5k loan

5k loan

See if you'll be accepted before you apply

Representative example: Amount of credit £1,800 for 24 months. Interest rate: 71.3% pa (fixed). 24 scheduled monthly payments of £142.65. Total amount payable: £3,423.67. Representative 99.9% APR.

Our QuickCheck will not affect your credit rating. QuickCheck will give you an indication of how likely you are to receive a loan from us before you fully submit your application.

If you are worried about the impact a rejection may have on your credit rating or you have been rejected in the past, try QuickCheck now.

Once you find out your eligibility with QuickCheck, simply decide to apply to receive an instant decision.

QuickCheck means you will know your likelihood of acceptance before you apply

Won’t affect your credit rating until you apply

Simple and easy to apply after QuickCheck

Polite and helpful. Everything was done quickly and hassle free.. Would use again and definitely recommend. Thanks.

Fast payment and helpful staff. Really helped me when others would not. Have now been able to consolidate debts to one manageable monthly repayment and could not be happier!

Excellent. I am really pleased with the simple and quick application. Money was in our bank within 12 hours (they say up to 24). They offered me the lowest rate when other banks had turned me down. Will definitely be using again.

118 118 Money is the trading name of Madison CF UK Limited (sister company of The Number UK Ltd., which provides the 118 118 directory enquiries service).

Company No: 08393840. Registered office: Fusion Point, Dumballs Road, Cardiff CF10 5BF. Madison CF UK Limited is authorised and regulated by the Financial Conduct Authority (FRN 741774).

You can confirm our registration on the Financial Conduct Authority’s website or by contacting the Financial Conduct Authority on 0800 111 6768.

118118 Money is a member of the FLA (Finance and Leasing Association) and subscribes to its lending code.

Loans are subject to status and only available to UK residents aged 18 and over.

Rates from 35.9% APR - 99.9% APR fixed. Representative 99.9% APR.

Loans for between £1,000 to £5,000 available over a term of 12, 18 or 24 months.

Terms and conditions apply. Applicants must be 18 or over. All loans are subject to status, affordability and credit checks prior to approval, in accordance with 118 118 Money's lending criteria. 118 118 Money performs traditional credit checks and verifies applicant information via both various national databases and manual review. We may require documentation and your application may be delayed if your identity or status requires further verification. If you do not qualify for the product for which you apply, we may offer you an alternative product with different terms.

Ts&Cs apply. Credit is subject to status, full application, credit check and affordability assessment.

You can get a loan of anywhere between $100 and $35,000 for any reason, whether it be to pay for a vehicle repair, home improvement expense, or even a vacation

A Better Personal Money Solution To Get Cash, Fast, Anywhere!

With Fast5kLoans, you can receive funding up to $5,000. We have extensive partnerships with large authorized lenders. This allows us to cover almost all 50 states. The $5,000 is received quickly and from the privacy of your own home.

Our Online Form is quick, secure, and hassle free. You can fill out our Online Form from the privacy of your own home.

There are many advantages with Fast5kLoans. You can fill out our Online Form with any credit type at Fast5kLoans.

Another Advantage is that the funds are deposited directly into your bank account as soon as the next business day!

Connect fast with a lender who understands your financial needs!

A personal loan is a way for an individual to receive up to $35,000 in funding. It is a loan that can be used for home enhancements, luxury item purchases, vehicle repairs or bill payments. The length of the loan is called the term and can range all the way up to 180 days, depending on the lender. Our simple Online Form does not contain any long questions. Instead, it asks for your basic information and a location for where you would like the loan to be sent to. It is that easy!

Basic Loan Requirements

  • Must be at least 18 years old.
  • Must be a U.S. citizen.
  • Currently employed or receive steady income.
  • Have a bank account to receive the funds, ideally with direct deposit.

Please read the following disclosures. There is information about General Loan information, APR information, Renewals and Repayment Terms.

This is information about the Annual Percentage Rate (APR). The APR defines the rate of interest a borrower pays over the course of a year. It describes the costs to the borrower in a yearly rate. Fast5kLoans cannot promise a specific APR. Our lending partners set the APR on loans. An APR can run between 5.99%-35.99%. Loan products have a 61 day minimum repayment term and a 72 month maximum repayment term. However, a lender can charge an APR that does not fall within that range. Read the terms of your loan carefully before accepting and signing a loan contract.

Lenders have unique Renewal Policies. Some of them have automatically renew or "roll-over" Features. These conveniences often come at an additional fee. Please ask the lender you were connected with for their renewal policy. Again it is vital to read through the entire Loan Agreement and Disclosure to make sure you are comfortable with their terms before accepting the loan.

Late, Partial, or None Payments and Collections

Though each lender has to operate within the state laws that govern them, they have their respective approaches to handling late payments. A loan is an agreement between you and the lender to fully repay the loan by the time agreed. Depending on your agreement with your lender, if you are late for the agreed payment, a lender may add fees, send to a collections agency, report your late, partial or non payment to a consumer reporting agency. These policies change per lender, so please make sure to consult your lender to find their respective policies.

Fast, easy and secure Online Form.

Fast5kLoans realizes that financial problems come unexpected and always at a bad time. We believe that lending should be made easy, fast and not only rely on the individual's past history. We are here to help. The process starts with completing our Online Form. The Online Form must be completed accurately to make sure the funds are not sent to the wrong individual. Lenders use the information provided to verify your identity before sending you funds.

One of the advantages of using Fast5kLoans is that we have many lenders that have different lending methods. This means that you are more likely to be approved by a lender within our network because there are more options available to you.

Since each lender has their own lending policies, once approved, please be sure to read their disclosures and lending practices carefully before you sign and agree to the loan.

What is a Personal Loan and what can I use it for?

People get personal loans to help with home repairs, unexpected expenses, holiday shopping, and more. Such a loan from one of our lenders can help you get the cash you need! Just fil out our Online Form. Follow the short process and if you are approved, receive your cash loan!

Fast5kLoans’ services will always be provided free of charge, but that is not to say that the lender will give you a loan for free. Your lender will charge you fees and/or interest and must provide you with full disclosure of their loan terms upon approval. It is then your responsibility to read through the terms before signing your loan agreement.

