When looking for the best low interest loans, at Personal Loans Now we can you make your search simple by doing it for you. With just one application, you’ll get access to 40+ direct lenders. All offering low interest rate loans, applying through us gives you a personalised table of offers. Once approved, you can receive the funds you want, between £1,000 up to £20,000, on the same day. Click apply now, and we can help you find low interest loans in the UK today.
The Best Low Interest Loans in the UK
Everyone wants to find the lowest interest rates available when looking to apply for a loan. Maybe you’re looking to finance a new car or plan the perfect wedding day. This is why you’ll find the market is full of lenders all claiming to do this. Searching through the many lenders can be time-consuming when all you want to do is apply today. At Personal Loans Now, our credit on demand service will enable you to save time. By letting us do the searching for you, we can provide you with a personalised table of offers to review. Not only that, but you will have access to this information with no credit search needed.
With no impact on your credit file, you’ll be able to look through the 40+ direct lenders who are best placed to help you. All you have to do is decide on the loan you want and, after a credit search, get a decision in just 90 seconds. If you get approved for the loan you want, you’ll receive the funds into your bank account on the same day. This is assuming you’re approved within regular working hours (9-5 pm). If you’re not sure what low interest rate loans amount you want to apply for, use our personal loan calculator. Easy to use, you can see what the interest charge and repayments terms would be for a loan amount. Once you know, all you have to do is click apply now.
Am I Eligible for Low Interest Loans?
To be eligible for low interest loans, you will need to meet the following eligibility requirements:
- You are 18 years of age or older
- You have a UK bank account
- You are a current UK resident
- You have a regular source of income
If you meet the above eligibility, this does not guarantee you’ll be approved for low interest loans. You will still need to pass a credit check and have your affordability assessed as part of the approval process. To have the best chance of being approved for the best low interest loans, you’ll need to have a good credit score. You’ll also need to have plenty of affordability. We recommend you check your income and outgoings to see exactly what your disposable income is per month. This way you will know what you can afford to pay with low interest loans.
Low Interest Loans for Bad Credit
If you have bad credit, you may still be eligible to receive low interest rate loans. Having a bad credit rating means you may have found it more difficult to find lenders who are willing to lend to you. At Personal Loans Now, we consider not just your credit rating but also your current affordability. If you have good affordability, even if your credit rating is poor you may be approved for the loan you want.
Bad credit loans are available but will mean that the amount you can apply for is reduced. Normally allowing a maximum of £7,500 to be lent. As you would present a higher risk to a lender, this can mean the interest rate applied is much higher. At Personal Loans Now, we will still find the low interest rate loans for you that match your circumstances. But this could still mean paying more interest than if you had good credit. You’ll need to consider the loan amount and interest being offered before proceeding with the loan agreement. This will ensure you are happy with the terms being offered.
Why Apply for Low Interest Rate Loans through Personal Loans Now?
By searching the market for you, we can save you valuable time and effort when looking for low interest loans. Some of the main advantages of applying through us include:
- Full Online Application – with our completely online process, you can apply and get approval all on the same day. Within minutes with no waiting for paperwork.
- Low APR Rates – we search the entire market to find low interest rate loans that are best for you.
- High Acceptance Rates – we are proud to have helped 50,000 people already get approved for a loan, and we want to help even more people like you.
- Instant Approval – you’ll get a decision in just 90 seconds once your application is submitted.
- Same Day Funding – once approved, you can receive the funds into your bank account on the same day.
- FCA Authorised Lenders – we only work with FCA authorised lenders like ourselves to ensure responsible lending online.
If you want to see what the available offers are for you, click apply now. We can quickly get to work finding you low interest loans that match your details. You’ll only need to provide a few personal details to get your application started. Your date of birth and employment details are some of the details we’ll need. Once completed, you could get approved and funded on the same day in no time at all. Either by us or one of the many lenders willing to help.
Low Interest Loans FAQs
What are the Interest Rates on the Best Low Interest Loans?
Interest rates can vary between lenders and depending on your circumstances. The best low interest loans can only be obtained with good credit and high affordability. At Personal Loans Now, we charge a fixed rate of interest at 39.7% RAPR (representative annual percentage rate), where the amount of interest stays fixed throughout the loan term. Some lenders may charge up to 99.9% and can offer both a fixed rate as well as a variable one. A variable rate is where the amount of interest can increase as well as decrease during the loan term. Much like on a credit card, this depends on the total outstanding.
Are Low Interest Bank Loans Better than through Direct Lenders?
Traditionally, low interest bank loans where one of the few ways to get a personal loan. However, with more direct lenders available, high street banks aren’t the best place to get a low interest loan. We can make your search much easier by comparing the available bank loans and direct lender loans together. This will provide you with a personalised table of offers from both. Depending on your circumstances, it could be that the best deals are with low interest bank loans. Other times, this could be low interest loans through direct lenders. It really depends on the lender and what your current credit rating is.
What’s the Maximum I Can Apply for with Low Interest Loans?
As a maximum, you can apply for up to £20,000 unsecured with low interest loans. This means you will not need to provide any personal assets to guarantee the loan. If you want to borrow a higher amount than this, you will need to look at options for low rate secured loans. With secured borrowing, you could apply for low interest loans up to £250,000. But you’ll need to offer personal assets as a guarantee towards the loan amount. This needs to be a high value item such as a vehicle or property.
Do I Need a Guarantor for Low Interest Rate Loans?
It is not a necessity to have a guarantor as part of your application. However, some lenders may only be able to offer you the loan amount you want if you do have a guarantor. Our guarantor loans will enable you to have someone co-sign your loan agreement. This will improve your overall chances of being approved, such as if you’re self-employed. This doesn’t guarantee you’ll be approved, but it will increase the chances of a lender agreeing to the loan you want. As long as you have a suitable guarantor attached.
Do I Need a Credit Check for Low Interest Loans in the UK?
Yes, all types of borrowing through Personal Loans Now requires the applicant to undergo a credit check. Any type of loan will need this, from debt consolidation loans to car loans. We are a responsible lender that closely follows FCA guidelines. This is to ensure you are kept safe online and not put into a position that can harm your financial position. If you find any lenders willing to lend to you without a credit check, you should not use them. We recommend that you report them to the FCA as well. Having a credit search performed ensures that you can afford and maintain further borrowing. It also helps protect you and the lender from any potential issues arising with future repayments.