Do I Need a Loan?

Taking a loan is a useful way of controlling your finances but must be thought through

Taking a loan is a serious undertaking, particularly if you are already struggling to keep your finances under control.

Although taking a loan must be thought through carefully, taking a loan can be an excellent way to control your finances by eliminating several high interest loans, credit cards and other debts with one simple loan repayment.

What loan is right for me?

There are many different types of loans that you can take and unless you’re borrowing money off family you’re going to end up repaying more money than you borrow. 

The most important factors to take into consideration when taking a loan is:

  • Exactly how much more are you going to repay than you borrowed
  • How long are you going to be making payments on the loan for
  • Are the payments affordable?
Top Personal Loans
Loans from £7,500 to £14,999

Market Leading Loan: Alliance & Leicester

Alliance and Leicester
APR: 6.3%
Loan amount: £7,500 to £14,959
Representative example: assumed borrowing £10,000 over 60 months, Representative 6.3% APR (variable), monthly repayment £193.91, total repayable is £11,634.60. Provided by Santander UK plc, 2 Triton Square, Regent’s Place, London, NW1 3AN.

Sainsbury's

Sainsbury's Finance
APR: 6.1%
Loan amount: £7,500 to £15,000
Representative example: assumed borrowing £10,000.00 over 60 months, Representative 6.1% APR (variable), monthly repayment £194.94, total amount repayable is £11,696.40. Sainsburys Bank plc, 33 Holborn, London, EC1N 2HT.

Santander

Santander
APR: 6.9%
Loan amount: £7,500 to £14,950
Representative example: assumed borrowing £10,000.00 over 60 months, Representative 6.9% APR (variable), monthly repayment £196.56, total amount repayable is £11,793.60. Santander UK plc, 2 Triton Square, Regent's Place, London, NW1 3AN.

AA Loans

AA Loans
APR: 7.9%
Loan amount: £7,500 to £14,950
Representative example: assumed borrowing £10,000.00 over 48 months, Representative 7.9% APR (variable), monthly repayment £242.38, total amount repayable is £11,634.48. Loan provided by The Co-operative Bank, PO Box 101, Manchester M60 4EP.