What is the highest loan amount I can receive.

$35,000. Though not all lenders are able to lend you $35,000.

How do you protect my privacy and personal information?

We take privacy seriously, and so we use industry-standard encryption on our website so that third parties cannot intercept your data. You can also take a look at our privacy policy for more details on this.

What if I'm late or skip a payment?

Lenders may be forgiving if you contact them directly, though some may automatically add a fee if it is in their agreement. Please contact the lender directly if you have an issue paying an installment.

Please check the loan agreement from your lender for specifics on this, as each loan may vary.

This is information about the Annual Percentage Rate (APR). The APR defines the rate of interest a borrower pays over the course of a year. It describes the costs to the borrower in a yearly rate. Fast5kLoans cannot promise a specific APR. Our lending partners set the APR on loans. An APR can run between 5.99%-35.99%. Loan products have a 61 day minimum repayment term and a 72 month maximum repayment term. However, a lender can charge an APR that does not fall within that range. Read the terms of your loan carefully before accepting and signing a loan contract.

Fast5kLoans’ services will always be provided free of charge, but that is not to say that the lender will give you a loan for free. Your lender will charge you fees and/or interest and must provide you with full disclosure of their loan terms upon approval. It is then your responsibility to read through the terms before signing your loan agreement.

FAST5KLOANS IS NOT A LENDER. The Fast5kLoans website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The Fast5kLoans website does gather applicants' personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Some, but not all, lenders may offer loans of up to $35,000, and loans tend to range between $500 and $35,000. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check(s) if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

Fast5kLoans © 2015. All Rights Reserved

We welcome you to 5kLoansDirect.com. When you use this site and send your data through it you are agreeing and complying with the terms that will follow and the arrangements and conditions that are states herein (it will herein be called the “Customer Agreement”), as well as consenting to the rules and regulations stated in the Privacy Policy. This policy has been revised October 19, 2016.

5kLoansDirect.com: is not a lender and does not make lending decisions. We hold our network of lenders to high standards of compliance and best practices. We strive to ensure that each marketing message you see from us is accurate and informative. When we connect you with a lender, we expect that lender to fully inform you of the loan being offered, including all of the disclosures required by federal, state and local statutes and regulations. Whether you accept the loan or not is completely up to you, and there is no obligation if you reject it.

As managers of this website, we reserve the right to change or adapt this Customer Agreement at any time without providing any notice. You agree to monitor this Customer Agreement periodically and make not of any revisions.


Anyone using the site agrees to make use of the site’s Features for the purposes expressed and permitted within (1) the rules of the User Agreement, and (2) the fair use and modes of conduct established for behaviors using online resources.

In which, you understand the following: In order to access some of the Features that we offer, visitors to the site may have to volunteer specific personal information about oneself or one’s business (including information personal to yourself and your financial accounts as a condition of enrollment. You agree to present accurate and honest accounts of your information.

Any efforts on your part to access the site, or portions of the site and its resources by means other than the ones that we have presented to you is forbidden. You hereby agree to refrain from accessing, or attempting to access, the site’s resources through any digital, unfair or unapproved methods.

Becoming a participant in any kind of organized or unorganized action targeted to exploit or undermine the site’s resources which include, but are not limited to, servers and other information technology equipment is forbidden.

Any attempt to copy, reproduce, mimic, or barter any of the site’s offerings, or trade on our resources is strictly forbidden. You hereby agree to reimburse and treat fairly 5kLoansDirect.com and all of its personnel, including company officers, employees, staff and associated worker and other organizations and partners associated with the company, license holders and operators, covering costs for logical legal fees and payments for any mishaps, misfortunes, losses, damages and misappropriations, due to charges of dissatisfaction or mishandling of matters related to the business at hand, or difficulties experienced by the use of your account by yourself or anyone else using your account for mischievous purposes. We hold all rights and authority to maintain the safety and security of the site and all of the resources and offerings presented, in a reasonable and expedient manner.

Maintaining the safety of all of our clients is a top priority for us. Because of that we established a Privacy Policy that establishes the methods we use to collect, monitor, handle, protect and maintain your personal information. You can read about our methods of safeguarding information in the passages of this user agreement.

5kLoansDirect.com users hereby agree to assure that they will consider us free from harm for any charges or claims that you make or your family member or associates make due to any offerings accepted through the website, including equitable lawyers’ fees.

When you submit your information on the site you are agreeing to allow third parties, agents and lenders to communicate with you, on an unlimited basis, by telephone, postal mail, email and other forms of communication.

Lenders will be allowed to access and verify your credit data, which can include your driver’s license number, Social Security Number and other state, federal or local identification. Your credit history can also be viewed and evaluated to determine your credit worthiness. Credit bureaus, such as TransUnion, Experian and Equifax may be consulted. When you submit your information to this site you agree to allow lenders to check your credit report and validate your identification documents.


Certain intellectual property on this site, which can include but is not limited to graphics, photographs, designs, characters, trade names, titles as well as electronic intellectual property such as software products and written information is the sole property of 5kLoansDirect.com, and those who have licensed it, or other authorized persons who are associated with the site.

Users of the site can use the intellectual property on the site, including copying documents, viewing and recording information and images in order to obtain a loan, but for no other purposed. We reserve ownership of this site and all of its content. You are not permitted to display, retransmit, distribute or otherwise disperse the information and documents on the site without written permission from the site owners. No contents on the site should be interpreted as bestowing any permission or license to any copyrighted material, copyrights of other intellectual property.






Please read this information carefully and print a copy and/or retain this information for future reference.

Introduction. In order to offer you a loan, one or more of the third party lenders need your consent to use and accept electronic signatures, records, and disclosures ("E-Consent"). This form from such lender, notifies you of your rights when receiving electronic disclosures, notices, and information. By clicking on the link assenting to this notice, you acknowledge that you received this E-Consent and that you consent to conduct transactions using electronic signatures, electronic disclosures, electronic records, and electronic contract documents ("Disclosures").

Option for Paper or Non-Electronic Records. You may request any Disclosures in paper copy by contacting the third party lender directly. The lenders will provide paper copies at no charge. The lenders will retain all Disclosures as applicable law requires.

