Personal loans.
This is a list of all personal loans featured on Choose Wisely. Whether your credit file is spotless or has taken a few knocks this page is designed to give you an overview of all the different types of loans available.
Unsecured Loans
Unsecured loans are loans that do not require any type of security to be held against your loan, such as your car or your house. Unsecured loans range from £1000-£25000 over a period of 1-10 years. Rates offered will vary dependent on a number of factors such as how much you borrow, the period in which you repay and your credit history.
Bank Loans
Due to their high-street presence, the banks are the first port of call for a lot of us when looking for a personal loan. Much like supermarket loans you will only be accepted if you have a perfect credit history. In return, you will have access to some of the most competitive rates and loan amounts ranging from £1000-£25,000 with repayment periods of 1 to 10 years. You can compare bank loans side by side on our bank loans comparison page.
Supermarket Loans
Most of the larger, more well-known supermarkets offer unsecured personal loans. The rates offered are some of the cheapest available, competing directly with those offered by the banks. Supermarket loans are reserved solely for those with a spotless credit history. For everything you need to know about supermarket loans check out our supermarket loans comparison page.
Guarantor Loans
If you have a bad credit history but are now on a firm financial footing, a guarantor loan is worth considering. In order to apply to will need to have a guarantor to support your application. This is usually friend or family member but in all cases must have a good credit history and trust you’ll meet the repayments. If you have any doubts that you can afford the repayments then do not apply as your guarantor will have to pick up the pieces. To learn more visit our guarantor loans comparison page.
Peer to Peer Loans
Peer to peer loan companies connect those looking to borrow money with individuals looking to lend money. Rates can be as low as those offered by the banks or the supermarkets, however, these are determined by your credit history and the level of risk you pose as a borrower.
High-cost short-term loans
High-cost short-term loans (HCST), commonly known as payday loans are, as their title suggests, loans designed to be repaid over a short term. Loans range from £100 to £1000 and are generally repaid within 6 months.
HCST loans sit at the pricier end of the scale and should be considered for use only as a last resort. If you are thinking of a HCST loan be sure to compare your options first and be absolutely positive you can afford the repayments before you apply.
Acceptance Criteria
Before you apply for any type of loan make sure you meet all acceptance criteria. This will differ from lender to lender but as a minimum, you will need to be at least 18 and be able to show evidence that you can afford to pay the repayments in full and on time.
Final word
When looking for a personal loan there are a bunch of different products all tailored for different circumstances and requirements. Before applying take the time to compare your options. If you have bad credit do not apply for the lowest rates as you will only be declined, instead, check out our bad credit loans comparison table. If you have any doubt to whether you can afford the repayments don't apply.