Comparing Unsecured Loans
An unsecured loan is a personal loan that requires now security from the borrower. Typically the loan value is anywhere from £1,000 to £25,000, and is borrowed for the purchase of a new car, for weddings, holidays, or other personal reasons. Here are some unsecured loans that are currently available on the market:
Alliance & Leicester
This lender is offering an APR of 6.3% on unsecured loans between £7,500 - £20,000. If you borrow £7,500 over 60 months period with Alliance & Leicester and you qualify for the 6.3% APR, your monthly cost will be £145.56, with a total payable amount of £8,733.60. There is an early redemption penalty of 2 months interest charges. You can apply for a loan online, or you can phone customer service and ask them any questions that you may have regarding the loan.
Barclays
Barclay loan plus is offering an exclusive offer to Barclay customers a fixed 6.3% APR on loans for £7,500 - £20,000 over 2 to 5 years. To qualify for the 6.3% APR, you will have to be a Barclay customer for more than 12 months with £1,000 being paid into your account monthly, and a good credit history. There is an early settlement penalty fee that is equal to 30 days interest that is calculated on the outstanding balance, however if you have already been making repayments for over 2 years, the fee does not apply. You can apply for a loan with Barclay online, as well as find out additional information on the loan.
Sainsbury’s Bank
Sainsbury is offering a typical APR of 6.5% on loans for £1,000 - £25,000. The interest rate on the loan will be fixed, and the rate will be determined on your credit history as well as your personal circumstances. You can choose to have a 3 month repayment holiday, meaning you will not have to make any repayments for the first 3 months. If you take out a loan for £7,500 over 60 months with a 6.5% APR, the monthly repayment will be £193.54. The interest rate that is being offered is only available when you apply online.