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A wise guide to…

Compare Loans

A loan is an effective way of getting financial help when you need it. When you compare loans you can make sure you’re comfortable with your level of borrowing. This means that you know you can meet the repayments each month alongside any other financial commitments you have. To find the right loan for you today, use Choose Wisely to compare loans and we’ll show you the best options based on your circumstances.

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Representative 69.9% APR (variable). Representative Example: If you borrow £1,500.00 over 24 month at a Representative rate of 69.9% APR and an annual interest rate of 54.19% (fixed), you would pay 23 monthly repayments of £103.64 and a final payment of £103.74. The total charge for credit will be £987.46 and the total amount payable will be £2,487.46.
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 compare loan today.

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Representative 69.9% APR (variable).

How to get a compare loan 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 Inez Miedema
Read time: ~5 mins
Published: 13th August 2020 Updated: 18th August 2020

What to consider if you compare loans UK online?

There are a few things you will need to consider if you choose to compare loan prices. The first thing to think about is the size of the loan. How much do you need to borrow realistically for the purpose you need the loan for? The second thing to think about is how much time you will need to repay what you borrow (including the interest).

How much is the loan going to cost you? Thinking about the interest rate and the monthly repayments is definitely something you should consider when comparing loans. When you compare loans it’s also best practice to look at the reviews for each lender to see what other borrowers' experiences have been. A lender may be cheaper than another but if they offer poor customer service it may be worth paying that little bit more.

The golden rule is to only borrow as much as you need. The exception to this rule is that in some cases it may be cheaper and more manageable to borrow slightly more than you need over a longer period of time. This is due to the higher price of short term loan options. In any case when looking for a loan, know where you stand, compare your options and Choose Wisely.

Why should I compare loans?

It’s always best to compare loans before signing an agreement as there are so many options out there, each designed for different circumstances and with different acceptance criteria. The price of a loan can also vary massively depending on the type of loan you choose and its provider. If you don’t compare loans and choose the wrong option it can end up being very expensive and if your application is declined then it will most likely negatively impact your credit file and future applications for credit.

How to use Choose Wisely to compare loans online today?

You can use the loan comparison tool on Choose Wisely to find a range of loan options online today. All you need to do is fill in the form behind the ‘Get Accepted’ button on our website. This allows us to perform a quick search of our panel to see what lenders may accept your loan application in principle. We can then help you to compare your options, by providing the results of our search in a comparison table. You can then choose your lender and visit their website to complete your application.

Why is it important to compare loans with bad credit?

If you have bad credit it’s more than likely that a highstreet bank or supermarket won’t approve your loan application. Making multiple applications with different lenders will also have a negative impact on your credit file, making your ability to obtain future credit even harder. This is why it’s important to compare loans with bad credit so that you find a lender who is more likely to accept your application.

Another reason to compare bad credit loans is that the price of a loan varies massively depending on the amount you want to borrow and how long you plan to repay it. The Choose Wisely loan search is available on our website and will check to see who will accept your application in principle, so that you can compare your options before you complete a full application and are credit checked.

Can I compare loans with no credit check?

You can compare loans on Choose Wisely and see who may accept your loan application in principle without undergoing a hard credit check. Our panel of lenders will only use a soft search of your credit file at this stage. If you choose to complete an application with a direct lender you will then be credit checked before they provide you with a final decision.

How do I compare the cheapest loans for me?

The price of a loan will be dependent on a number of factors and varies from person to person. Things like your credit history, your current employment status, your income, outstanding debts and your financial status can all affect how much a loan will cost you and the interest rate and apr you are offered. Because of this, a cheap loan for you may be expensive for someone else. That’s why it’s so important to compare your loan options.

All you need to do to compare loans is to complete a Choose Wisely loan search. We will use your information to compare various lenders we work with to find the best deal at the cheapest price for you.

What are the best sites to compare loan rates?

There are some very popular websites that allow you to compare loans such as Go Compare, Compare the Market and Money Supermarket. The benefits of using a company like Choose Wisely over these big name brands is that we specialise in helping those who can’t go to a bank or supermarket to get a loan because of bad credit. It’s these people that need financial help the most and arguably the most support, ensuring they Choose Wisely when comparing loan rates.

To compare loans online today use the handy application tool on our website and we can help match you with lenders who are most likely to accept you.

FAQs when comparing loans

Is it free to compare loans on Choose Wisely?

Yes. We do not charge any fee to use Choose Wisely. If you successfully get a loan we may receive a commission from the lender.

Can I compare guarantor loans?

Yes. If you complete a loan search with Choose Wisely our lender panel will include guarantor lenders.

Can I use Choose Wisely to compare loans for home improvement?

Yes. You can use Choose Wisely to compare loans for all purposes. Including car repairs and home improvements.

Written by
Inez Miedema
CMO & Take Control Author at Choose Wisely

Inez came on board in the Summer of 2019. Her main focus has been helping as many people as possible find our website through online marketing, writing content and partnership deals. She boasts 6 years of FinTech experience with other brands and has an in-depth knowledge of our customers.

The quickest way to find the best compare loan 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 moneyadviceservice.org.uk.

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.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk