Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

Short-Term

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Apply Today to Borrow up to £995

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3-12 Month Repayment

Rates from 278% to 1576%

Personal

Loans

Apply Today to Borrow up to £25,000

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60-Sec Application

3-36 month repayment

Rates from 4.7% to 278%

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Personal Loan FAQs

Am I Eligible to Apply for a Personal Loan ?

 

There are a few basic things that are checked as well as the deeper ones. To know if you are eligible can you answer yes to the following question

Can you afford the repayments?

 

How Long Does it Take for a Personal Loan to be Paid Out?

 

The application time scale may vary per applicant. This is due to financial views being done on everyone applying for a personal loan. The average pay out timescale is 5 to 7 days. This will be received directly into the specified bank account.

 

Bank Loans

If you are reading this, you must be looking for bank loans or perhaps curious about it. Well, keep reading! Bank loans often have the lowest interest rate, so I bet this might interest you.

Bank loans are typically applied by businesses, but many regular people are also applying for bank loans for personal expenses like buying a car or for housing purposes. If you are planning to apply for bank loans, you need to know the ins and outs of this type of loan.

Bank loans exist to meet many different needs. However, choosing which type of bank loan you’ll apply for can be a little overwhelming. Bank loans vary in many ways. They can have a fixed rate or variable rate, can be installment, secured, unsecured or convertible. Each type of loan has unique repayment terms as well. Understanding these terms can make choosing the right bank loan easier.

Applying for Bank Loans

Bank loans can be either short-term or long-term. It depends on what you’re going to use it for. The bank sets the repayment period of the loan over which the total loan cost is spread. Loan terms can be three, five or ten years, and some could even reach up to three decades.

Other fees and charges may be applicable on top of the interest on the amount owed. This depends on the loan the bank offers. Some banks have arrangement fees, which are also known as commitment or administration charges to reserve the funds and to cover opening costs.

why choose bank loans

APR and/or the interest varies according to the risk of default. This normally refers to the creditworthiness of the borrower. What’s great about bank loans is flexibility on rates and fees. Banks offer a wide range of loan terms, fees, application requirements, and interest rates. Moreover, most bank loans have lower interest rates as compared with other nonbank creditors and online lenders.

On the flipside, bank loans are often difficult to obtain because of strict requirements. Banks are cautious whom to lend. Businesses and individuals must prove that they can clearly repay their loans. Banks also make sure that they can cover losses in the case of a default.

Banks usually require the borrower to provide a security or collateral for the loan. For start-up businesses, the collateral often comes in the form of personal guarantees provided by the entrepreneur such as land or any valuable asset.

Bank loans usually have long and tedious application process before you or your business can get a loan approval. It requires many paperwork especially for business purposes, that’s why the application process takes a while.

Banks typically have a lower cost of credit in comparison with other lenders because of their depositors.  Depositors serve as retail customers of the bank, and they keep a lot of money in their checking and savings accounts. The ease of access to those funds enables banks to lend out easily, thus they can offer lower rates than other lenders.

Bank Loan for Business

Bank loans are suitable for financing business investment in fixed assets like plant and machinery, land and buildings, and to obtain funds for business expansion. In fact, bank loans are the most common form of loan capital for a business.

Banks provide medium or long-term finance for business. In the past, banks don’t usually cater to small and start-up businesses. But, in the recent years, banks are starting to open up to small businesses because they’ve seen the strength and importance of this growing market. However, start-ups or businesses with a track record of poor profitability and cash flow could not qualify for a bank loan.

Bank Loans for Personal Use

Searching for a personal loan can be quite a hassle. In the UK, there are over seventy types of lenders offering personal loans, from banks and building societies to online lenders and private lenders.

A bank is a traditional way of taking out a personal loan in the UK. Getting a personal loan from a bank is still a good idea if you like to go for familiar brands. With numerous types of loans and financing options available in the UK from banks of all sizes, you’ll need to know which option is best for you. Check out comparison sites of banks in the UK, so it’ll be easier for you to make a decision.

Bank loans for personal purposes include short-term and long-term loans, secured and unsecured loans, car loans, home loans, financing through credit card, and much more.

You can apply for a long-term loan for personal use to cover large expenses such as home renovations, car purchases, and housing or buy a property.

If you are a homeowner and would like to get a loan from a bank, you’ll be eligible for a secured loan. Other collateral that banks accept to secure a loan can be a vehicle or other valuables such as land, bonds, and jewelry.

With a secured loan, your promise to repay the money owed is “secured” by granting the bank interest on your property used as a security of the loan. If you default on the loan, however, the bank can regain the money you borrowed by seizing and selling the property used for collateral on the debt.

In contrast with secured loans, your promise to repay an unsecured loan is dependent upon your creditworthiness and reputation to repay the obligation and not on any collateral. This means that you should have a good credit rating in order for you to be approved for a bank loan.

Bank Loans in the UK

If you are considering bank loans, check out the high street banks in the United Kingdom. With these financial institutions, you’ll find a wide variety of options, as banks offer loans and other financial products that cater to different needs. Working with these giant lenders somehow gives you the assurance that you are in good hands.

The term “high street bank” refers to large retail banks with many branch locations not only in the country but globally as well. The term “high street” would tell you that these banks are major, widespread financial institutions that are found in the main commercial area or centre of a city.

why choose bank loans

Check Out the Lenders List

Loan amount
£1,000 - £5,000
Loan term
12 - 60 Months
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£50 - £600
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5 most recent personal loan reviews

Review of Vivus

I have never used a loan company due to my poor credit following a marriage breakdown but using this company with a good friend who trusts me to make the payments has been a very pleasant and extremely quick and simple process. So if you need to borrow, have someone who knows and trusts that you wont let them down with making the payments and has a good credit history then don't hesitate .. Contact Vivus Loans

Review posted by John Sutcliffe

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Somerset Savings and Loans

I found the online application easy and straight forward, and had a very quick response from the customer service team. Once accepted, the money was transferred very quickly. I will defiantly recommended and will use if ever needed in the future.

Review posted by Alexandrine Parry, Guildford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Lendable

From the initial contact everything was so simple. Friendly consultants who phone and text at your own convenience. One quick phone call and the cash was in the bank the next day! Perfect service! ?

Review posted by Deborah Tomlinson

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All of our reviews have been sourced from TrustPilot to ensure authenticity.

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Please note:
Loanovao is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances
Warning:
Late repayments can cause serious financial issues. For help, go to moneyadviceservice.org.uk
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