Scope of Consent. The lender has informed us that this E-Consent applies to all interactions online concerning you and the third party lender and includes those interactions engaged in on any mobile device, including phones, smart-phones, and tablets. By exercising this E-Consent, the third party lender may process your information and interact during all online interactions with you electronically. The lender may also send you notices electronically related to its interactions and transactions. Disclosures may be provided online at our or third party lenders' websites, and may be provided by e-mail.

Consenting to Do Business Electronically. Before you decide to do business electronically with the third party lenders, you should consider whether you have the required hardware and software capabilities described below.

Hardware and Software Requirements. To access and retain the Disclosures electronically, you will need to use the following computer software and hardware: A PC or MAC compatible computer or other device capable of accessing the Internet, access to an e-mail account, and an Internet Browser software program that supports at least 128 bit encryption, such as Microsoft® Internet Explorer, Netscape® or Mozilla Firefox®. To read some documents, you may need a PDF file reader like Adobe® Acrobat Reader X ® or Foxit®. You will need a printer or a long-term storage device, such as your computer's disk drive, to retain a copy of the Disclosures for future reference. You may send any questions regarding the hardware and software requirements directly to the third party lenders.

Withdrawing Consent. Your E-Consent for our third party lenders' consideration of your matching request cannot be withdrawn because it is a one-time transaction.If you are connected with one or more third party lenders, you are free to withdraw your E-Consent with those third party lenders at any time and at no charge. However, if you withdraw this E-Consent before receiving credit, you may be prevented from obtaining credit from that lender.Contact the third party lender directly if you wish to withdraw this E-consent.If you decide to withdraw this E-Consent, the legal effectiveness, validity, and enforceability of prior electronic Disclosures will not be affected.

Change to Your Contact Information. You should keep third party lenders informed of any change in your electronic address or mailing address. You may update such information by logging into the third party lender's website or by sending the lender a written update by mail.



5kLoansDirect.com holds its lenders up to a strict standard. We continually strive to make sure that all applicants have full information and disclosure before entering into a loan with any loan provider. While, each lender has their own respective practices and are controlled by their respective states, there are general rules of conduct for each lender to adhere to. This is to additional of any rules that can be enforced by their local government and from the federal Truth in Lending Act. The following are the guidelines for the lenders to adhere to.

Rules for responsible Lending:

  • All communications with lenders are to be during normal hours.
  • All communications between lender and client are to be deemed respectable.
  • There shall be full transparency with full disclosure.
  • The Lender shall not engage in deceitful practices.

The Truth in Lending Act requires full disclosure of all loan fees and interest rates that borrowers may incur. All fees and rate information should be disclosed to you by your lender at the time of approval. Upon the conclusion of lender approval, most lenders will direct you to an e-signature page. This page is provided to you by the lender to which you were connected.

Apply for a loan online using 5kLoansDirect.com does not cost anything. 5kLoansDirect.com is not a lender and does not provide lending services directly to consumers. Based on the information you submit, 5kLoansDirect.com searches our network of lenders to connect you with the lender and loan that may be suited to your needs.

We at 5kLoansDirect.com are truly accountable for protection of you and your private information. Please study the following information to learn how we will protect your information during the process of handling and evaluating your credit history and financial standings for potential loan opportunities. This statement covers 5kLoansDirect.com only. If there are any advancements made in the means of protecting your information, those advancements will be added to the security portion of this statement to keep you abreast of how your data will be gathered and used.

Any collection of data that is initiated on the 5kLoansDirect.com website is performed with your consent. We collect data and information to better serve you with opportunities for loans that you have expressed an interest in securing. The data may be used to enhance our ability to better present you with more fitting loan connections and to help you to better search for and locate more satisfactory opportunities in the area of loans or other offerings that you seek.

We collect "Personally Identifiable Information" or aka "PII" that can identify you such as your first and last name, physical address, telephone number, cellular number, e-mail address and social security number, email address, date of birth, driver's license number and state, information about home ownership, employment information, active military information, amount and frequency of pay checks, and information about your banking account. In addition, "Non-Personally Identifiable Information" or aka "Non-PII" is collected which includes data about your online activity on our website that does not identify you and demographic data. The types of non-personally identifiable information that we collect (either directly, through the use of "cookies," explained in more detail below or through the use of a third party tracking system) include: the IP address of the computer making the request; your browser type and language; access times; information about areas of the site visited by users of the site; information about the links that users may select to visit on the site. IP addresses are not usually associated with your personal computer, but with a portal through which you accessed the Internet. IP addresses are not linked to personally identifiable information.

"PII" is collected when you provide it to us through your use of the 5kLoansDirect.com, for example, when you complete one or more pages of an application form to apply for a loan from a lender participating in our lender network or by sending inquiries to us via the website.

How We Use Personally-Identifiable Information

We use the personally-identifiable information you provide to us through 5kLoansDirect.com in order to deliver the products or services you have requested; provide you with customer support; verify or review your application information to determine whether it meets eligibility requirements for participating lenders; communicate with you by email, postal mail, telephone, text, SMS and/or mobile devices about products or services that may be of interest to you either from us, our marketing partners, or other third parties; display advertising tailored to your interests or background; perform data and statistical analysis on use of the web site; enforce our terms and conditions, and perform any other functions otherwise described to you at the time we collect the information.

We may review and use your financial information and your social security number to connect you with participating lenders in our loan network or other third party lenders with whom we have a business relationship. We may also review your financial information and social security number to verify your identity and protect you against a possible fraudulent transaction.

Sharing Your Personally-Identifiable Information

Any third parties with whom we share "PII" information may have their own policies which describe how they use and disclose your information. Those policies will govern the use, handling, and disclosure of your information once we have transferred or shared it with those third parties as described in this Policy or our Terms and Conditions

5kLoansDirect.com may share your "PII" (including, without limitation, your financial account information and social security number) with lenders participating in our lender network and other third party lenders with whom we have a business relationship. These third party lenders may use your "PII" to offer you a personal loan or to communicate with you about other business or marketing offers. In addition, we may share your "PII" (including your financial account information and social security number) with unaffiliated third party marketers and list managers with whom we have a business relationship.

