Online loan lenders in the UK have become increasingly popular due to their convenience and accessibility. Borrowers can apply for loans from the comfort of their homes, compare multiple lenders, and often receive funds quickly. This ease of access is particularly beneficial for individuals with less-than-perfect credit scores who may not qualify for traditional bank loans.
However, it is essential for borrowers to carefully research lenders and read all terms and conditions to avoid scams or predatory lending practices.
Interest rates for online loans in the UK can vary significantly depending on the loan amount, term length, and the borrower’s creditworthiness. The representative APR for a £10,000 loan over 60 months is 5.9%, while smaller loans, such as £1,000 over 24 months, have higher rates at 9.9%. It is crucial for borrowers to compare different loan options to find the most competitive rates and ensure they can afford the repayments.
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| Loan Amount | Term Length | Representative APR |
|---|---|---|
| £10,000 | 60 months | 5.9% |
| £5,000 | 36 months | 7.1% |
| £1,000 | 24 months | 9.9% |
To be eligible for an online loan from UK lenders, applicants must meet specific criteria. Generally, borrowers need to be at least 18 years old, a UK resident with a UK bank account, and have a regular income. Lenders will assess the applicant’s credit history, existing debts, income, and regular expenses to determine eligibility. Some lenders may have additional requirements, such as a minimum income or a good credit score, while others cater to those with poor credit
list and name of Online loan lender in uk
When looking for online loan lenders in the UK, it’s essential to ensure they are authorized and regulated by the Financial Conduct Authority (FCA). Here are some examples of online loan lenders in the UK, offering various loan types:
1,Novuna Personal Finance:
Novuna Personal Finance has established itself as a leading provider of personal loans in the UK, offering a range of financial products with competitive rates. As of March 2025, they provide unsecured personal loans ranging from £1,000 to £35,000, with interest rates starting at 6.5% APR.
The company has been recognized for its exceptional customer service, receiving the Feefo Platinum Trusted Service Award for six consecutive years. This recognition is supported by an impressive average customer satisfaction score of 4.9 out of 5 stars, based on over 59,000 reviews.
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| Feature | Details |
|---|---|
| Loan Amount | £1,000 to £35,000 |
| Interest Rate | Starting at 6.5% APR |
| Customer Satisfaction | 4.9/5 stars |
| Awards | Feefo Platinum Trusted Service Award |
In addition to their competitive loan offerings, Novuna Personal Finance has made significant strides in enhancing their digital services. They offer a user-friendly online account management system and a mobile app that allows customers to manage their loans with ease.
The app includes features such as checking balances, viewing repayment schedules, making payments, and updating personal details. These digital enhancements have streamlined the customer experience, allowing for quick approvals and fund transfers within two working days of application approval.
Despite their strengths in loan provision, Novuna Personal Finance does not offer the comprehensive financial management tools found in some other personal finance apps. While their mobile app provides basic account management for existing loan customers, it lacks advanced budgeting, expense tracking, and financial planning features. This makes Novuna a solid choice for those specifically seeking loans or retail financing, but individuals looking for all-in-one financial management solutions may need to explore other options.
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2.Lendwise
Lendwise is a peer-to-peer lending platform that specializes in providing education finance, primarily targeting students pursuing postgraduate degrees or professional qualifications in the UK. The platform connects individual lenders with borrowers seeking funds for their education, offering loans that can last up to 10 years.
Lendwise evaluates loan applications using credit assessments and an algorithm, then presents approved loan requests to potential lenders on their platform. This approach allows lenders to invest in these loans, either manually or through an auto-invest feature, and earn interest on their investments
Customer reviews of Lendwise are mixed, with some users reporting positive experiences and others expressing dissatisfaction. Positive reviews often highlight smooth processes, responsive customer service, and the ability to repay loans early without fees. However, negative reviews point to issues with customer service, particularly during the loan application process, and a lack of guidance for students whose applications are not approved. Despite these concerns, many students appreciate the support Lendwise provides in achieving their educational goals
3.CashASAP
CashASAP is a direct lender specializing in payday and short-term loans in the UK, operating under the trading name of APFIN Ltd. The company is authorized and regulated by the Financial Conduct Authority (FCA), ensuring compliance with industry standards.
