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What is a Low Interest Loan?

Whatever kind of loan you're after, you're going to want the lowest interest rate available. Finding the best rates is a matter of knowing both what to look for and where to look for it.

Finding the Lowest Interest Loans

Loan size and interest rates

Generally speaking, you'll tend to get better interest rates on larger amounts (up to a point). For example, if you're borrowing between £1,000 and £3,000, you're going to be hard pushed to get an interest rate below 7% APR. However, if you borrow more, say £10,000 - £15,000, you can expect an APR of closer to 3%. If you need to borrow much larger amounts, however (e.g. £25,000+), you should be prepared to pay a bit more (closer to 6%). The sweet spot for personal loans as far as interest is concerned is £7,500-£15,000.

Loan Terms

Shorter term loans tend to have much higher interest rates, largely in order to ensure that you pay them off quickly - this is particularly the case with payday loans, which typically come with APRs in excess of 1,000%.

Credit Rating

All other things being equal, if you've got a better credit rating, you'll be able to get better interest rates on any credit you take out. you can check your credit rating for free with Money Expert by visiting this page.

If you do have a poor credit rating, consider a credit building card, or even a guarantor loan.

Depending on both your reason for borrowing, and the amount you want to borrow, you might be better off with A credit card or even an overdraft facility. Contact your back for details about overdrafts.

Choosing the right provider

Different providers will offer loans with often wildly varying interest rates so it's always crucial that you compare as many as possible if you want to get the best deal. You should also consider choosing a loan provider who you're already banking with as it's possible you might get preferential rates.

ME Expert Ltd is not authorised to provide advice and are introducing you to a regulated firm with whom we are not under a contractual obligation to conduct mortgage or general insurance mediation business with exclusively. You should ensure you provide any potential lender or insurer with your full details and ensure that you are eligible to make a claim(s) in relation to the cover offered. ME Expert Ltd will receive a small payment for certain general insurance introductions which will not normally exceed £35. ME Expert Ltd does not give advice on or recommend any particular insurance product or service or whether it is suitable for your personal circumstances. The information provided is to help you to make your own choice about how to proceed.