Personal Loans

  • Apply for up to £25,000
  • Rates from 4.0%
  • Non-homeowners OK
  • Less than perfect credit OK
  • Free enquiry service
Personal loan

How much would you like to borrow?

How long for? (months)

Monthly repayments £144.32
Total to repay £3,463.68
Representative 14.2 APR

This tool is for guidance ONLY. It is designed to help you estimate loan repayments. It uses the representative APR of the product. Lenders have a duty to conduct affordability checks when you apply for a loan.

Representative example: Borrow £9,000 over 48 months. Repay £246.84 per month. Total charge for credit will be £2,848.42. Total amount repayable is £11,848.42. Representative APR 14.2% (vrbl)

Personal Loans up to £25,000

A personal loan means you can borrow up to £25,000 without providing any security or collateral. Nothing you own is put at risk.

The lending decision is based on your financial circumstances:

  • your credit rating – so what’s in your credit file is important
  • the affordability of repayments – so your income and expenses are assessed

As a no fee loan broker we can probably find you a number of loan deals that meet your needs.

Compare the Best Personal Loan Lenders

When you use our free broker service we’ll show your enquiry to the relevant lenders in our panel and instantly tell you which are interested in lending to you in principle.

Lenders may conduct soft search and so be able to give you a tailored quotation while some will use other criteria to decide if they want to make an in-principle offer (in which case we’ll show you their representative deal).

You can compare deals to decide which is the best loan for your needs. Many lenders now allow you to complete applications 100% online.

Best Rates & Deals:

Use our free enquiry service to help find the right loan for you.
Get Your Quotes Now!

Low Interest Rates starting at 4%

For people with clean credit interest rates have never been lower. But even for those with some form of credit problem there are numerous lenders who could help and by getting them to compete for your business you can still get a competitive deal.

Lenders who adjust interest rates to reflect a specific credit history will suit people with modest credit problems. A poor credit personal loan (e.g. defaults, arrears, ex-bankrupts) will attract higher interest rates and sometimes lenders who offer a flat rate may be the most competitive. It’s also worth considering the merit of a guarantor loan in such situations.

General Lending Criteria:

  • UK residents aged 18+
  • All credit ratings
  • Income required (but could be pension or benefits)
  • Repayments must be affordable
  • Don’t have to be employed (self-employment is often acceptable)
  • No guarantor or cosigner typically required

Apply Now!

Things to consider

  • Borrow only what you need
  • Repay as quickly as possible
  • Make sure you can afford the repayments
  • Be aware of interest rate bands – borrowing slightly more may reduce total costs
  • Pay off loan early if you can
  • Keep tabs on your credit file & know your credit score
  • Answers to typical customer questions

The Online Loan Calculator

All lenders will want to make sure that you can afford your loan repayments. To explore how loan amount and loan repayment period can…

  • impact on your monthly outgoings
  • influence the total amount you pay over the life of your loan

…you can use our personal loan calculator. It allows you to change these values for different types of loan and calculate “Monthly Repayments” and the

“Total Repayable” based on the representative APR%.

Why Bank Loans are a Problem

In recent years High Street banks & other lenders have become:

  • very risk averse – so if you have had financial problems in the past it may prove difficult to get an unsecured loan at a reasonable rate even if you have a reliable income.
  • very competitive, but only for those with a great credit rating – it may sound incredible but loan interest rates are at a historic low.

We have lenders who:

  • offer rates as low, if not lower, than the banks and building societies
  • will work with applicants even if their creditworthiness is not 100%

So it makes sense to make an enquiry through us. You just might get a better rate and loan offers you’ll never get from a bank. And we don’t charge any fees!


Personal Loans Guide

If you’re uncertain which type of credit might suit you or you have a money problem then one of guides may help you. We summarise each type of loan and their pros and cons, and address issues regarding debt and credit ratings.

Personal Loan Q&A

General Questions

Personal Loans Explained (60 second video)
Answer is
What's the difference between a Personal Loan and an Unsecured Loan?

A personal loan is the same thing as an unsecured loan. It does not require you to provide an asset (e.g. jewellery, car, house, etc) as collateral for what you have borrowed. So, you don’t put any assets at risk. Other forms of unsecured credit include bank overdrafts and credit cards. A personal loan differs because you borrow a fixed amount of money for a fixed period of time and make monthly repayments to gradually pay off your loan.

How does a Personal Loan differ from a Homeowner Loan?

