Personal Loans

Lending amounts of:  up to £25,000

Borrowing periods:  up to 5 years 

APR From 3.1%

 

Do you need a personal loan today?

Representative APR: 279.5% | Representative Example: Loan Amount: £300 | Borrowed for 60 days | Total Repayment: £420.82 in 2 monthly installments of £210.41 | Interest Charged: £120.82, interest rate 120.8% pa (Variable)

What is a Personal Loan?

A personal loan is one of the most common types of borrowing in the UK, with over £100 Billion being loaned every year.

Personal loans are unsecured, meaning that the lender will not ‘secure’ the loan over one of your possessions of a similar value. This makes it an excellent choice for unexpected large purchases, such as vehicles or house repairs.

How do personal loans compare to other types of lending?

Personal loans offer some of the lowest interest rates over any other available advances, as they are often the lowest risk.

This type of borrowing also offers the most amount of flexibility over repayment terms. Whilst you will be expected to make a monthly repayment, lenders will allow flexible terms over your due date. Also, they will sometimes let you amend your due amount if your financial situation changes. It is important to note that this varies from lender to lender, so you should always understand exactly what is expected of you.

Another benefit of a personal loan is the amount that you may be eligible to borrow. As short term loans must be paid back within a short amount of time, the amount you can borrow is generally much lower than what might be available with a personal loan.

As a personal loan is normally available over 5 years, a £25,000 loan becomes much more feasible.

What do lenders ask for when applying for a personal loan?

When you apply for a personal loan, high street banks will often ask the applicant for a reason. This is used along with your credit report, to work out whether you will be accepted for the requested amount.

They will also ask for a set amount of information about you in order to create a customer profile. This is so they can build an individual portfolio on you to concluded a ‘yes or no’ answer.

Can I get a personal loan without a credit check?

Due to the nature of personal loans, you will be subject to a credit check by the lender. Your credit history will be taken into consideration, and will affect the amount you can borrow. This can also have an impact on the interest rates that are offered.

High street banks will offer the strictest criteria when considering you for credit, which is why you might consider applying through a credit broker such as Loan Bird

Loan Bird will find the best lenders with the best details for your circumstances. Applying with a broker (like us) normally won’t impact your credit rating.

How does the interest work with personal loans?

Personal loans will offer the lowest interest rates of most types of credit. Your interest rate will be based on different factors, so there will never be a ‘set’ amount of interest that you will need to pay.

The interest rates can range from 3.1%APR to 71.3%APR. This depends on your credit history, the amount you’re borrowing, and the length of time of your loan.

When you apply through Loan Bird, you’ll be offered multiple products. So, you can decide for yourself what the most suitable course of action will be.

Is it easy to get a personal loan with bad credit?

Personal loans and bad credit work hand in hand these days, plenty of lenders supply them. Unfortunately, more people are falling into the bad credit category, so it’s important that lenders cater to this. However, if your credit score is low, you’d have to expect a higher interest on that type of loan.

How do the repayments work?

Your repayment schedule will be agreed at the start of the borrowing period. Plus, in most cases, a direct debit will be set up. The direct debit will automatically take your payment on a set due date every month. This will include the loan repayment as well as the added interest.

Many people choose long term personal loans over a short-term loan. This is due to the fact that your monthly repayments will be significantly lower.

This is especially convenient for people who have high monthly expenses, as it can better regulate your monthly outgoings and ensure that you can comfortably make your payment.

Why should I apply with loanbird?

There are so many lenders currently offering personal loans, that it might be difficult for you to find the most appropriate offer quickly.

As a trusted credit broker, Loan Bird will find every lender offering the best deals. When you make an application, the service will be catered to you, to make sure that your needs are met.

If you have a large purchase that you need to make, such as a new car or a home improvement, a personal loan could be what you’re looking for.

personal loans solo bird

Personal loans for the UK

Why might you need a personal loan?

There are a number of reasons people need to use personal loans, here’s a list of some: 

  • General bills
  • New Car
  • Veterinary Costs
  • Consolidating debt
  • Medical expenses
  • Starting a business
  • Weddings
  • Boiler repairs
  • New motorbike
  • Holiday
  • New motor home
  • Household appliances 
  • Dental costs

Flexible Terms     

Sometimes bills can be a lot larger than what we expected, most of us cannot afford to pay it off in one go. Our personal loans offer flexible borrowing terms that can suit anyone in need of a larger sum of money. With this loan type lending periods are longer, this gives all customers the option to spread their repayment costs if need be.

Whatever amount you decide to choose your repayments will be set at a fixed monthly rate.

  • Lending terms of 1 – 5 years
  • £3000 – £25,000 available

Low APR Personal loans

When applying for our low APR personal loans we will always aim to present the best possible rates for your circumstances. Our rates are between: 3.1% APR and 71.3% APR.

We want to provide as much choice as possible, this is why we offer many different options and loan types. You have the choice of borrowing over a 5 year period, meaning more options to suit your circumstances. A lot of customers tend to prefer a longer term as it reduces the overall amount they pay back per month.

How Does The Application Process Work? 

Larger personal loans can sometimes take a while to complete with other companies. That’s why we have adopted a simple, online platform for you to access a personal loan with an immediate decision.

Once you have been through our lending software and accepted the loan for you, our lenders will be in touch. Most of our panel aim to send the money over on the day of your request. Your repayments will be set up on a direct debit, and flexible dates will be discussed to suit your circumstances.

After Care

Once you’ve got the loan for you, it is important to keep on top of all repayments so your credit score stays nice and healthy. Usually, lenders send out reminders for you before each repayment day.

