companies offering the financial services:
AIB Group (UK)
Head office’s address: 1 Undershaft, London EC3A 8AB
Phone: +44 (020) 764-733-00
Web-site: https://aibgb.co.uk
Swift code: AIBKGB2LXXX
Reference number: 122088
ABN: NI018800
BSB: AIB
Cash Compare
Head office’s address: London
Web-site: https://www.cashcompare.co.uk/
Cashfloat
Head office’s address: Office 8. 2A Highfield Avenue London, NW11 9ET
Contact center: 020-3757-1933
Web-site: https://www.cashfloat.co.uk/
CleverLoans
Head office’s address: Steam Mill Business Centre, Steam Mill St, Chester CH3 5AN
Web-site: https://www.clever-loans.com/
Creditspring
Head office’s address: 75 Davies St, London W1K 5JN
Web-site: https://www.creditspring.co.uk/
Creditstar UK
Head office’s address: 17 Hanover Square, London, W1S 1BN, United Kingdom
Contact center: 020-3695-7544
Web-site: https://old.creditstar.co.uk
Evolution Money
Head office’s address: 9 Portland Street, Manchester
Contact center: 0161-814-9158
Web-site: https://enquiry.clarity-uk.com/
fancyapayday
Head office’s address: 470 Holdenhurst Road, Bournemouth, Dorset
Contact center: +44-330-223-0177
Web-site: https://fancyapayday.co.uk/
Fast Loan UK
Head office’s address: Shire Park, 2 Falcon Gate, Welwyn Garden City AL7 1TW
Web-site: https://www.fastloanuk.co.uk/
Fluent Money
Head office’s address: Rivington House, Horwich Business Park, Chorley New Rd, Horwich, Bolton, BL6 5UE
Web-site: https://www.fluentmoney.co.uk
Got Capital
Head office’s address: 131 Finsbury Pavement, London
Contact center: +44(0)203 7500096
Web-site: https://gotcapital.co.uk/
Halifax
Head office’s address: The Mound, Edinburgh EH1 1YZ
Contact center: 0345-720-3040
Phone: +44 (011) 3242 19 84
Web-site: http://www.halifax.co.uk/
Stock code: HALP
HSBC Bank
Head office’s address: Unit 8, Canada Square, Retail, London E14 5AH
Phone: +44 345 740 4404
Web-site: https://www.hsbc.co.uk/
Swift code: HBUKGB4B
Reference number: 114216
Stock code: HSBA
ABN: 00014259
BSB: HBUK
Lending Stream
Head office’s address: Lending Stream, PO Box 10756, LEICESTER, LE3 4GX
Web-site: https://www.lendingstream.co.uk
Loans Warehouse
Head office’s address: 1a, Blackmoor Ln, Watford WD18 8YW
Phone: +44 1923-67-8870
Web-site: https://www.loanswarehouse.co.uk/
Money Boat
Head office’s address: 5 Broadbent Cl, London N6 5JW
Contact center: +44-20-3818-7470
Web-site: https://www.moneyboat.co.uk/
Nationwide
Head office’s address: Nationwide House Pipers Way
Contact center: 0800-30-20-15
Phone: +44 (034) 5730 20 15
Web-site: http://www.nationwide.co.uk
Swift code: NBSMGB22
Reference number: 106078
Stock code: NBS
ABN: 355B
BSB: NBSM
Payday UK
Head office’s address: Payday Loans Limited, The Charter Building, Charter Place
Contact center: 0800-302-9409
Web-site: https://www.paydayuk.co.uk/
Pegasus Finance
Head office’s address: Technology House, Station Rd, Alton GU34 2PZ
Contact center: 800-066-2882
Web-site: https://www.pegasuspersonalfinance.co.uk/
Salad Money
Head office’s address: 49 Greek St, London W1D 4EG
Contact center: +44-20-3092-0896
Web-site: https://www.saladmoney.co.uk
Santander
Head office’s address: 2 Triton Square, Regent's Place, London, NW1 3AN
Contact center: 0800-389-7000
Web-site: http://www.santander.co.uk/
Swift code: ABBYGB3E
Reference number: 106054
ABN: 02294747
BSB: ABBY
Sunny
Head office’s address: London
Web-site: https://sunny.co.uk/
Tesco Bank
Head office’s address: 2 S Gyle Cres, Edinburgh EH12 9FQ
Contact center: 0800-591-688
Phone: +44 131 203 5000
Web-site: http://www.tescobank.com
Swift code: TPFGGB2L
Reference number: 186022
Stock code: TSCO
ABN: SC173199
BSB: TPFG
THL Direct
Head office’s address: 470 Holdenhurst Road, Bournemouth, BH8 9AQ
Contact center: 0330-223-0177
Web-site: https://www.thldirect.co.uk/
TSB
Head office’s address: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH
Phone: +44 (034) 5975 87 58
Web-site: http://www.tsb.co.uk
Swift code: TSBSGB2A
Reference number: 119278
Stock code: 94AQ
ABN: SC095237
BSB: TSBS
Zopa
Head office’s address: London
Web-site: https://www.zopa.com/