A personal loan differs from a homeowner loan in a number of significant ways:

  • Personal loans are unsecured whereas homeowner loans use your house as security
    • this means for a homeowner loan you need to own your home
    • you don’t have to own your home to get a personal loan
  • With a homeowner loan you can borrow larger sums of money (subject to various criteria). In principle you could borrow in excess of £250,000 whereas a personal loan is limited to no more than £25,000 (subject to your credit rating)

With a homeowner loan you can choose to repay your loan over a period as long as 25-30 years. A personal loan is more typically 7-10 years maximum.

Should I consider using a Secured Loan rather than a Personal Loan?

Not necessarily. Secured loans use your property as collateral so you need to be the home owner (with a mortgage). If you only want to borrow a small sum (say less than £5000) then a secured loan wouldn’t be able to help.

More often than not a secured loan is used when the borrower needs a large sum of money – the average sum borrowed is £30,000 – £40,000.

Can I use the Personal Loan for any purpose?

Yes. It’s that simple! Discover more here.

Does it make sense to Consolidate my other Debts?

Take care when thinking about consolidating debt. Don’t just consider the interest rate, but also the repayment period. If you are tempted to extend the repayment period to make paying off the debt more affordable think twice – making things more affordable in the short term may simply make the debt more expensive in the long term.

Our loan calculator can help you work this out.

Should I consider using a Credit Card rather than a Personal Loan?

If you can get a 0% interest rate credit card that allows you up to 20 months to repay the amount you’ve spent without charging any interest then “yes”! Use the credit card but make sure you pay off the credit card debt within the allowable time, or transfer the debt to a new 0% card.

However, credit limits on cards don’t generally exceed £5000 so if you need to borrow more you should consider a personal loan.

I've had financial problems in the past. Can I still get a Personal Loan?

Past financial problems which are recorded in your credit file will affect your credit rating. This may deter some lenders but we have other lenders who specialise in helping people in this situation. Their interest rates will obviously be higher to refect the extra lending risk.

Keep in mind that although a less than perfect credit file is not necessarily a problem you will need to prove you can afford to make the monthly repayments.

We also have access to numerous guarantor loans which are a form of personal loan designed with bad credit in mind.

If you feel that you have a particularly difficult set of financial problems to overcome then you could consider one of these. But please remember that no loan is guaranteed. You may find that these are cheaper than a bad credit personal loan.

I don't own my home. Can I still get a Personal Loan?

Yes. Whether you own your home or not is irrelevant for a personal loan as the loan is not secured on the property. So, we welcome loan enquiries from:

  • council tenants
  • social housing tenants
  • private tenants
  • those living with parents
  • those living with family
  • those living with friends
  • those in the military
  • home owners
  • and anyone else resident in the UK aged 18+
Do you offer cheap Personal Loans?

Loan interest rates depend on a number of factors so it is hard to know in advance of applying whether you will find the low rate you really want. And “cheap” is a relative term. These factors include:

  • Your credit history and thus your credit score
  • Whether you are a homeowner or not, and if you can show 3 years of UK address history
  • The amount you want to borrow
  • The period you want to borrow for (e.g. short term to long term, which could be 5+ years)

The market is particularly competitive if you have a good credit history so there are low interest rates to be had.

If you use our free broking service you’ll be able to compare loan offers to find your lowest rate loan. We work with a wide range of lenders covering the full credit spectrum from perfect through to poor.

What is a Representative APR?

The APR, or Annual Percentage Rate, tells you the interest rate you are paying for your loan including any other fees and charges. Unsecured credit is “priced” once a lender has judged the risk of lending to you. They do this by looking at your credit file. To enable lenders to provide guidance about the probable cost they provide a “Representative APR” accompanied by a repayment example at that rate. This APR means 51% of accepted applicants have got that rate or lower.

So, if the Representative APR is 15% then 51% of applicants will have got a loan at 15% (or lower) and the other 49% will be paying more. People who were rejected by the lender outright aren’t included, of course.

Do your loan options include Peer to Peer lenders?

Yes. Our service explores a wide spectrum of lending options. There are now a number of peer-to-peer lenders to choose from, but they each have different attitudes to risk. If you have a reasonable credit score and aren’t requesting too large an amount they can be very competitive.

Their lending rates are driven strongly by credit scores – after all the money they are lending out is not theirs but another consumer’s. They can’t afford to be accused of lending irresponsibly.

Questions about Making a Personal Loan Application

How do I apply for a loan? Are there any restrictions?

Fill in the online form to submit your loan requirements and we’ll give you an instant answer. We have access to a large panel of lenders who between them can offer a wide range of loan solutions.

There are relatively few restrictions about who can apply, but please keep the following in mind. You need to:

  • be aged 18+
  • be a UK resident
  • have a regular income
  • have a UK bank account (in most cases)

You do not need to have a perfect credit score and you do not need to own the home you live in. All lenders will want to ensure you can afford the loan repayments before agreeing to the loan.

