Personal loans

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What's a personal loan

Unlike other loans, like a mortgage or car loan, a personal loan isn't tied to a specific purchase or asset.

Instead, you can use the money to fund anything from a wedding to a home renovation.

How to apply

Tell us what you’re looking for and we’ll show you personalised offers.

Sign up in a few easy steps

It only takes 3 minutes and you’ll get your credit score and report for free, forever.

Go to your offers

The offers you’ll see are based on your credit score and report. And we order them based on what might be right for you – not what makes us the most money.

Apply on ClearScore

We’ll show you what your approval chances are so you can apply with confidence.

How to find the right personal loan for you

Check your credit score

If there are easy steps you can take to improve your score before you apply, take them. That’s because a better score could mean better offers – like lower interest rates or higher loan amounts.

Look at the interest rate

Always check the representative APR before you apply to get an idea of what you could afford.

Borrow what you can afford

Don't borrow more than you need, as this can increase the total cost of your loan and make it harder to repay.

Get started on finding the right personal loan for you today with ClearScore.

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Get a preview of incoming changes

Whether you’re adding a new account, removing an old one, or just changing how much credit you use – you’ll find it here.

Take a closer look at your accounts

We’ll show you whenever they've been opened or updated over the past 7 years. You can even see how much of your available credit you’ve used and what the loan balance is.

Save time when looking for your next offer

Your offers are personalised to you. And we’ll show your approval chance so you can feel confident about applying.

Find your personal loan

The different types of personal loans

There are a few different types of personal loans out there. Let’s take a look.

Unsecured personal loans

An unsecured loan doesn't need a security item (also known as collateral). That means your home, car, or something else you own isn’t linked to the loan.

Secured personal loans

A secured personal loan means using something you own – usually your home – as collateral. If you miss too many payments or default on your loan, the lender can repossess your collateral.

Debt consolidation loans

If you have debt on other loans or credit cards, you could pay off what you owe with a debt consolidation loan and then you’d only have to focus on the monthly repayments for the new loan. And the new loan could come with a lower interest rate, which could mean saving on interest.

The benefits of personal loans

There are a few advantages to choosing an unsecured personal loan.

You don’t need to put down any collateral. That means your home or property isn’t directly attached to the loan.

They usually come with flexible repayment terms. You can choose how many months want to repay the money over which can make it easier to plan ahead and budget.

The risks of personal loans

Because all loans are a form of debt, it’s important to understand the risks.

Missing repayments can mean defaulting on your loan. The lender could take steps to recover the money which could lead to legal action.

Some loans come with high interest rates. That can mean the total amount you need to repay is higher than you expected.

Alternatives to personal loans

There are some other options out there if you’re not sure a personal loan is right for you.

Credit Unions

If you live and work in the same area as a Credit Union, they might be able to offer you a loan. They’re not-for-profit and they cap the interest rate (usually it’s less than 50% APR).

Guarantor loans

A friend or relative could help you get a guarantor loan. They’ll need to meet the lender’s criteria and promise to make the repayments (as a last resort) on your behalf.

Credit cards

If you’re looking to make a one-off purchase or just spread the cost of your everyday spending, a credit card might be right for you.

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Frequently asked questions