If you have a big, planned upcoming expense, the good news is loan rates are close to record lows. We’ll take you through the best ways to find one, but don’t borrow on a whim as you can get burnt. Only do it for something you need, ensure it’s affordable and pay it back as quickly as possible.
We’ve listed some of the best rates below but first use the eligibility checker from our friends at GoCompare
. With it, you input basic details and it checks your chances of getting accepted before you apply and doesn’t impact your credit score.
Here are some of the cheapest rates right now (links go via our eligibility checker). While loan rates are not directly linked to the Bank of England’s base rate, with interest rates going up, there is no certainty on how long these deals will be around.Fixed monthly payments on £10,000 over 5 yearsM&S Bank | 2.8% Representative APRSantander | 2.8% Representative APRFixed monthly repayments on £5,000 over 5 yearsNovuna Personal Finance | 3.4% Representative APR
As you can see, rates are lower on higher amounts but that’s not an excuse to overspend.Use GoCompare’s loan eligibility checker