Borrow Money Online

If you are looking to get a loan then there are several options available to you. The most common path many people will go down is to borrow money online. Depending on how much you need to borrow, the length of the repayment time and your credit rating, Choose Wisely can help find your best options to borrow.


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Representative 49.7% APR. Representative Example: Amount of credit: £1,200. Interest rate: 0.34% per day for up to 75 days (25.5% (variable) per annum). Representative 49.7% APR (variable). For example, if you borrow £150 for four days, the interest per day would be £0.51 and the total interest would be £2.04 representing four days at £0.51 per day.
Choose Wisely is a trading style of Choose Wisely Limited and is a free to use price comparison website. Choose Wisely Limited is authorised and regulated by the Financial Conduct Authority as a credit broker not a lender, firm reference number 730574 and is registered with the Information Commissioner’s Office number Z3106681.

A quick, easy way to get a borrow money today.

  • Borrow from £300 to £10000.

  • Choose between lenders who have accepted your application.

  • Absolutely no fees, ever.

Representative 49.7% APR.

How to get a borrow money in 3 simple steps.

Affordability assessment.

1 form - takes 2 minutes to complete and your data is 100% secure.

Compare products.

Choose from lenders that have accepted your application.

Speedy finance.

If approved, the cash can be in your account in as little as 15 minutes.[†]

Table of contents

Written by Mark Grimley
Read time: ~5 mins
Published: 29th July 2020 Updated: 9th September 2020

What is the cheapest way to borrow money?

The cheapest way you borrow money is to visit your highstreet bank or supermarket. However, to borrow from either of these lenders will mean you need a squeaky clean credit history. If you’ve ever had problems with debt such as missed payments or have a CCJ, it’s likely you won’t be accepted by these lenders. This is also true if you can’t prove that you earn a regular income.

In the instance that you have bad credit or aren’t currently receiving a regular income, having a guarantor who can support your loan application may be the next cheapest option. There are also credit cards which have been designed with bad credit in mind to help you build your score as well as providing a cheap borrowing solution.

The best way to decide on how you can borrow money cheaply is to think about how much you will need to borrow, how long it will take to pay it back and how you plan on paying it back. If you only want a small amount of money (less than £1000 then more flexible options such as a credit line, overdraft or credit card could also be a consideration.

If I want to borrow money online will I be credit checked?

When you perform a loan search on Choose Wisely, we will send your application to our panel of lenders. They will complete a soft search (which doesn’t impact your credit file) and return back a decision in principle. We will then present your results in a comparison table for you to compare your options and decide whether or not to continue with a full application directly with a lender.

If you do decide to visit a lenders website and complete an application you will be subject to a credit check. All direct lenders have to carry out a credit check on any loan application they receive. A direct lender will use your credit score and history to decide whether they can lend money to you or not.

What are my options if I need to borrow money fast?

Many of the lenders we work with here at Choose Wisely process loan applications quickly, so if approved you can borrow money fast. Our initial loan check only takes two minutes to complete. Once you have completed the full application with the lender you could receive a payout in as little as 15 minutes.

To make the process faster make sure you have all the information you need on hand before you start your application. You will need to provide the lender with information about your employment, your current housing situation, your monthly expenditures. Having this information to hand will make the process as quick as possible.

Do UK direct lenders lend money to the unemployed?

There is the possibility that a direct lender in the UK will still allow you to borrow money even if you are unemployed. There are specific circumstances that this would happen in though, such as the lender specialising in lending people money who have a low income. Loans for unemployed people usually involve guarantors but it all depends on what your current financial situation is as well as what you are earning per month.

Someone who is unemployed doesn’t necessarily have no income coming in. Some UK direct lenders will still provide a loan to people who are on benefits such as Universal Credit because this can be classed as a reliable monthly source of income. You may also be able to borrow money from a direct lender if you are planning a return to work in the near future.