Wherever it’s advantageous, such as on pages used to cull email addresses from users, cookies may be placed on your computer or mobile device. A "cookie" is a piece of information a web site sends to your computer while you are viewing the web site to remember who you are without personally identifying you. The function to make it easier for you to navigate the site and it allows us to cut down on distracting and unwanted information that you might otherwise receive. Thus, you must have cookies enabled on your machine. Many well-known sites, such as Yahoo! Or eBay may from time to time distribute cookies, as well. The goal is to help visitors who are using the sites to achieve a specific purpose, and to customize their experience on the site. You have the option of blocking or removing cookies at any time that you choose.

Be advised that we collect individuals’ data, and that may include email addresses. The purpose of which can be to communicate with you about your searches and inquiries and sending you updated information about the site.

Added Offers and Administration

Focusing on your information

Presenting your email, location and other information to third-parties who can provide offers like the ones you have applied for.

At times we may reveal user data that has been gathered from clients, both past and present. The data will be used in the following ways: if the client has acted in an unlawful manner; if the company is sold to another entity or is otherwise acquired; if government officials demand data through the power of a subpoena or other legal device, or is otherwise demanded by a legislative or law enforcement branch of the government.

When agreeing to this privacy policy you are consenting to present information recorded to or from a third-party when we, in our estimation, determine the communication of such information to be proper. That may include offering your email address to third parties for the purposes of advertising and for concealment of your email address in accordance with the provisions of the CAN-SPAM Act of 2003, as revised occasionally.

We at 5kLoansDirect.com make all reasonable efforts to ensure that users can see and understand how their information will be used. We acquire permission from clients and others on an as-needed basis to compile, use and review an individual’s data, with the exception of circumstances that are restricted by law. Should you choose to send your data to another entity that has advertised on our site, you do so with the understanding that we have no control over that organization’s policies. It is recommended that you read that company’s information to understand its regulations and to ensure that you agree to abide by their programs. 5kLoansDirect.com cannot be held responsible for activities of those site and the results of you efforts to make use of their services.

We use log records, as is the case with most typical Web-based service sites. Log files incorporate IP (Internet protocol) addresses, ISPs )Internet service providers), date/time stamps. We also track users’ clicks on our website.

Subscribers typically receive messages that inform you about interesting and high-level opportunities and offers. If, by some chance, you prefer to not receive these kinds of messages, you can avoid receiving them by clicking the unsubscribe link at the bottom of all messages. We update our email database regularly, but it is possible that you may continue to receive email messages from us for as many as seven business days after unsubscribing.

Editing and Rewriting Your Information

If your personal contact information should change, such as your postal address, email or telephone number, you can update that information by sending us an email.

In accordance with federal and state laws, in the unlikely event that a data or security breach should occur, we will notify you and the appropriate authorities about the circumstances of the event. Notification will be sent by email.

We do not knowingly collect or retain personally identifiable information from consumers under the age of thirteen (13). We respect the privacy of children and we comply with the Children’s Online Privacy Protection Act (“COPPA”). You must be at least eighteen (18) years of age to obtain services from us.

For all the latest deals, guides and loopholes - join the 12m who get it. Don't miss out

For those who need to borrow, now could be the best time to get a loan as rates are still hovering at or around all-time lows as providers battle for your custom. But be careful before picking a personal loan as even the best deals have more tricks than Dynamo's sleeve.

Borrowing should always be budgeted for, and carefully planned, so you know whether you can afford the repayments. This is a step-by-step guide, with regularly-updated best buys, a unique calculator to pare your costs to the bone and an eligibility calculator that'll tell you which loans you've the best chance of getting before you apply.

Personal loans, also known as unsecured loans, are where you borrow a fixed amount from a lender, and agree to pay it back over a set time period paying fixed monthly repayments.

The lender will charge you interest as its fee to lend money to you, so you repay both the amount you borrowed plus interest. The advantage is that you get cash upfront, but are able to spread the cost of a purchase over several months or years.

This guide tells you the cheapest personal loans, but also addresses whether other finance options might be cheaper for you.

Credit cards can be cheaper than loans

Personal loans let you borrow up to Ј50,000. The key sell's "structured repayments", so you know how long you're borrowing for and what it'll cost each month. Yet in general, borrowing on the cheapest credit cards substantially undercuts the cheapest loans; meaning in many circumstances, they should be used first.

But much depends on why you're getting a loan, and how much you want to borrow. We've spelled out the most common situations, and where you might want to think about a credit card instead of a loan.

When a credit card's better than a loan

The most important factor here is your credit limit. Credit cards won't usually give you more than Ј5,000, and that's provided that you have a good credit score. So if what you need to buy is more expensive, you're probably better off looking for a Ј5,000+ loan.

But, if you can buy whatever it is for Ј5,000 or less, you have several other options. See if any of these scenarios fit you.

I can use a credit card to pay and can clear it in 31 months.

You can get up to 31 months 0% spending on a credit card, but this is only useful if you can budget to pay your debt off in that time, or you're organised enough to balance transfer the debt to another card before the 0% period ends.

This technique's also only useful if the retailer takes credit cards. And some – most notably car dealerships – often don't. But, there's still a way to use a card to beat a loan.

I can't pay directly on a credit card or I need longer than 31 months.

Don't worry, even if you can't pay the retailer directly on a credit card, you can still pay by card, it's just slightly more complex.

You'll need to get a specialist money transfer card. These work by transferring cash from your new card to your bank account, so you owe the card instead (though there's a fee to do this). Once there, you can spend it as you would a loan.

The longest deal at the moment is a card which gives you debt at 0% for up to 36 months (3.94% fee to transfer the money). But one card currently lets you do money transfer for a smaller 2.5% fee, though this time you only get 20 months at 0%. So if you can pay the debt off in that time, or balance transfer it once the 0% is over, this could be a great replacement for getting a loan.

I'm trying to make existing debts cheaper.

In most cases, a loan won't be cheapest. Credit card balance transfer deals are designed to allow you to shift other cards' debts to them at a special cheap rate, usually much cheaper than the best loan rates.

This doesn't mean you need to keep shifting debts between short-term 0% deals. Some cheap deals (around 6% APR) last until ALL the debt is repaid – and beyond (see Best Balance Transfers guide). Though make sure you make at least similar repayments to what the loan would cost each month.