CashASAP offers two main types of loans: payday loans, which range from £200 to £300 and must be repaid within 35 days, and multi-month loans, which range from £200 to £750 and can be repaid over 3 to 6 months. The application process is conducted online, allowing for quick and convenient access to funds for eligible borrowers.
| Loan Type | Amount Range | Repayment Term |
|---|---|---|
| Payday Loan | £200 – £300 | 35 days |
| Multi-Month Loan | £200 – £750 | 3 – 6 months |
CashASAP emphasizes responsible lending practices, conducting creditworthiness and affordability checks before approving loans. The company uses a fixed interest rate model and offers options for borrowers who may struggle with repayments. Repayments are usually collected automatically via continuous payment authority, though borrowers can also make manual payments. This approach aims to provide a quick financial solution for short-term cash needs while ensuring that borrowers are treated fairly and responsibly.
4.Everyday Loans (Soon to be Evlo)
Everyday Loans officially rebranded as Evlo, marking a significant shift in the company’s mission and focus. This rebranding effort is aimed at enhancing financial inclusion, transparency, and customer-centricity, reflecting Evlo’s commitment to supporting customers with limited credit histories.
The company continues to offer personal loans ranging from £1,000 to £15,000, with repayment terms between 18 to 60 months to individuals with varied credit histories, ensuring that existing customers retain their original loan terms. By focusing on financial inclusion, Evlo aims to provide credit solutions to those who may find it difficult to borrow from traditional banks.
Customer satisfaction has been a key focus for Evlo, as evidenced by the positive reviews it has received since its launch. With an average rating of 4.5 stars out of 5 on Trustpilot, 83% of the reviews are rated 5 stars, indicating a strong level of customer satisfaction.
5.Tesco Bank
Tesco Bank offers personal loans to individuals who meet specific eligibility criteria. Applicants must be between 18 and 74 years old, or at least 22 if they are refinancing existing debt. Also, they must have lived in the UK for at least three years, have a UK personal current account, and be employed or have a regular income.
A credit check is also part of the application process, and having a Tesco Clubcard may improve the chances of approval and secure better interest rates
Applying for a Tesco Bank loan online is a straightforward process. Prospective borrowers can check their eligibility on the bank’s website without affecting their credit score. If eligible, they can proceed with the application, which involves providing personal, employment, and financial details.
An instant decision is typically provided, and if approved, funds may be received within 48 hours. The application process is designed to be user-friendly, and applicants do not need to be existing Tesco Bank customers
| Loan Amount | Interest Rate (APR) | Repayment Term |
|---|---|---|
| £3,000 – £35,000 | 6.0% – 34.5% | 1 – 10 years |
Tesco Bank offers competitive interest rates starting from 6.0% APR for Clubcard members on loans between £7,500 and £25,000 over 1-5 years. The actual interest rate offered to a customer may vary based on the loan amount, term length, and the borrower’s individual circumstances, including their credit score and financial situation. It’s important for applicants to understand that the representative APR advertised may not be the rate they receive.
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6. NatWest
NatWest offers a range of personal loan products to UK residents who are at least 18 years old and have a regular income. The maximum loan amount available depends on whether the applicant has a current account with NatWest. Those with an account for at least three months can borrow up to £50,000, while others can borrow up to £35,000. The application process is straightforward and can be completed online or via the NatWest mobile app
Interest rates for NatWest loans vary depending on the type of loan and the term. The rates start from 4.25% for moving home fixed rates and 4.33% for first-time buyer fixed rates. The overall cost for comparison is typically around 7.49%. It is important for applicants to use NatWest’s online loan calculator to estimate potential borrowing amounts, interest rates, and monthly payments before applying
To apply for a NatWest loan, applicants need to provide details about their income, outgoings, address, and employment. The application process is designed to be quick, taking about 10 minutes to complete online. If approved before 5:45 PM on a weekday, excluding bank holidays, the funds could be received on the same day. NatWest also offers a personalized quote without impacting the applicant’s credit score, which helps in making an informed decision
| Loan Type | Starting Interest Rate | Maximum Loan Amount |
|---|---|---|
| Moving Home Fixed | 4.25% | £50,000 |
| First-Time Buyer Fixed | 4.33% | £50,000 |
| Remortgage Fixed | 4.21% | £50,000 |
Eligibility for a NatWest loan requires that applicants have not been declared bankrupt in the last six years and have not applied for a NatWest loan in the last 28 days. The bank assesses the applicant’s income, employment status, credit score, and current financial commitments to determine eligibility and the loan amount. NatWest ensures that the rate offered will not exceed 29.9% p.a. (fixed), regardless of the loan size
Santander
Santander offers personal loans with interest rates ranging from 7.99% to 24.99% as of March 2025. These rates apply to unsecured personal loans available . The specific rate a borrower receives depends on factors such as their credit score, income, loan amount, and repayment term. Santander requires a minimum credit score of 700 to qualify for their personal loans up to £25,000 with loan terms from 1 to 5 years. Existing customers or those who set up autopay may receive lower rates
Barclays
Barclays offers a range of personal loans to UK residents who meet specific eligibility criteria. To apply, you must be at least 18 years old, a UK resident, and have a Barclays current account or Barclaycard. Also, you need to be registered for Barclays online banking or their mobile app.
