Find the cheapest loans online

By Damian Clarkson

The cost of ‘offline’ personal loans has increased five times faster than those online, and their rates are now a full 1% higher.
 
According to price comparison site uSwitch, offline loan rates have jumped 0.95% since July’s base rate hike, and now stand at 8.7% on average. Yet in the same period online loans have increased just 0.2% to 7.7%.

That means the average £10,000 four year loan will cost over £220 more if you apply in branch or by telephone rather than online.

Click here for online loans

But that’s just the start of your savings
So while offline loans are becoming a rip-off, you could still end up getting a bad deal online if you don’t shop wisely.

High Street banks may spend millions on advertising campaigns telling us how competitive they are, but in truth their online loans are extremely expensive compared to some of the smaller players.

As the table below shows, you could save up to £355 on a £10,000 loan by opting for Your Personal Loan over NatWest.

Get a personal loan here
 
£10,000 loan over four years

 Lender Rate Monthly Instalment Total cost
 Your Personal Loan 6.3% £235.42 £11,300
 MoneyBack Bank 6.5% £236.47 £11,350
 Halifax 6.9% £240.93 £11,564
 Lloyds TSB 7.9% £242.59 £11,644
 NatWest 8.0% £242.83 £11,655

Care for a loan with your groceries?
Another interesting development has been how competitive the supermarket chains have been since entering the finance space.

Sainsbury Bank leads the way, offering an impressive 6.5% APR on its loans, while Tesco is only marginally more expensive on 6.6% – far cheaper than you’ll get with any of the High Street players.

Need a car loan? Click here

Need a small loan? Put it on credit
When it comes to lending small amounts of money it doesn’t matter how much you shop around, they are all notoriously expensive. Halifax deserves a special mention here, proudly announcing on its site that it’ll charge you an astounding 15.9% APR on any loan amount between £1,000 and £7,000.

The reason why these loans are so expensive is lenders have to charge outrageous rates in order to make them worthwhile.

If you do need a small amount of money, you will be far better placed dumping that debt on a credit card that offer a lengthy interest free period on new purchases, then transferring the debt to new interest free cards until the debt is paid off. Alternately you can put the debt on a card charging a low rate for the life of the debt.

Get an online loan quote here

Essential Links and Information

Wentworth Unsecured LoansNeed cash? Borrow £1k to £15k of unsecured loans for any purpose. UK.www.WentworthDirect.co.ukUnsecured Direct Loans for What You WantWide choice of quality lenders. Bad credit no problem. Get up to £25k.www.unsecured-direct-loans.co.ukLoan Finance and Cash Advance ExpertsPoor credit not a problem. Up to £5K with no credit check. Tenants Ok.www.solution-loans.co.uk

Can You Get a Home Equity Loan with No Income?

You can absolutely get a home equity loan with no income.

Home equity lenders primarily evaluate your application based on your home’s value. This differs from other types of lenders (i.e. those offering mortgages), which treat income as a key indicator of whether you’ll be able to keep up with payments.

As such, home equity loans are very popular among retired and self-employed borrowers, both of whom often have trouble securing other loans.

Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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