If you’re considering a bank loan, we can help you compare the best available deals at Personal Loans Now. We use a credit on demand system to compare 40+ direct lenders and make them easy to compare. We’ll do this by providing you with a personalised table of offers for you. If you want to borrow between £1,000 up to £25,000 online, we can help you with a convenient and quick application. Click apply now to see your own personal bank loan offers today.
What Are the Best Bank Loans?
If you’re looking to compare bank loans online, we have the facility to show you what’s available. With one easy to use application, you’ll have access to 40+ direct lenders who can help. All of them can offer you a personal loan for an amount you want up to £25,000 unsecured. Including bank loans, we can show you alternatives to bank loans in the UK from FCA authorised direct lenders. We may be able to provide you with even better rates and repayment terms.
If you want the cheapest bank loans compared with direct lenders, at Personal Loans Now we will show you. Our personalised table of offers will enable you to fully review all what’s available. An application takes just 3 minutes to complete and will not need a credit check to see the loan offers available. With just a few personal details, such as employment and date of birth, we’ll provide you with personalised offers.
How Can I Be Eligible for the Best Bank Loans?
To be eligible to apply and see your personalised table of offers, you’ll need to meet the following:
- You’re aged 18 years or older
- You’re a current UK resident
- You have a UK bank account
- You have a regular source of income
You’ll need to meet these requirements as a minimum, but they do not guarantee you’ll be accepted for a loan. To have the best chance of getting approved for the cheapest bank loans, you’ll need to have a good credit rating. You’ll also need the affordability to easily cover the repayments you want. Once we have your application, we can give you a quick decision with the lender of your choice. In just 90 seconds you can receive a decision. Your bank account will be credited on the same day if your application is approved. This is assuming your approval is inside regular working hours (9-5 pm).
Bank Loans for Bad Credit
If you have bad credit, you may still be able to get approval for bank loans that have a low APR rate. This will depend on the lender, with bank loans normally offering higher rates of interest. If your credit rating is poor, they will more than likely decline your application. We can provide you with direct lenders that are able to offer lower rates of interest than high-street banks. This is even if you have a poor credit rating.
You’ll need to consider that with bank loans for bad credit, they have a bigger risk involved with lending to you. The interest rates will be higher than if you have a good or excellent credit score. The amount of borrowing available will be less, with most lenders only able to lend to you £7,500 maximum.
Why Choose Personal Loans Now for Bank Loans?
We can offer many benefits as an online direct lender and broker. We’ll show you the best bank loan interest rates you can find, having helped many people already. Advantages include:
- Fully Online Application – you can apply completely online through us, with no waiting for paperwork to be signed.
- Low APR Rates – we search the market for the lowest APR rates available for you, so you don’t have to.
- High Acceptance Rates – we are proud of our high approval rates, helping 50,000 applicants already get the loan they want.
- Instant Approval – we process your application and can give you a decision in just 90 seconds.
- Same Day Funding – once approved, we’ll credit your bank account on the same day.
- FCA Authorised Lenders – all the lenders we can connect you with are FCA authorised the same as we are.
So, if you want to find out what the best bank loans are for you and compare them with online lenders, click apply now.
Bank Loans FAQs
Are Bank Loans or Online Lenders Better?
With high-street banks, traditionally the interest rates would be much higher than with online lenders. This is because they are much larger organisations with larger overheads. With online lenders, as they do not have stores, the amounts they can loan can be more flexible and charge less interest. This will, of course, depend on your personal situation. You will still need to have a good credit score and the affordability to match to get access to the best deals. Our online loan comparison will help you see all the deals in one place. This way, you can make an informed decision on which is best for you.
How Much is the Interest on Bank Loans?
Bank loan interest rates are traditionally higher than with online lenders. At Personal Loans Now, we charge a fixed rate of interest at 39.7% RAPR (representative annual percentage rate). A fixed-rate allows you to see exactly how much you will need to pay upfront and will not change during the loan term. Some lenders we can connect you with may charge up to 99.9% and offer not just fixed-rate loans but also variable rate ones. A variable rate loan works similarly to a credit card. The interest amount can increase and decrease during the loan term. You’ll be able to see each lender’s interest charge before you apply. You’ll need to carefully consider which is the best option for you.
What is the Maximum I Can Borrow with a Bank Loan?
Bank loans can be applied for up to £25,000 unsecured as they are personal loans. If you were looking for a higher amount to borrow, we can help you with a secured loan. Secured borrowing will allow you to lend up to £250,000. As long as it is secured against a personal asset, such as a vehicle or your property. Before applying for any secured borrowing, you’ll need to consider if this is the right type of borrowing for you. This is because of the higher loan repayments, longer loan terms and bigger risks involved.
Are Online Loans Safe Compared to Bank Loans?
Absolutely, we are an FCA authorised lender and broker. We’ll only connect you with other lenders who are also FCA approved. This way, you can fully trust the online process through Personal Loans Now. Some lenders may offer to give you the loan you want with less protection, such as no credit check. If you find any lenders online like this, you should avoid using them and report them to the FCA. We will keep your personal details secure online and will only share them with the lender you are applying through.
I’m in Financial Difficulty, Can I Still Get a Bank Loan?
If you’re unsure what your current affordability is, you should complete a full income and expenditure form. Ideally, you should do this before applying for bank loans. You can use our personal loan calculator to see exactly how much the interest and repayments will be. This way you can match this with your disposable income. As responsible lenders, we cannot lend to someone who is in financial difficulty. We recommend that you contact one of the money advice organisations available. The Money Advice Service, for example, are one of these who can offer free, impartial financial advice.