UK unsecured personal loans provide the funds you need for covering emergency expenses and they can also be used to fund any project you have in mind. You can use the funds from a personal loan to buy a car, hire people to do some home improvement projects, and organizing a celebration event. Many UK banks offers personal loans and these personal loans usually can be applied online. The following are the top 5 banks that offers personal loans in the UK.
1. Sainsbury’s Bank
Sainsbury’s Bank offers a loan amount in between £1,000 and £40,000 and borrowers can pay back the loan over 12-84 months. Sainsbury personal loans give borrowers the option of postponing the repayment of the loan for the first 2 months. If you want to enjoy the lowest APR interest rate, you must have a Nectar card and choose a loan term below 3 years.
2. Ikano Bank
Ikano Bank offers personal loans starting from £1,000 up to a maximum of £15,000. Borrowers can choose to repay the loan in between 12 – 60 months. The APR interest rate is determined based on the loan amount. The lower the loan amount, the higher the APR interest rate will be. To apply for a loan at Ikano Bank, you must be at least 18 years old and have a minimum annual income of £10,000.
3. Clydesdale Bank
Clydesdale Bank personal loans offers a loan amount I between £1,000 – £25,000. it features fixed monthly payment and the loan term can range from 1 – 5 years. The funds will be transferred directly to the bank account you provide once you have submitted the proper paperwork and the loan is approved. The loan can be approved within the same day if you submit the loan application online during the business hours. The APR interest rate is different for those who apply in branch and those who apply through telephone.
Zopa is a leading UK personal loans provider established in 2005. Up to date, it has received many awards from various places such as MoneySuperMarket, Moneyfacts and Superbrands. It offers personal loans for people who need an amount between £1,000 – £25,000. The lowest APR interest rate is 3.2% and the highest APR interest rate is 34.9%. Zopa allows borrowers to repay the loan erly without charging any early repayment fee. It is straightforward in the fees it charges and does not surprise borrowers with hidden charges. People with good credit score can easily qualify for a Zopa loan.
Hitachi offers online personal loans that ranges £2,500 – £25,000 and it gives borrowers 2 – 5 years to repay the loan. If you apply for a loan amount in between £7,500 – £25,000, you will be assigned with an APR interest of 3.2%. Since the APR interest is fixed, the monthly repayment will be same throughout the loan term. It does not charge arrangement and hidden fees.