Fact Checked
Lender | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fixed | Unsecured | N/A | N/A | More details | |||||||||
Personal Loan Fixed | |||||||||||||
Fixed | Unsecured | N/A | N/A | More details | |||||||||
No Fee Joint Personal Loan | |||||||||||||
Fixed | Unsecured | N/A | N/A | More details | |||||||||
Unsecured Personal Loan (Excellent Credit) | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Plenti Unsecured Personal Loan (Variable) (Excellent Credit) | |||||||||||||
Fixed | Secured | N/A | More details | ||||||||||
Low Rate Personal Loan (Excellent Credit) (Secured) | |||||||||||||
Variable | Secured | N/A | N/A | More details | |||||||||
Secured Loan | |||||||||||||
Fixed | Unsecured | N/A | N/A | More details | |||||||||
Personal Loan | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Overdraft | |||||||||||||
Fixed | Unsecured | N/A | N/A | More details | |||||||||
Personal Loan | |||||||||||||
Variable | Secured | N/A | More details | ||||||||||
Line of Credit | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Personal Line of Credit | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Overdraft | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Unsecured Loan | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Personal Overdraft | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Unsecured Personal Overdraft | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Unsecured Personal Overdraft | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Unsecured Personal Overdraft | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Personal Unsecured Overdraft | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Overdraft | |||||||||||||
Variable | Unsecured | N/A | N/A | More details | |||||||||
Large Loan |
Frequently Asked Questions
Interest is typically the biggest cost of a loan, and essentially reflects the price of borrowing money. Loans are charged interest because the lender assumes some risk for giving you a loan, and also wants to make some money back. Without interest, there’d be little incentive for institutions to lend money. Interest is usually displayed as an annual rate, but it is typically calculated on a daily basis. It is only charged on the outstanding debt, so as you pay off the loan, interest makes up a smaller portion of the repayments.
Common fees on personal loans include a loan establishment fee, early discharge fee, and/or an ongoing monthly fee. These tend to cover admin costs and are a way for the lender to make extra money. The extra cost is usually reflected in the comparison rate - a higher comparison rate could indicate more fees.
It could pay to look at personal loans holistically, beyond just fees and interest rates. For example, it might be worth paying an upfront fee for a personal loan if the interest rate is lower than other comparable products. Other things to look for include loan flexibility, extra repayments, loan length, and whether the loan is secured or unsecured.