Borrow up to £50,000 with a personal loan for Premier customers.
Borrow more when you need it to help cover whatever life brings your way.
Help make your debts easier to manage with a single monthly repayment plan.
Make your dream home a reality with a home improvement loan.
Get a loan for a new or used car that you pay back at the speed you want.
But before taking out a personal loan, it’s worth taking some time to understand how they work and what the charges are. This way you’ll be able to ensure it’s the right option for you and can avoid any unexpected costs down the line.
Here are some of the key elements of a personal loan:
you can usually borrow between £1,000 to £25,000
loan repayments are usually fixed and monthly, this can help with budgeting
you can spread your repayments over one to eight years, but the longer you take to pay back your loan, the more interest you’ll have to pay
you can consolidate existing debts into one personal loan, so you only have one set of repayments
Here are some of the key things to consider before taking out a personal loan:
the minimum personal loan amount is usually £1,000
personal loans might have higher interest rates compared to other types of lending
the interest rate advertised isn’t necessarily the one you’ll receive, as this will be based on your loan amount, loan term and also your credit history
any time you take on debt there is an element of risk. Will you be able to meet your repayments? If your financial situation was to change, would you still be able to comfortably meet your repayments?
if you miss repayments or default on your personal loan it may impact your credit score, this can impact your ability to borrow in the future