If your credit history is particularly difficult then you might want to consider a guarantor loan – an unsecured loan of up to £10,000 where you do not need to be credit scored. Instead you provide a guarantor for your loan.

To explore all your loan options simply use our Find Loan tool – 4 simple questions that will narrow down your loan options for you.

How much should I borrow and for how long?

Lenders charge interest on the loan value for the period over which you agree to repay it. The less you borrow and the faster you repay it means the less interest you will pay in total. So, the best rule is to only borrow as much as you really need, and then subject to your budget (i.e. what you can afford), repay it as quickly as you can. Our loan calculator can show you how the total amount repayable changes as you vary the loan amount and loan period.

We have lenders who can offer a wide ranges of loan values from small amounts from £100+ right up to £25,000 (£5,000, £10,000 and £15,000 are perhaps the values most frequently applied for by people).

How long can I borrow the money for?

You can typically borrow for any period between 1 and 7-10 years. We would always encourage you to borrow for as short a time as you can. While this may mean making larger monthly repayments (subject to your budget) it does mean you’ll save money in the long run because you will be minimising interest costs.

Most lenders will allow you to make “over payments” so that you can pay off the loan more quickly than you originally intended – again this will lower your interest costs. Check before you sign the contract to see that your potential lender will allow such payments.

How much will my loan cost?

The rate you can get will depend on the amount you want to borrow, your credit status and the lenders who are available to you. The representative APR is in the box on the right hand side of this page.

You can estimate your monthly repayments by using our personal loan calculator. You can see how much your payments change by changing the loan value and the repayment period.

More information about loan costs will become available to you by using our enquiry service to narrow down your loan options.

Do I need a guarantor?

Using a  guarantor (or cosigner) is useful if your credit history is particularly tricky. We have a separate section of this website dedicated to this type of finance. It explains when this type of loan might be worth considering.

These days guarantors don’t have to own their own home, and you can borrow up to £15,000. You may find you can obtain a loan at a lower APR% than using a normal bad credit personal loan.

Can I take out a joint loan?

Yes. This should not be a problem. Keep in mind that having a loan in joint names exposes you to the risk of having to repay the entire amount outstanding if the other party won’t or can’t pay what they should. When signing a credit agreement in joint names you do not need to be married or in a civil partnership.

You should avoid applying jointly with anyone who has a poor credit rating. Once you are part of a joint agreement your credit file will be linked to theirs.

This means in the future if you seek credit on your own the other person’s credit file will influence a lender’s decision about you. Before entering into in any joint agreement you should both check your own credit ratings.

What happens after I've applied? Am I credit checked?

Once we have received your enquiry our trusted partner will assess it against the panel of lenders and draw up a shortlist of those than might suit your needs. They will contact you to discuss these in more depth and ask a few more questions. They may do a “soft search” on your credit file – this has no impact on your credit score, but means they are able to tell you with more accuracy which lenders will lend to you in principle. No “footprint” is left by this search.

You have no obligation to proceed with any loan offer. If you decide to proceed with a lender they are likely to do a more detailed credit check and this will be visible to other lenders who view your credit file in the future.

If you believe you have already been credit checked enough you might want to consider a guarantor loan (see elsewhere on this website).

Are there any fees for arranging my loan?

Using us as your loan broker is free. Any company who charges upfront fees should be avoided as there is no need for this. If you take out a loan we may receive a commission from the lender, but this is not added to your loan (except in the case of secured loan).

If you receive a phone call from anyone claiming to be us and requesting an upfront payment (e.g. via bank transfer, UKash, etc) put the phone down! We do not run a call centre and we do not charge any fees. See our loan scam warning.

You have asked me for money upfront. Is this correct?

No! We don’t ever charge upfront fees for being your broker. If you receive a call from anyone claiming to be from us then it is a scam call. We don’t operate any call centres and we don’t make outbound calls.

loan scam warning

We recommend you record as much information as possible about the caller and where they are calling from. Please see our Loan Scam page.

What should I do if I get into financial difficulties?

Don’t stick your head in the sand! It doesn’t make the problem go away. The sooner you confront it the better.

What you certainly need to do is talk to your lender. It is in their own interest to work out a way for you to repay the loan. They won’t write the debt off so are likely to come up with a new payment plan that you can afford.

Their may be implications for your credit file but you will minimise them by working with the lender to sort out the problem with your personal loan.


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For over a decade Solution Loans has helped people all over the UK find solutions to their personal finance problems.



Our reputation is great. In fact we have scored 4.7 out of 5 based on 423 ratings & 61 user reviews for our personal loans service.


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Written/Reviewed by: Amanda Gillam