But a credit card's not always the best option.

Most credit cards won't give you a credit limit higher than Ј5,000, so if you want to borrow more, you might be better checking out the best buy loans below and using the Loans Eligibility Calculator, which tells you which loans you've the best chance of getting before you apply.

I'm trying to cut the cost of an existing loan.

Don't automatically assume switching to a cheaper interest rate will save you money. Many loans, especially older ones, have lock-in penalties. These mean even though you'll pay less interest, when you add in the fine for moving, you'll pay more overall. Our Cutting Existing Loan Costs guide has a calculator showing you if you'll gain by switching.

I think I can get a loan from my employer.

Some employers offer loans to employees, usually for buying travel season tickets so they can get to and from work. Provided the total value doesn't exceed Ј10,000, these loans can be made by employers, and paid back over the year from the employee's salary.

These loans don't have to be made for travel purposes, so see if your employer provides these loans – they'll be the cheapest you can get.

Loans have never been as cheap as they are right now. A price war between competitive lenders means that rates have plummeted over the past couple of years, and despite a slight rise after the Bank of England's November 2017 base rate rise, lenders are once again battling for your custom.

Even low interest rate loans can have hidden costs, though. Before you pick the type of loan, it's crucial to decide one thing.

The formula's simple. Borrow as little as possible, repay as quickly as possible. To avoid complications, always base your borrowing on what you can comfortably afford to repay (preferably after doing a budget), as borrowing too much can cause debts to spiral out of control.

Beware – while borrowing over a longer period spreads the debts and decreases monthly repayments, it massively increases the interest you'll repay. Borrow Ј10,000 at 7% over three years and the interest cost is Ј1,100. Borrow the same over 10 years, and it's Ј3,900.

All advertised loan and credit card APRs are 'representative'. This means only 51% of successful applicants have to get those rates. So, up to 49% may end up with a more expensive loan than they applied for (if they get accepted at all).

Lenders have to tell you that their loan rates are representative. They'll do this by having a representative example on their site of what it may cost. You'll see something like this.

"A loan of Ј7,500 over 60 months at 3.2% APR would equate to monthly repayments of Ј135.43, and the total cost of the loan that you pay back would be Ј8,125.&7.9quot;

In this guide, we compare loans that can be paid back over terms of between one and seven years. Rates in the best buy tables below start at 2.8% and go as high as 12.9%, though you could be priced higher as the APR you'll be charged depends on your personal circumstances.

Sadly, the only real way to find out whether you'll get the advertised rate is to apply, though this leaves a search on your credit file, which can hit your ability to get credit in future.

It's worth noting, loan acceptance isn't just about your credit score. Your affordability score (shown in the free MSE Credit Club) also comes into play, especially for larger loans. This is because even with a great credit history, if lenders think you may struggle to repay such a large amount, they'll reject you.

If you're looking for a loan, check out the best buy rates below. We list loans by 'bands' as the rate you could get differs depending on how much you want to borrow. Plus, if you want to find out which loans you'll get, without applying, use our eligibility calculator to see your chances.

The best buys are below, but there's the chance to undercut some of these rates by 0.5 percentage points if you're a Nationwide current account customer (or you successfully apply for one of their accounts). Read a full Nationwide how-to.

Check which loan you can get before you apply

Usually the only way to know if you'll get a loan is to apply, which marks your credit file. Our Eligibility Calculator does a soft search to find which loans you'll get without harming your creditworthiness.

Want to find out if you'll get these loans? Use the Eligibility Calculator.

Want to find out if you'll get these loans? Use the Eligibility Calculator.

Want to find out if you'll get these loans? Use the Eligibility Calculator.

Cheapest loans from Ј5,000 to Ј15,000

Check which loan you can get before you apply

Usually the only way to know if you'll get a loan is to apply, which marks your credit file. Our Eligibility Calculator does a soft search to find which loans you'll get without harming your creditworthiness.

Want to find out if you'll get these loans? Use the Eligibility Calculator.

Want to find out if you'll get these loans? Use the Eligibility Calculator.

Check which loan you can get before you apply

Usually the only way to know if you'll get a loan is to apply, which marks your credit file. Our Eligibility Calculator does a soft search to find which loans you'll get without harming your creditworthiness.

Want to find out if you'll get these loans? Use the Eligibility Calculator.

Want to find out if you'll get these loans? Use the Eligibility Calculator.

Want to find out if you'll get these loans? Use the Eligibility Calculator.

Must have a First Direct current account First Direct 6.7% rep APR (loans between Ј30,001 and Ј50,000, 1-7 years, not in eligibility calc)

First Direct now offers personal loans to its current account customers up to Ј50,000 and Sainsbury's Bank offers loans up to Ј40,000. Tesco Bank, Yorkshire Bank and Clydesdale offer up to Ј35,000. Though be very careful in getting a personal loan for such a large amount as it's a huge commitment.

If you can't get this, you could combine loans, or remortgage, though that often means extending the term, more interest and securing the debt on your house.

Special trick for Nationwide customers – 2.3% loans?

If you hold a current account (or successfully apply for one) with Nationwide, it promises to undercut the best loan offer you get by 0.5 percentage points - as long as you're accepted for its own loan. This means, for example, a 2.8% loan (the current best buy) could become 2.3%.

Full details of how the Nationwide loan trick works

This trick's a little bit complex, so we've done a short Q&A here on how to do this in practice.

What loans do I need to apply for to do this?

To get the deal, you must first apply and get accepted for a standard loan - one that doesn't have fees as well as interest - through any bank or building society. This includes providers like Hitachi and Ikano Bank, but excludes some loans from peer-to-peer lenders such as Zopa and RateSetter.

Then, apply for a Nationwide loan within 30 days – but you'll need proof of acceptance for the other loan. If Nationwide accepts you, it will then offer you a rate which is 0.5 percentage points lower than your initial offer (it says it won't accept you for the loan, then offer a higher rate).

It's easiest to apply in branch for this, as you'll need to show or send your proof of acceptance for the other loan to qualify.

You can apply by phone, though you'll need to send your proof of the other offer by post before the loan is issued.

