Looking for a personal loan?

Are you planning to make some home improvements, or do you need a new car? You might be thinking about taking out a personal loan.

If you have a good credit rating it should be easier for your application to be approved, so what you would mainly need to consider is how much you want to borrow as this could determine the level of interest you will be charged.

We found three lenders offering medium sized loans at a very reasonable rate of interest.

M&S Money – The supermarket bank which was once part of Marks & Spencer, now belongs to HSBC. It is offering a personal loan at a fixed rate of 6.4 per cent for amounts from £7,500 to £15,000. Applicants must be a UK resident aged at least 30, or a homeowner to qualify for the loan. The other requirements are that you should have a UK bank or building society account and an excellent credit rating.

Nationwide Building SocietyNationwide offers a fixed interest rate of 6.6 per cent for new and existing customers who want to borrow between £7,500 and £14,999. If you are already a FlexAccount customer, you’ll qualify for the lower rate of 6.5 per cent. To be considered, you must be aged 18 or above and have lived permanently in the UK for at least a year. Importantly, you should not have arrears of three or more payments on any agreement in the last 12 months.

Sainsbury’s Finance – Another supermarket bank with a competitive fixed rate, the Sainsbury’s Standard Medium Loan charges 6.7 per cent on amounts from £7,500 to £14,999 and includes the option of a repayment holiday until the third month. If you repay the full amount in the first three years the rate could drop to 6.6 per cent. To be eligible for the loan, you must be aged 18 or over with a bank or building society account and not have been turned down for credit in the past month.


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