Find the UK’s best low interest personal and secured loans
If you are looking to borrow money, a low interest loan always seems the most obvious choice to manage your debt and keep monthly repayments down to a minimum. So whether you want a personal loan for a holiday or need to borrow a bigger amount through a secured loan, we can help you through the process quickly and with the minimum of fuss.
How Much Can I Save With a Low Interest Loan?
With loan rates varying from as low as 4.5% to 40%+, comparing loans across the market can save you a large amount of money. To save even more money, look at repaying your loan in the shortest time possible. The shorter the loan term, the less interest you will pay overall. Be careful to check that there are no charges for early loan repayment - you can sometimes have to pay an additional 2 months interest if you pay off the outstanding amount due ahead of the loan expiry date.
How do I Find a Low Interest Personal Loan?
Compare loans with Moneywala’s free and impartial search of the loans markets to find the best low APR loans that will match your loan requirements perfectly. We update our data every month, so you know you are finding the very latest and cheapest loans available on the internet.
What Other Low Interest Loans Are Available?
If you are a homeowner you could think about a secured loan. These allow you to borrow larger sums with a longer repayment term than personal loans due to the loan amount, at competitive interest rates. Secured loans are also available for people who have had problems with credit in the past as the security means they can be less concerned about your credit history. It is always important to remember that a secured loan will use your home as security. If you default on the loan, you could lose your home so this needs to be taken into consideration whenever taking out a secured loan.
Are All Low Interest Loans The Same?
No, there are other charges to watch out that we have mentioned before on the site, these can include:
- Early repayment penalties/charges (redemption fees)
- Set up fees
- Administration fees
You also need to know that you may not be eligible for the loan’s typical Annual Percentage Rate (APR) of interest. A lender will calculate the typical APR in conjunction with a system known as ‘risk based pricing’. This means that they assess each borrowers circumstances and credit history before offering a interest rate. A lender has to offer the typical rate to 66% of people that apply for the loan, it is possible that you could be one of the unlucky ones to get this rate. In this case, you may want to to look for another loan to ensure that you are getting the cheapest loan available.