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Why You Need To Compare Loans Before You Apply

The economy nowadays has made it a little difficult for people to manage their finances. Unemployment, price increase, and other factors are some of the things that they have to deal with, thus limiting their budget. Luckily, there are loans are available to help anyone who is in need. The advance can be acquired by visiting loan offices or by simply going online. Creating a new line of credit is not only convenient when you’re running out of cash, but also when you need extra money for car repair, sudden expense, and so on.

Below are some of the things you need to consider before, during, and after you get a loan.

Compare Loans – What Is A Loan?

Loans are widely advertised over the Internet, radio, and prints but not everyone fully understands what it is about. Basically, it is an act of lending an asset – particularly money – in exchange for repayments the agreed period. Therefore, has a significant difference from simply borrowing cash because loans carry an interest rate and other financial charges.

There are many types of advances, catering to specific needs. When you compare loans, you’ll find out about its different rates, repayment terms, uses, etc., but generally, they work almost the same. The loan seeker will borrow a certain amount from banks or other conventional lending facilities and his application will only be approved if he meets the company’s criteria.

why you should compare loans

The money can be used for different purposes such as debt consolidation, paying the educational fee, home improvements, car repair, etc. A loan agreement is always present and it will be signed up by both parties – the lender and the borrower. For bigger loan amounts, the lender may ask for collateral or a guarantor to secure the debt.

Collateral refers to property, asset, or anything o value, such as jewelry, a car, or a house. The lender will take the asset, put it on the market, and use the money to settle the loan and other charges accumulated in case the borrower defaults. A guarantor, on the other hand, is the other person who will guarantee the loan. When getting secured or guarantor loans, it’s important that you compare loans first to get a better deal so it’s easier to settle.

Compare Loans – Types Of Loan

Loans come in different forms but basically, there are two types – secured and unsecured. Secured loans are types of a loan that needs collateral. As mentioned, the loan provider has the legal right to repossess the property in case the borrower decided to stop repaying the loan. On the other hand, unsecured loans are not supported by any collateral, but it is based on the borrower’s creditworthiness. Most, if not all lenders will require the loan seeker to have a good or excellent credit rating to be approved. Meanwhile, there are lenders who will base their decision on the borrower’s income.

No matter what type of advance you acquire, it always carries advantages that helps improve your finances and credit standing. But before you apply, be sure to compare loans to know which one provides the most flexible repayment term, lowest interest rate, and best terms and conditions. Below are the benefits that await when you create a new line of credit:

  • House And Vehicle Purchases

Buying a property would require a large amount of money; unfortunately, not everyone have enough cash to acquire it. Applying for a loan helps in possessing expensive items, such as a new home or a car. The money can also be used to renovate an existing house or repair a car.

  • Emergency Expenses

Emergency happens all the time and it becomes worse when you have little to no savings. Getting quick and easy loans provide you the instant cash you need for medical bills and other sudden expenses.

  • Debt Consolidation

When you have multiple debts, your finances become weak. What’s worse is you have to deal with different banks and companies. Luckily, there are debt consolidation programs which allow you to use a single loan to settle all the debts. This is easier since you will only talk with one company and settle a lower interest rate.

  • Improve Credit Rating

If you have a bad credit score or have no credit history at all, applying for loan and getting approved gives you a chance to fix your credit report. Be sure to compare loans and get the one you can settle easily.

Compare Loans – Drawback Of Applying For A Loan

Of course, acquiring advances comes with several drawbacks that you should consider. Below are some of its disadvantages:

  • Interest Rates And Charge

When borrowing money from a lender, you will not only give back the original amount. You also need to repay the interest rate and other charges such as the processing charges, prepayments, charges, etc. Some lenders even apply fees for repaying earlier than its due date, late payments, and so on.

  • Strict Eligibility Requirements

Of course, you cannot simply enter a lending office and walk out with money; you need to meet the lender’s prerequisites. The requirements depend on the kind of the provider; for banks and traditional lending facilities, you need to have an excellent credit rating and a high source of income. Meanwhile, small-time companies will only demand a bank account and a source of funds.

How To Choose The Right Loan Provider

To ensure a pleasant lending experience, it is important to find the right loan provider. Usually, it starts with yourself. How much do you need to borrow? What is your purpose? Can you afford the repayments? It’s also necessary to take note of your other debts and expenses to know whether your income is enough to cover the loan or not.

The next step is to compare loans. While you can do it manually there are comparison sites are available online which saves time and effort. These sites have gathered all the basic details of various lenders such as their rates, policies, and repayment terms.

Another way is to find out if the lender is legitimate or not. Contact your credit agency and verify if the lender has the license to operate in your area or not. Avoid loan predators that charge unreasonable rates and focus on finding a company that is worth dealing with.

why compare loans today


5 most recent personal loan reviews

Review of Credit Star

Great team at credit star. Helped me out a few times with no bother at all! The new expense calculator is a great way to speed up the application too! A quick phone call to confirm some bank details and the money was in my guarantors bank in hours! Brilliant service, thanks you stars!

Review posted by Ian Yeates, Pocklington

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

Review of Loans Hub

Loans Hub are seriously good at what they do. I knew I would struggle to get a loan as have poor credit history although I work full time. My sister was happy to be my guarantor as she knows I would never leave her to pick up my debt.. that's the key to loans hub loans and why they work so well. From start to finish the process was professional and easy. I never leave feedback for anything however I felt so strongly that I should share my positive experience.... just go for it, you won't regret it!!

Review posted by Emma Maguire, Darlington

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

Review of M&S Bank

Money made simple - M&S complete all the necessary background checks, even though it may seem a lot, it is not. Its made simple by an efficient team of advisers. Money is drawn down by the underwriting team within an acceptable time frame of 2 working days. I spoke with a guy called Michael over the telephone and he was able to discuss my top up loan and within a matter of minutes the loan application was completed. Great service all round.

Review posted by Connor Brewer, Cheltenham

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
We at Loanigo source all our reviews from Trust Pilot to ensure an entirely non-biased review system.