Which Nationwide current account do I need to do this deal?

There's a few that allow you to do this.

You can get the loan if you have (or successfully apply for) a FlexDirect, FlexPlus, FlexStudent or FlexOne account. The FlexDirect gives 5% AER interest for the first year on amounts in the account up to Ј2,500, though you'll need to pay in Ј1,000/month to get this. The FlexPlus has a Ј13/month fee, but comes with free travel insurance, mobile insurance and breakdown cover.

You can also get it if you have a FlexAccount, though with this account you need to have either been paying in Ј750+ a month for the last three months, or have completed an account switch in the last four months.

Most of the linked accounts are best buys in their own right, and are among our top bank account picks. Read full details and eligibility criteria for Best Bank Accounts.

I'm not a Nationwide customer, can I still take advantage?

You can open (or switch to) a current account with Nationwide at the same time as applying for the loan. But be prepared for the credit score hit you'll take. How much of a hit that is depends on whether you're already a Nationwide customer.

New customers. To switch banks, as well as apply for two loans, you'll have done three credit applications within a short space of time (one for the initial loan, one for the new current account, and one for the Nationwide loan)

Existing customers. You may only have one application for the original loan on your credit file, though this will depend on whether Nationwide has already 'pre-approved' you for a loan with it. Main current account customers may already be pre-approved for a certain amount, and if the amount you're borrowing is under this, Nationwide says it won't do a hard search (though it may still do a soft search). Your one application will come from the non-Nationwide loan you applied for.

If you're applying for a mortgage, or other big credit, soon, for safety it's best to leave a year between big applications, as this is how long applications stay on your file. See Credit Scores for more information.

Sounds like a bit of a faff. Is it worth it?

You need to decide whether the added hassle of making the extra credit application's worth it. On a three-year, Ј10,000 loan, you'd pay around Ј438 in interest over the term of the loan with a best buy 2.8% loan. If Nationwide then offered you a 2.3% rate, it'd cut Ј80 off the interest cost of your loan over those three years.

Use the loans calculator to see how much you could save.

It might be cheaper to borrow more

It's worth being aware of this when borrowing close to one of the rate boundaries above – which are set by lenders.

If you wanted to borrow Ј4,900 over five years, the cheapest loan's 6.8%, meaning a total repayment of Ј5,794 (Ј894 interest). Yet borrow Ј5,000 and the rate drops to 3.3%, which means total repayments are Ј5,431 (Ј431 interest) - that's Ј363 LESS, even though you borrowed Ј100 more.

Therefore best buy loan tables are wrong, as the cheapest loan for Ј4,600+ is to borrow Ј5,000. If you're borrowing near a threshold, use a loans calculator to check if borrowing more costs less. If you do borrow more, put the extra loan towards repayments.

These cheapest loans are updated every week. If you want to see a list of many available loans then online loan comparisons such as Moneyfacts and MoneySupermarket* give a wider range, though may miss some of the cheapest options above.

Cashback sites may pay you for signing up

As an extra boon, members of specialist cashback websites can be paid when they sign up to some financial products. Do check that it's exactly the same deal though, as terms can be different. And remember the cashback is never 100% guaranteed until it's in your account.

Full help to take advantage of this and pros & cons in our Top Cashback Sites guide.

One of the main ways to add flexibility used to be via the Cheap Credit Card Loans loophole, which allows total flexibility and has rates cheaper than loans. But it's only for the financially savvy as it's easy to mess up.

However, if you're considering either substantially overpaying or clearing your debt early with a lump sum, there are some options.

Early part-repayments are allowed

If your loan was taken out on or after 1 February 2011, you can make partial overpayments on your loan. If your extra repayments total under Ј8,000 in a year, banks are not allowed to charge you a fee for making an overpayment. But if your overpayments total over Ј8,000 in a year then the bank is allowed to charge you so long as it has incurred a charge itself.

Loan providers must allow you to pay off your loan in full. This is usually subject to a penalty which is usually between one and two months' interest. Check your individual agreement to see what your lender will charge you.

Higher credit scorers earning Ј12,000 plus

Borrow from the loan marketplaces Zopa* or Ratesetter* (see below for full explanation) and you're allowed to shorten the repayment term, which effectively allows you to pay off more quickly. Also you can pay off in full without penalty.

It sounds funky and different. But for borrowers, getting a peer-to-peer loan is pretty similar to a bank loan, except rates can be cheaper and they're flexible, so you can repay when you want.

These loans from the two biggies, Zopa* and Ratesetter*, tend to be especially competitive if you have a reasonable credit score and are borrowing smaller amounts.

It matches borrowers and lenders (savers), cutting banks out of the equation. People with spare cash can usually get higher returns lending this money than from saving. Similarly, people looking to borrow can usually get lower APRs than from standard loans.

The lending sites do all the organising though, so as a borrower, your relationship and repayments are through them.

They run a marketplace matching savers with borrowers. Rates depend on how good a risk you are. At the time of writing, the cheapest Ј2,000 standard loan is 12.4% APR. But peer-to-peer lenders are 6.9% – 7.9% APR for the same value (though you need a decent credit score).

Initial applications don't hit your credit score.

With normal loans, the only way to find out the rate you'll get is to apply – which leaves a mark on your credit file. Here, peer-to-peer lenders 'soft search' your credit history – which future lenders can't see on your file. So it has no effect – and it tells you your rate and the lending fee.

If you do actually get the loan, though, it'll go on your credit file and your repayment history will be recorded.

What are flexible repayments?

Most loans require you to pay on a schedule. If you want to part-pay or fully pay early, there's sometimes a penalty. With flexible repayments, you can repay early in part or in full without a penalty.

Consumers using peer-to-peer sites are now better protected after the industry became regulated by the Financial Conduct Authority from 1 April 2014. In many ways though, this is to protect savers, not borrowers (as if it went bust and didn't collect your cash, you wouldn't be that upset). However, all major sites have their own safeguards in place to make sure you pay the money back, and that lenders don't lose out.

For more information, see our Peer-to-Peer Lending guide for savers.

Let us be blunt. Although there are plenty of competitive rates now available, getting the cheapest ones can still be difficult.

