Cheapest Personal Loans Up To £20,000 For 2019

There are a range of loans available in the UK at a variety of interest rates. The rates are determined by a range of factors.

Personal Loan Rates In The UK

Loan rates are determined especially by the applicant’s credit rating, their ability to repay the loan. How much the individual is wanting to lend, and if the loan is secured loan or unsecured loan. To secure cheap personal loans it is therefore essential to shop around.

Cheap Loans In The UK For £20000

Zopa Loans

Zopa offers personal loans of £20,000 at an interest rate of 2.8% This means that if the loan is taken out over five years there would be a requirement to pay £358.50 each month.

The benefits of a Zopa loan is that this organisation offers an easy online loan application process and there are no hidden charges or early repayment fees. However, a good credit rating will be required to be accepted by this company.

Yorkshire Bank

Yorkshire Bank offers a loan of £20k at an interest rate of 2.8% Again, this means that if the loan was taken out over five years there would be a requirement to pay £358.50 each month. This loan is only available for UK residents.

This loan is subject to status and eligibility, and to apply for this loan you must be aged 18 or over. Rates are guaranteed to be the same whether applied for online, in person or via the telephone. The actual interest rate offered will depend on an individual’s credit rating, and will be determined on application.

TSB Loans

TSB offers cheap personal loans at an interest rate of 2.9%. This means that if a £20k loan was taken out over five years there would be a requirement to pay £358.56 each month.

This loan is only available for UK residents. It is worth bearing in mind that this loan is subject to status and eligibility. Please note that if you apply online and have not held a TSB current account for more than 3 months, you will not be accepted for this loan unless you are aged 21 or over.

TSB may choose to lend to people with a lower credit rating but if it does it is likely they will be expected to pay an higher interest rate as a result of the increased risk. The actual interest rate offered will depend on an individual’s credit rating, and will be determined on application.