UK loans guide

uSwitch.com can help you find the best UK loan for your circumstances with our free and impartial loans comparison service. With daily updates to our data you are never more than a click away from finding the best loan for your needs.

So whether you need a short term personal loan for a holiday or a long term secured loan, we’re here to help.

Search for your best personal or secured loan

Traditionally if you wanted to borrow money you went to your local bank manager and tried to persuade him (it was always a him) to lend you some money. Today there are abundant choices when it comes to borrowing money:

• high street banks and building societies
• internet loan providers
• supermarkets and high street stores
• secured loan providers

Each provider has their merits and there is no one "best loan provider". The best provider for you is the one who can offer the best personal or secured loan for your circumstances.

Here are the key differences.

Personal loans:

• your borrowing is based on your personal credit rating
• maximum borrowing is £25,000
• maximum time for re-paying the loan is up to 10 years

Secured loans:

• you're required to use your property as security against the loan. If you default on your repayment you could lose your home
• you can borrow more than £25,000 (the maximum borrowing varies between lenders)
• maximum time for repaying the loan is up to 25 years

Here are some golden rules about loans:

• always borrow responsibly. Never borrow beyond your means
• always read the small print
• Is there an early repayment fee (also known as a redemption fee) if you pay back the loan before the end of the loan term? If there is one this can be as much as two months' interest, considerably adding to the cost of your loan
• be aware of whether there is an arrangement fee for setting up your loan
• know the implication of loan payment deferments and breaks – these can give you a break from paying the loan for a specified time. Any interest you would have paid in this time, is still payable and is added to your outstanding balance
• always shop around before signing on the dotted line. Getting a comprehensive overview of the loans available to you ensures you get the best value personal or secured loan for your needs