First, treble-check you're borrowing the absolute minimum needed. Lower amounts are easier to borrow. Plus, make sure you've checked your credit files to ensure a simple error isn't hitting your creditworthiness (read the Credit Rating guide).

After that, there are three main options:

Use the MSE Loans Eligibility Calculator

The Loans Eligibility Calculator protects your credit score by telling you which personal loans you've the best chance of getting before you apply. All you need to do is put in the loan amount you want, the length of time you want the loan for and its purpose, then some info about yourself. It'll tell you your chances as a percentage of getting different loans so you have an idea before you decide to apply.

If it looks like you're not going to get a particularly good rate after using the loan comparison service, check the standard loan rate from your own bank to see how it compares.

It knows more about you, and credit scoring is about predicting your behaviour, so that extra data may help. If its advertised rate is cheaper, it's worth calling in for a chat. There's a chance your bank will give you a loan when others wouldn't.

Consider a credit union loan.

Credit unions are independently run local co-operative organisations which aim to assist people who may not have access to financial products and services elsewhere. There are 500 in the UK providing loans, savings and current accounts. Each has its own services and rules on who can join.

Recently several credit unions have got together to offer an online portal for their loans. CU Loans* will take some details on you and the loan you want and will then find if there's a credit union you're eligible for, and your loan will be processed through that credit union. You can borrow between Ј1,500 and Ј15,000 for between one and five years. The representative APR is 8.9%, but credit union loan rates are capped, and the maximum you can be charged on a loan is 42.6% APR (equivalent to 3% per month). Most loans are cheaper than the cap, and it's generally only used for very short term loans.

All credit union loans have no hidden charges, no penalties for repaying early and many include life insurance for the loan as standard. Traditionally a union only lent to people that also held savings with it, but this has been relaxed in recent years and most credit unions will now lend you money regardless of this.

For full details on how they work, how to find out if there is one near you and the other financial products that may be on offer, read the Credit Unions guide. Also tell us in the forum what you think of credit unions, so other MoneySavers can learn from your experiences.

If no one will lend you the money cheaply, it's usually best not to borrow at all. If the idea of the loan was to cut the cost of existing debts, please read the Problem Debt Help guide.

Payment protection insurance (PPI) is supposed to cover you in the event of accident, sickness or unemployment for 12 or 24 months. If you have no other funds, wouldn't be covered by work-based benefits, and don't have any other insurance policies that would cover your repayments for a year, then getting a policy may be a sensible move for you.

Let's start by saying this as loud as we can….

Get PPI from the loan company and you'll almost always pay many times more than needed, often wasting Ј1,000s.

If you already have PPI on a loan, you may want to take a look at the PPI Reclaiming guide.

How to get the cheapest insured loan

Apply for the cheapest uninsured loan.

Simply use the uninsured loan list above to find the right lender.

Analyse your PPI requirements.

While most PPI cover is pretty similar, they're not identical. It's worth working out what you need before you start. For example, if you're not working, then you want to only get accident and sickness, not unemployment cover. If you're self-employed, some policies won't cover you, so either choose one that does or just opt for accident and sickness.

Use the cheapest standalone insurer.

There's a growing industry of small insurers looking to provide reasonable cover that vastly undercuts the banks' own. These include JustClick4Cover, Paymentcare* and iProtect.

If you're really set on just getting the loan and insurance together for the convenience, then never compare using the interest rate, but ask "what's the total cost, including insurance?".

We've designed a unique calculator to help you work out the cost of a loan, plus whether you can save by switching. Unfortunately, this does not work on a mobile so email the guide to yourself so you can have a look at it on your desktop.

Use the calculator below to play around and find out what shortening or lengthening the loan does.

We've designed a unique calculator to help you work out the cost of a loan, plus whether you can save by switching.

Want to complain about your loan provider?

If your loan provider has charged you the wrong amount, taken the wrong amount in payment, or its service has been atrocious, then you don't have to suffer in silence. It's always worth trying to call your lender first to see if it can help, but if not.

Free tool if you're having problems

This tool helps you draft your complaint and manage it too. It's totally free, and offered by a firm called Resolver, which we like so much we work with it to help people get complaints justice.

If the complaint isn't resolved, you can use Resolver to escalate it to the free Financial Ombudsman Service.

Should I get a consolidation loan?

This is one of the most common question about loans. You should never aim to just consolidate, it's often a disaster waiting to happen. If you've a lot of small loans or credit card debts, the primary aim should be to pay them as quickly as you can at the lowest possible rate.

Don't be suckered in by the promise that a consolidation loan can save you money by reducing your outgoings to a "manageable" level using just "one single monthly payment".

They can – but the way they do this is to stretch your borrowing over a longer period, maybe 15, 20 or even 25 years. That means the amount you pay back is going to be huge, as you're paying interest for a much longer time.

A Ј10,000 loan on a high street credit card at a horrid 18% APR costs Ј5,240 in interest if it's paid off within five years. Many think shifting it to a consolidation loan at 9% APR is cheaper – but as it's spread over 25 years, the actual interest cost is Ј15,200, nearly three times more.

Worse still, many consolidation loans are actually secured loans and thus you pay more, for longer, and are risking your home. The key aim is to cut the interest costs of your debt, whether that's on one loan or 22 of them, and pay it off as quickly as possible.

What's the difference between secured and unsecured loans?

Most high street personal loans are 'un-secured'. Annoyingly, that sounds like a bad thing, but it isn't. The alternative, and the kind you'll see mountains of TV ads for, are 'secured loans'. I'd steer well clear of those for the following reasons.

Your home could be taken away

A secured loan literally means the debt is secured on your house (or something else you own), meaning if you can't repay, the lender can repossess your home. With unsecured loans, it's much, much less likely this will happen.

Personal loan rates are fixed, secured are usually variable

Almost every unsecured personal loan is at a fixed rate. You know exactly what you'll pay from the start, and it won't change if the UK's interest rates do, or on a lender's whim.

Yet secured loans have variable rates, meaning lenders can up your payments when they like, and they often like to! In the past secured loan rates have been known to double, hitting people's pockets hard.