Please be aware of all the terms set out by your lender, if you miss any payments you may be charged further fees. Charges will depend on your personal loan agreement, please see your terms and conditions for any failed repayment fees.

If you find yourself having payment problems we strongly advise that you contact your lender immediately.

Please note: Any continuous arrears or unpaid repayments could lead to a negative note on your credit score. This information might be passed on to a credit reference agency.

Painless personal loans with LoanBird

One of the main questions we’re asked about this loan type is: Do you offer personal loans with an instant online approval? As we advise below, we always aim to cater for a speedy approval. However, it’s difficult for any broker or lender to tell you they can guarantee you an approval. That’s why we need to ask certain questions in our application form to help the lenders decision.

At least you will know where you will stand with us, as our swift software advises whether you’re successful or not.

Sometimes looking for personal loans on the high street can be difficult. High street loans can be time-consuming and expensive, our loan service has been formed to offer a time effective search tool with the best possible rates.

Our personal loans are unsecured so there is no need for you to use a car or house to qualify for a larger loan. When a large bill hits you on the nose your bank account is going to feel it. There are some really cheap rates available with our lenders, and since the legislation change on interest rates (lenders cannot charge more than 0.8% per day of the amount borrowed) most loan lenders have to be competitive.

Most of our lenders will consider all credit types, and when it comes to depositing the money for you our service speed is second to none.

Personal Loans Delivered on The Same Day? 

Our instant personal loans service is proving successful results, the average response time from most lenders is under a minute. Loanbird won’t leave you tapping your fingers. If you are approved for a personal loan we could even get the money to you on the same day.

We hold strong ethics in efficiency when it comes to providing a service. Most competitors make the application process more difficult than it needs to be. Our dedicated team employs the understanding that decision delivery time is key.

Be mindful that the deposit can sometimes take a little longer than expected, this is usually due to your bank’s transaction process. If our lender has sent the cash and it has not entered your account yet, it may be best to contact your bank to accept the funds if you need it urgently.

Average Amounts Borrowed

  • 4 out of 5 people borrowing through Loan Bird have used between 5k and 10k for a personal loan.
  • 3 out of 5 people borrowing through Loan Bird have used between 10k and 20k for a personal loan.
  • 2 out of 5 people borrowing through Loan Bird used 15k or more for a personal loan.

 Please Note: The above is based on figures from LoanBirds stats. We looked at an average trend of personal loans borrowed. This could change year to year.

 

 

 

 

 

 

Personal loan advantages 

Personal loans are an unsecured loan facility, so they do not require an asset to justify the borrower’s eligibility. These loans can also support any higher valued purchases or bills. Here are some of the advantages of using a personal loan:

Unsecured Advantages

  • Longer lending terms
  • Spreads the costs
  • Flexible borrowing terms
  • Cheap market rates
  • Fixed repayments
  • Fixed terms
  • Covers higher valued items
  • Can cover larger bills
  • No assets to secure the loan
  • Some lenders consider bad credit loans

Further Info

  • Over £100 billion provided in loans each year
  • Millions of people borrow weekly
  • One of the most popular loan options in the UK

When using a personal loan you should always assess your situation beforehand to make sure you can afford the loan. When applying please ensure all your details are correct and accurate. We have advanced software in place throughout the application process to highlight any incorrect or invalid information.

Note: Sometimes paying a lower loan rate over a longer time period can work out more expensive than taking out a higher rate loan over a shorter period of time.

A user-friendly personal loan process

Our comparison loan quoting service is free and it compares the vast majority of UK loan providers. This works with the design to supply a quick personal loan online with an instant approval.

Loan Bird is a licensed credit broker, not a lender for personal loans. We do not make decisions for lending or credit to any customer. We only use fully authorised lenders providing personal loans. They are all reputable companies that offer a UK loan service only.

Some companies will try to charge a brokering fee and contact you directly for your information. If you are unsure of where the individual is calling from, we strongly advise not to give your personal details over the phone. Our service is free and we strictly operate online only. We will never call our customers to discuss our loans or to require any personal information.

Note: Our lenders may need to contact you once you have applied for one of our personal loans.

We believe strongly in responsible lending and offer each customer access to a selection of lenders. Rather than applying directly to one lender, try our service, it could offer you further choice and better affordability options.

Our personal loans can offer you the following:

same day deposits

Many of our customers get their loan on the day they applied.

Online Efficiency

A simple service with a great response time.

Our service is free

No hidden charges with us.

Flexible Borrowing terms

We have many options to offer, for all types of circumstances.

No Cold calling

We work online only, so no need for us to contact you.

No credit checks from us

No notes on your credit file.

Representative APR: 279.5% | Representative Example: Loan Amount: £300 | Borrowed for 60 days | Total Repayment: £420.82 in 2 monthly installments of £210.41 | Interest Charged: £120.82, interest rate 120.8% pa (Variable)

Our website is completely free for you to use, but we may receive a commission or fee from some of the companies we feature or introduce you too.

Loanbird.co.uk is a registered Trading Name of RJW Assist LTD. RJW Assist LTD is registered in England and Wales (Company number: 09470548). Registered Address: Brook House, 40 Cuthbert Road, Stockport, Manchester, SK8 2DT. Licenced by the Information Commissioners Office: registration number: ZA436430. RJW Assist LTD is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under the reference number: 788094. We are a licenced credit broker, not a lender. Loanbird.co.uk does not provide any loan or consumer credit products directly.

Timescales on receiving your funds may vary from lender to lender and depends if your bank accepts faster payments. The loan amount and interest rate offered is subject to the lender’s requirements and approval.

Warning: Late repayment can cause serious money problems. For help, visit moneyadviceservice.org.uk