Find cheap loans in the UK easily by using our credit on demand service here at Personal Loans Now. With loans available from £1,000 up to £20,000 unsecured, we’ll search the market, so you don’t have to. We’ll provide you with a personalised table of offers from 40+ cheap loan companies. You’ll be able to compare cheap loans and choose the one that matches your needs. All with just one application and no credit check. Click apply now, and we can help you find cheap APR loans today.
What are Cheap Loans?
Cheap loans are personal loans that have the lowest available APR and are the most affordable to pay for monthly. These can come in many forms, with cheap loan companies widely available. All are able to help you borrow between £1,000 and up to £20,000 unsecured. If you’ve searched for cheap short term loans, but have found it difficult, we can help make this much quicker and more convenient. We compare cheap loans from 40+ direct lenders, which includes us, to create a personalised table of offers. This is designed to make the process of seeing everything available to you less time-consuming. This means you can quickly make a decision and look to get the funding you want.
How Can I Get Cheap Repayment Loans Online?
If you want to apply for cheap loans in the UK, you will need to meet the following requirements as a minimum:
- You are aged 18 years or older
- You are a current UK resident
- You have a UK bank account
- You have a regular source of income
Meeting the above does not guarantee you’ll receive approval for cheap repayment loans. However, it will allow you to see your own personalised table of offers. You’ll need to undergo a search of your credit file as part of the approval process. A lender will need to assess your affordability and your current financial health. As approval is not guaranteed, you’ll need to ensure before you apply that you can afford the terms you want. With any existing borrowing, you’ll need to maintain this without falling into any financial difficulty. If you have any queries about eligibility, please contact us. You can discuss further by speaking to one of our expert customer service team.
What Cheap Interest Loans are Available?
The interest charges can vary depending on the lender. We’ll always show you the cheapest interest loans available to match your circumstances. At Personal Loans Now, we charge a fixed rate of interest. Many lenders that we connect you with can charge a fixed rate as well. Some lenders may charge a variable rate, much like a credit card. This is where the interest amount can increase as well as decrease. A fixed rate loan is generally much easier to manage. You will see the total amount of interest you will be charged at the beginning of the loan term. The rate will stay the same throughout the term as well. If you want to see the interest you could pay with cheap loans, you can use our handy personal loan calculator. You can enter the amount and repayments to see the approximate interest charge and repayment amount with ease.
Why Should I Compare Cheap Loans Through Personal Loans Now?
We can make comparing cheap loans much easier for you. We’ll help you find all the lenders who are willing to lend to you and put them together for you to review. At Personal Loans Now, we’ve helped many applicants get the lending they want and save time in the process. Many benefits to using us include:
- Full Online Application – you can apply completely online without needing to wait for paperwork to be signed.
- High Acceptance Rates – we’ve helped 50,000 people find the loan they want and get approved. We’re eager to help even more people just like you.
- Low APR Rates – we search the entire market to find cheap loans with low APR rates to match your requirements.
- Instant Approval – we can provide you with a decision in just 90 seconds.
- Same Day Funding – if you are approved, your bank account will be credited on the same day.
As an FCA approved lender, we ensure that you’re shown the best available deals from cheap loan companies that work for you. We can help you make an informed decision easily. You won’t have a credit search performed to see your personalised table of offers. This is so you can check what’s available without worrying about a negative effect on your credit score. Click apply now to try it yourself today.
Cheap Loans FAQs
How Can I Get the Best Cheap Loans?
To get the best deals on cheap short term loans, you’ll need to ensure that your credit rating is in the best possible shape. The higher your credit score, the better your chances of being approved for cheap loans. The very best deals are reserved for applicants that can demonstrate good credit and high affordability. If you do have fair to bad credit, you may find you can still get cheap loans. However, the interest rates may be slightly higher. You’ll need to consider your situation to have the best chance of getting approval for a loan with the best loan terms.
What is the Interest Rate on Cheap Loans?
The interest rates can vary depending on the lender, but at Personal Loans Now we can offer a rate of 39.7% RAPR (representative annual percentage rate). This means you can see the amount of interest you need to pay at the beginning of the loan term. This will stay fixed throughout the loan term. Some lenders may charge up to 99.9%, with fixed rates and variable rates available. A variable-rate can increase and decrease during the loan term. Similar to a credit card, this means you won’t have an exact amount you will always pay. A fixed rate loan can be much easier to budget for. This is due to predetermined repayments, so that you can always pay an even amount throughout the loan term.
Can I Apply for Cheap Loans Without a Credit Check?
No, you will need to undergo a credit check as part of your application for cheap loans. No lender can legally provide you with a loan without a credit check. You should avoid using a lender that says they can offer this. A credit check ensures not just the lender is protected, but you are too. This ensures that you can afford to make the repayments you have applied for. As responsible lenders, we need to ensure that it won’t put you into financial difficulties.
What’s the Maximum I Can Borrow with Cheap Loans?
We can lend between £1,000 up to £20,000 with cheap loans as they are an unsecured form of borrowing. This means no assets are needed to guarantee the loan amount. If you’re looking to apply for cheap loans that are much higher, then we can help you with large secured loans. Secured borrowing can be applied for up to £250,000. So, because of the higher risk involved with large amounts, personal assets will need to be secured against the loan. This could be a vehicle or property. It will usually need to be something of high enough value that it can cover the costs of a secured loan.
Can I Repay Cheap Loans Early?
Yes absolutely. Like many personal loans, you can repay the full amount earlier than the agreed dates in the credit agreement. Whether you’ve borrowed £15,000 or £1,000, you pay the full amount early. You’ll need to check the agreement to ensure paying the loan earlier does not incur any additional charges. With some lenders, you may be able to get a refund of interest if you clear the balance early. Again, you will need to check this with the lender first.