The application process is straightforward and can be completed online, with most applicants finishing in less than 10 minutes. Barclays provides loans from £1,000 to £50,000 with repayment terms ranging from 2 to 5 years
Interest rates for Barclays UK loans vary based on the borrower’s creditworthiness and the loan amount. personal loan interest rates range from 4.99% to 20.99% APR. For mortgages, Barclays offers competitive rates, including a five-year fixed Green Home mortgage at 3.96% for energy-efficient new-build homes with a 40% deposit. Other mortgage rates include a fee-free two-year fix at 90% LTV at 4.93% and a two-year fixed mortgage guarantee product at 95% LTV at 5.28%
Barclays also offers business loans with various rates depending on the type of account and balance. The Bank of England Base Rate, which influences these rates, It is important to note that all rates are subject to change and may vary based on individual circumstances and specific loan products. Barclays provides personalized rates to eligible customers, allowing them to check their potential rate before formally applying
Virgin Money
Virgin Money has been actively expanding its financial product offerings in 2025, introducing new options for both savings and mortgage products. Among these are a 1 Year Fixed Rate Cash E-ISA with a competitive rate of 4.10% AER/Tax-free until March 2026, and a 5 Year Fixed Rate mortgage with a £995 fee and £5,000 cashback at 75% LTV. Virgin Money customer can borrow up to £35,000 with loan terms from 1 to 7 , it Provides personal loans with competitive interest rates and flexible repayment terms
HSBC
offers a variety of personal loans tailored to meet different financial needs. These include personal loans, car loans, home improvement loans, debt consolidation loans, holiday loans, and premier personal loans for higher amounts. Personal loans can be either secured or unsecured, with specific options available for purposes such as buying a car or improving a home. The bank does not offer payday loans, peer-to-peer loans, bridge loans, or guarantor loans.[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18]
To apply for a loan with HSBC UK, applicants must meet certain eligibility criteria. You must be over 18 years old, a resident of the UK, and have an annual taxable income or pension of at least £10,000. Additionally, you need to have a bank or building society account with a Direct Debit facility. It is important to note that customers with a Basic Bank Account are not eligible for these loans. Meeting these criteria does not guarantee loan approval, as HSBC will conduct a full assessment of your financial situation.
| Loan Type | Loan Amount Range | Representative APR | Maximum Loan Term |
|---|---|---|---|
| Standard Personal Loan | £1,000 – £25,000 | 6.6% | 8 years |
| Premier Personal Loan | £10,000 – £50,000 | 5.9% | 8 years |
The interest rates for HSBC UK personal loans vary based on the type of loan and the customer’s financial circumstances. For standard personal loans, the representative APR is 6.6% for loan amounts between £7,000 and £15,000. Premier customers benefit from a lower representative APR of 5.9% for loans between £10,000 and £30,000. The actual interest rate offered may vary, with a maximum APR of 22.9% for standard personal loans and 18.9% for Premier personal loans
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Lloyds Bank
Lloyds Bank offers personal loan interest rates starting from 5.9% APR representative for loans between £7,500 and £25,000. However, the exact interest rate offered may vary depending on factors such as the loan amount, repayment term, and the borrower’s individual circumstances. The bank provides fixed rate loans with repayment terms ranging from 1 to 7 years, and loan amounts from £1,000 to £50,000.
| Loan Amount | Interest Rate (APR) | Repayment Term |
|---|---|---|
| £1,000 – £7,499 | Varies | 1 to 7 years |
| £7,500 – £25,000 | Starting from 5.9% | 1 to 7 years |
| £25,001 – £50,000 | Varies | 1 to 7 years |
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