Loans are offered to a borrower on the assurance that you will be able to pay back what you borrowed within a set amount of time. The more stable your financial position the greater your chance for being accepted for a loan. borrowing. You may still be able to get a loan even if you don’t have a regular income. However, you may end up paying a higher interest rate because of the increased risk of you not repaying the loan in full. The most important factor is that you can afford to repay any loan you take out.

What is the cheapest way to borrow money if I have bad credit?

you have bad credit but still need to borrow money your options are naturally more expensive than if your credit history was spotless. It’s likely that in this situation the cheapest way to borrow money is if you can find a guarantor. A guarantor loan is when you have a friend or family member who is willing to guarantee your repayments. This means if you are unable to make a repayment then they will have to step in. For this reason it’s extremely important the guarantor understands their role before they sign up.

When you have bad credit but still want to borrow money cheaply then it’s best to think about what is best for you in your current financial situation. Consider your financial goals, your credit history and what your money looks like right now. Do your research and use the Choose Wisely Get Accepted loan search to find the right deal for you.

Can I borrow money with poor credit if I don’t have a guarantor?

can still borrow money if you have bad credit and can’t find or don’t want to involve a guarantor. Some lenders specialise in this type of borrowing, looking past your credit history and using other financial data to help assess your application.

When you have bad credit and no guarantor the lender may focus on your current financial status instead, including your current employment situation and whether you can afford to make repayments on a loan. These loans are specially designed for those who have a bad credit history.

The best way to find out if you qualify for a loan when you have bad credit is to use the Choose Wisely Get Accepted loan search. It will only take a few minutes and won’t impact your credit score. We match you with the best lenders for your situation and provide you with a comparison table of lenders who have accepted your application in principle.

It’s important to note that there are a number of lenders that provide loans without a guarantor, however, if you have bad credit these are likely short term loans, for small amounts, usually with a cap at around £5000. The repayments and APR are likely to be higher as well because of the risk the lender is taking in loaning money to someone with bad credit and no guarantor to guarantee the repayments.

What to consider when applying to borrow money online?

As with any type of loan application there are a few things you need to consider before you apply to borrow money online. You should only be borrowing money if you know you can afford to make all of the repayments. You also should think about whether you really need to borrow the money in the first place. There could be alternative options such as borrowing from family or friends instead.

When you want to borrow money online check whether you’ll be accepted with Choose Wisely first. This way you will know where you stand and won’t have to make multiple applications within a short space of time that will then go on to negatively impact your credit score, impacting your ability to get credit in the future.

Borrowing Money FAQs

What are the best loan sites to use?

It always pays to use an approved and regulated comparison site to compare your loan options before applying. Use the Choose Wisely loan search to find out who will accept your application without being credit checked.

How much can I borrow online?

Unsecured personal loans are available online from £100 up to £25,000. Whether or not you will be approved for a loan of any size depends on your personal circumstances and the final decision is always that of the lender you apply with.

Are there any loans that accept anyone?

No. Each lender will have their own set of strict criteria which applicants have to meet. This criteria will be different for every lender and in the product they offer.

Written by
Mark Grimley
Head of Partnerships & Take Control Author at Choose Wisely

Mark joined Choose Wisely in 2015. He continues to work in close contact with the providers, brokers and journalists operating in the world of consumer credit.

The quickest way to find the best borrow money for you.

No obligation. 100% secure.

Important Information.

All of the information in this guide is correct at the time of writing.

Rates shown are quotes based on your personal circumstances, are subject to status and are available to those aged 18 and over. Rates available range from a minimum of 3.9%APR to a maximum of 1575%APR Representative and loan repayment periods range from 3 to 60 months.

[*][†] Once accepted, your loan can be transferred to you in as little as 15 minutes. The time that it takes for the loan to show in your bank account will depend on your lender and your bank.

If you need financial advice you can visit stepchange, speak to citizens advice, call the national debtline or speak to

If you've been declined, please refer to your credit report to gain an understanding of why before making further applications.
Your score can be accessed for free via any of the main credit reference agencies such as Credit Karma, Clearscore or Experian.