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Should I consider a loan?

A loan lets you borrow a lump sum of money from a bank, building society or other source.

The loan must be repaid in agreed monthly instalments, including interest, for a set term until the total sum has been paid back.

Loans can be useful for providing some financial help when used responsibly. Just be certain you can make your repayments comfortably.

If you’ve decided that a loan is the right option for you, use our smart search to find the loans that you’re more likely to be accepted for, without affecting your credit score.

How to compare loans

It’s important to compare loans rather than just applying for the first option that you find, as this will help you make sure that you’re getting the best rate possible for your circumstances.

To compare loans with us, we need a few details so we can show you which loans you’re likely to be accepted for

  1. The money

    Enter how much you want to borrow, for how long and why

  2. About you

    Your name, date of birth and a few other details

  3. Your finances

    Just a few details to make sure you’re able to afford your repayments

How much should I borrow?

Basically, you should borrow as much as you need and can afford to repay.

You may find that you’re charged a lower interest rate when you borrow a larger sum of money but of course you’ll be repaying back more overall, so it’s important to have a repayment plan in place before making a decision.

What happens once I apply?

Lenders will make a number of checks before approving or rejecting your application. If your application is rejected, it’s probably because you didn’t meet their criteria.

Using our smart search can help you avoid failed applications.

How do I cut the cost of debt?

Check out our tips to help you cut costs and get back in the black

  1. Improve your credit score

    Work on improving your credit score for access to more attractive rates

  2. Choose the right loan

    Carefully choose the right loan for you and shop around to find the best rates

  3. Prioritise debt

    Prioritise paying off your most expensive debt while making sure you can make other essential payments, like household bills

  4. Repay first

    While everyone should have a rainy-day fund, be sure to pay off your debts before you start saving

  5. Repay early

    Clearing your debt early will almost always save you some money, so if possible, try to make overpayments, without dipping into your savings too much. Watch out for early repayment charges though

  6. Speak to your lender

    If you're struggling with repayments, speak to your lender as a first port of call. The lender won't want you to default on the debt and may find a way to help

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Types of loans

Check out the different types of loans below and always consider whether it will suit your needs and if you can afford to make the repayments

Personal loans

If you need to borrow up to £25,000, a personal loan might be the right choice for you. Personal loans aren’t secured against your property or assets, and the interest rate you pay will depend on your personal circumstances.

Bad-credit loans

If you have a bad credit score and are struggling to find credit from other sources, you can consider bad credit loans. Just be sure to do a smart search first and be aware of high interest rates.

Guarantor loan

A guarantor loan is an unsecured loan where a second person is responsible for paying off the debt if the person who has taken out the loan misses their repayments.

Secured/homeowner loans

Secured loans allow homeowners to borrow a large sum of money, usually at lower rates than an unsecured option. The loan is secured against your house or another asset.

Never take such deals lightly - if you default on your payments you could lose your home.

Debt consolidation loans

Combining all your debt into one consolidation loan could reduce the overall rate you pay and reduce the overall amount, even if you pay over an extended term. But you need to watch out for early exit fees for your existing debt.

Car finance loans

There are plenty of car finance loans available for purchasing a new vehicle, from those offered at the car dealership, to choices like personal loans and credit cards.

Rather than just accepting the finance offered by your chosen car dealer, check whether you can get a more competitive rate elsewhere.

Bridging loans

Bridging loans are a short-term finance option, typically used by property buyers to ‘bridge’ the gap between the sale of their current home and completion date on the purchase of their next home. Gocompare does not currently offer a bridging loan comparison service.

Peer-to-peer lending

Peer-to-peer lending allows individuals to loan money directly to borrowers.

Read more about different types of loans.

Frequently asked questions

  • How do I work out the cost of my loan?

    While you should look at the APR, it’s not the only thing you need to check.

    Focus on what your monthly repayment will be as well as the total amount payable. This will show you the fees and charges that may apply, the interest rate, APR, how much you’ll pay in total and how much you’ll pay each month.

  • Should I borrow from my bank?

    Your bank will generally be happy to lend you money if you have a good credit history, but that doesn’t necessarily mean it’s the right loan for you.

    Shop around to find the right loan for you and be sure to read the terms and conditions before deciding.

  • Can I repay a loan early?

    Yes, you can repay your loan at any point, although check the small print as you may be charged depending on the terms of the agreement.

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