Secured loan repayments are stretched over many years

Secured lenders often promise "one easy low monthly repayment". While it may sound good, it's done to stretch the debt over many years, so you pay more, and more, and more interest, costing you a fortune.

Are you eligible for Government help?

Before going for commercial debt, it's worth seeing if there are any Government loans available to you. There are two types you might be eligible for:

Local help: Since April 2013, each local authority has been responsible for providing help to residents struggling with an emergency. This can include you or your family's health being at risk, not being able to afford to buy food, needing help to stay in your own home and coming out of care, hospital or prison.

Sadly, this is a postcode lottery. Each council can choose whether to offer financial help or not, and councils can decide who is eligible. Some may give furniture or food grants, while others may give cash.

National help: The next type are budgeting loans and advances. These are only for those receiving benefits and with no or low savings. They allow for a wide range of borrowing to pay for items including school uniform or furnishings.

For more information, read the Debt Help guide.

As this is so important, and in case I haven't made the point strongly enough yet, here it is written large…

Secured loans give the lender security, not you. It's far, far, better to take a normal unsecured personal loan than one secured on your house.

Secured loans are rarely a good move, and should be considered lending of last resort. They're only applicable in very limited circumstances (see the Secured Loans guide). Those with reasonable credit scores should consider a personal loan, cheap credit card deals or even extending their mortgage instead.

Those with a poor credit history looking at secured loans as a way out should read my Step-By-Step Guide To Problem Debts as an alternative.

What if I need to borrow more than they'll lend?

Once you've applied for the loan, it's already on the credit file. So assuming you applied for the cheapest loan for you, then there's no point in not accepting that cash because it's not the money you need. The answer's relatively simple – just apply for another loan to fill the gap. If you haven't been turned down due to a credit score issue, this isn't likely to be too difficult.

What will happen if UK interest rates change?

Almost every personal loan is at a fixed rate, so the rate and repayments you are given at the outset are fixed over the life of the loan, regardless of what happens to the base rate. Thus there's no impact whatsoever, whether rates rise or fall.

But a change in the base rate will affect those looking to get a new loan, although it's not an exact relationship. As loans are borrowed over the long term, the rates lenders set depend more on the City's predictions of long-term interest rates rather than the actual UK base rate.

Will the credit crunch affect loan rates?

Lenders have tightened borrowing criteria since the credit crunch. It's now comparatively more difficult to get a personal loan than it was before the crunch happened.

However, if you can get a loan, you'll benefit from historically low interest rates. The Government has provided banks with a source of cheap money, which means that they can offer loans at low interest rates compared with a few years ago.

How quickly will I get the money?

That depends on the lender. There are some which make a big play on giving you the cash instantly straight from a branch, though invariably you'll pay more. It's worth asking yourself whether the extra day's speed is worth paying a higher interest rate for the life of the loan.

Alternatively some of the cheaper loans allow you to pay a delivery fee of around Ј50 to get the money quickly. This can be set as a default option, so be careful.

What is a homeowner loan?

Put simply, a homeowner loan is when a company requires you to own or have a mortgage on your home before it'll lend. These are usually, but not always, secured loans, where if you can't repay, it can take your house.

However, some unsecured personal loan companies do require their customers to be homeowners, because those who do own homes are less likely to go bankrupt or default as the risk for them is bigger.

Are car loans straight from the dealer worth it?

They can be – especially if you can get a 0% deal (though this is more likely if you've a decent deposit). See our car finance section for the full lowdown.

But if you can't get a 0% deal, check that the interest rate on what you're being offered is an annual percentage rate (APR). Car dealerships sometimes quote a "flat interest rate" rather than the APR. If it doesn't say APR – check.

Flat rate loans make expensive loans look cheap. Double the flat rate to get a rough APR, eg, a 6% flat rate is 12% APR. Always compare loans based on the total amount you'll repay see Interest Rate Guide) and:

Flat Rate Loans

When buying a car you need to be particularly careful. A few dealerships will quote a flat rate of interest, rather than an APR. However, most use the normal APR, like banks. It's always worth checking though, as while this might not sound a big deal, we're talking thousands of pounds.

This is the interest you're charged on the outstanding debt. So borrow Ј5,000 over five years, and in the first year you'll be paying interest on quite a hefty chunk. However, in the last year you'll probably only have around Ј1,000 left to pay off, so you'll only be charged interest on this.

This means you're charged the interest on the original amount you borrow, no matter how much you've paid off. So with our Ј5,000 loan over five years, even in the last year you're still paying interest on Ј5,000 despite the fact you've paid most of it off.

So this means if you're offered a flat rate of 6%, which sounds very cheap, it's actually roughly equivalent to an APR of 12%, which is way over the odds.

The easy way round this is to always ask the question "what is the total amount I will repay including all charges?" and compare like this.

Some people around are in desperate needs of loans but they can’t get them because of their poor credit history. Well, raise your hopes now because some lenders and companies provide you cash loan with poor credit. They have a look at your credit history and if they find you trustworthy of returning the money back, they provide you with the loan you want. They certainly charge you an extra amount of interest on these loans.

You need to look into a few matters of significance before applying for your cash loan with poor credit. Firstly, there are two types of cash loans with bad credit; Secured bad credit loans and unsecured ones. The secured bad credit loans require you to submit your property or any belongings to the lender or company signing a contract. They are allowed to sell it in case you fail to return your loans on time. These type of loans have a lower interest rate as well. The unsecured ones do not demand you of any of your belongings but they certainly charge you much higher interest rates than the secured ones.

Contact as many companies as you can so as to have least amount of interest rate and best time returning offer. Make sure you tell your lender the truth about your financial conditions because he is going to know about them eventually anyway. Get a lender or a company which respects your needs and doesn’t charge you too much for these bad credit loans. Make sure you check into your credit history and abstain from making those mistakes further in the future.

Follow the above given guidelines and you’ll have a successful run of cash loan with bad credit. Make sure you don’t make the same mistakes you already did. Return the loans on time and improve your credits to once again enjoy the same leverage as the good credit loan handlers have.

1 Star2 Stars3 Stars4 Stars5 Stars (6 оценок, среднее: 5.00 из 5)
Like this post? Please share to your friends:
Leave a Reply

1 + 8 =

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: