Compare Loan Comparison Sites

compare loans

Introduction

Looking around for the right loan is quite a task. We are bombarded with interest rates, terms and conditions amongst many other facts that can be confusing and in some cases difficult to understand. Comparison websites that compare loans offered are a useful tool when it comes to shopping around as customers can see just what is on offer all in one place. There are personal loans and homeowner or secured loans, while there are many comparison sights that deal with all the loans available on the market. Below are some that we have looked at.

If your not completely clued up on loans, how they work, when to pay them off etc then we recommend you read our easy to understand guide first before comparing loans and comparison sites.

Comparison Site Loans Available Types of Loans Other Services Savings Claimed Offers
Moneysupermarket.commoney supermarket 337 plus Homeowner, Car, Payday, Bad credit, Personal Insurance, Travel, Energy, Shopping, Mobile, Money, Vouchers Save 200 per loan or 1,000 per household when other services combined UK's cheapest loan rate exclusive to this site
Confused.comconfused 13 plus Unsecured Personal Loans Insurance, Money, Utilities, Travel, Business Only show top rate personal loans Loans from top providers
Comparethemarket.comcompare the market 14 Personal loans, Cardholder loans Insurance, Mortgages, Current accounts, Energy, Broadband, Travel, Phone None specified Free Meerkat toy
Gocompare.comgo compare 24 plus Personal, Homeowner, Secured, Bad credit, Debt consolidation Insurance, Travel, Motoring, Mortgages, Energy, Phone, Internet None Specific Free entry into "win a car" competition, No footprint left on credit profile, consolidation, loan calculator
Money.co.ukmoney uk logo 161 plus Homeowner, Personal, Guarantor, Bad credit, Self Employed, Secured Insurance, Investments, Utilities None Specific 30 day free trial of Credit Experian
Tescocompare.comTesco Compare logo 20 plus Personal loans, Peer to peer loans, Car loans Insurance, Utilities, Credit cards, Current accounts, Savings, Mortgages, Telephone None Specific Check loans availability without affecting credit score
Uswitch.comuSwitch logo 20 plus Personal, Homeowner

Money, Insurance, Utilities, Mobiles, Savings, Travel

None specific Find credit score
Moneysavingexpert.commoney saving expert logo 20 plus Cheap loans, Long Term loans, Credit card loans

Banking, Travel, Insurance, Mortgages, Utilities, Savings, Motoring

Borrow for as little as 5.4% 50% off Sky TV, Vouchers

Moneysupermarket.com

money super market loans

>Moneysupermarket.com is a comparison website that certainly compares to its rivals. With over three hundred and thirty seven loans to select from customers most surely will be able to find a loan to suit their needs. Customers can save on average up to £200 per year on loan repayments making this site an attractive prospect for would be users.

Moneysupermarket.com also boasts the UK’s cheapest loan rate which they say is exclusive to the site, another reason to have a look at what’s on offer. People who have a poor credit rating can find out if getting a loan is possible by looking through the options for poor credit score customers on the site. The site also has the option for you to do a quick debt test to see if there is anything in terms of help and advice that the site can offer.

Finding your way around the options is self explanatory making it easy for customers who don’t use the internet on a regular basis. The products on offer range widely so it is not just loans you can compare but insurance right through to energy and travel. The draw of the fact that customers can save themselves a whole stash of cash by using this great comparison website will be apparent as soon as you make the first click!

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Confused.com: You Won’t Be!

confused loans

Confused.com describes just how customers feel when they decide to take out a loan. This comparison site aims to take the confusion away; clarifying all there is to know about borrowing money. Covering Personal unsecured loans Confused.Com take you through a step by step process from viewing what is available to applying for a loan of your choice.

The site endeavours to find the cheapest personal loan available to suit the customers’ needs. Maybe you want to buy a car or some new furniture for your home? Confused will supply information on the best deal so that you can save money. Only featuring the top providers Confused.com want to ensure customers that any loan they take out will be the best available. This comparison site also covers many other products that customers may wish to compare such as insurance while the site has many interesting articles and blogs for customers to read gaining valuable information.

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Comparethemarket.com: Not the Meerkats!

compare the market loans

Comparethemarket.com is one of the best known comparison websites in the UK plus it is one of the best laid out sites making navigation a breeze. Not only will you get a Meerkat toy if you buy through Compare the Market (they are much sought after) but you will most likely find a great deal. Deciding which loan to take out and with whom is a work of art in itself leaving customers confused as to which one to go with but using this great comparison site will soon set you on the right path.

The site has a really functional sliding calculator where you can type in your requirements, click and the selection of companies with the best loan to suit you will be displayed. Scroll down the list until you see what you want then click through to the provider for a more in depth description of the terms and conditions of the loan.

Comparethemarket.com offers a comprehensive product comparison list that ranges from Insurance and Travel to Energy and Business. With the sites quick and easy set up customers can peruse all options from the comfort of their homes in the safe knowledge that they should secure a good deal.

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Gocompare.com:

go compare loans

Gocompare.com is one of the best comparison websites available today. It covers many services that we use in our everyday lives supplying us with information in order to help us decide on a product, loans being one such product. At first glance customers can easily see where they must navigate on the site to compare rates and types of loans on offer, while the great offer of free entry into a competition to win a car is a good appetiser for customers.

Before you apply for a loan on Gocompare.com you can use the smart search calculator that will search for you without leaving a footprint on your credit score. This is really useful as customers can determine whether to take an application further. There are plenty of options to choose from with each one comprehensively detailed so that customers will make the right selection for their needs.

Gocompare.com also offers a comprehensive range of other comparison services from insurance to money and travel. This enables customers to shop around other products to find out if they can save money. Go Compare.com has a preferred provider namely Love Money a company regulated by the Financial Services Authority. The site has many interesting articles and facts to support their services making them one of the best comparison sites today.

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Money.co.uk

money uk loans

Money.co.uk has one hundred and sixty one loans on offer so has something to suit everyone whatever their circumstances. Whether you have a poor credit rating or you wish to consolidate, the site will endeavour to find the loan that best caters to your individual needs. The site is well laid out making it easy to negotiate around all the options, so giving a speedy experience to its customers.

There is a handy question box where customers can type in their queries before browsing so settling any niggles or worries in the process. Whichever option you settle for it will take a matter of minutes to search around and apply for your choice. All the loan details are set out in an informative way beginning at one end with the loans minimum and maximum amount through to the APR with any offers particular to said loan written underneath.

Money.co.uk offer other product comparisons such as current accounts, mortgages, credit cards and travel money making the site full of useful detail in order for consumers to save money. The offer of a thirty day free trial using Credit Experian is a little teaser to whet your appetite although the site does stand alone in terms of quality plus what they have on offer for the customer.

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Tescocompare.com

tesco compare logo

Tescocompare.com has a wealth of information when it comes to choosing a loan, so that customers can save money as they bag a bargain. The site has a good comparison guide so users can read how to navigate around the detail before they begin searching. They compare personal and secured loans listing the best deals in order of merit. One unusual entry into the loan category is the peer to peer loan. This is a loan where customers borrow from individuals through a social lending website.

Customers key in the amount they want to borrow plus the term they wish to repay over, then click the “show deals” tab to bring up the options available. There is plenty of choice, while the site offers the service in conjunction with Love Money who is their preferred provider. No credit check is required at the search stage or when comparing so customers can peruse detail safe in the knowledge that their credit rating won’t be affected.

Products are compared regarding their features as well as price so giving an all round picture of what is on offer. Tescocompare.com is an award winning site gaining a nod regarding Insurance and Mortgages from What Mortgages Awards in 2012.

Compare loans at Tesco Compare

Uswitch.com

uswitch logo

Uswitch.com is a useful comparison site covering so many products, while it offers a great loan comparison service, albeit not as comprehensive as some of its competitors. It does however offer good advice on how to work out which loan best suits your purpose while explaining what is involved when companies do a credit search.

The companies that the site compares are some of the most prominent in the financial sector, while the grid is set out neatly so that customers can view the detail of the loan easily. Customers can see at a glance what the repayments will be and what they will pay back in total by the end of the term.

One of the boxes on the comparison grid is very useful as it informs customers of detail to consider when deciding on the loan. For instance it may say, the loan doesn’t offer repayment holidays, there are early payment penalties or an account is required in the same bank as the provider. All this information saves us customers’ time as we see at a glance whether such information affects whether we will apply or not.

Uswitch.com offer many other product comparisons from Insurance and utilities to money and broadband making it an informative site that in the long term endeavours to help us make a saving when it comes to our hard earned cash.

Compare loans at U Switch

Moneysavingexpert.com

money saving expert logo

Moneysavingexpert.com has a very good reputation when it comes to giving advice on which product you should choose when shopping around. Taking out a loan can be daunting so looking at comparisons to help us decide is a good way of taking the stress out of it. Money Saving Expert.Com endeavours to find the best loans at the best rates that will be, yes you have guessed, best for us customers.

The site will show you the cheapest loan rates available, with the best terms of repayment meaning, as customers, we will save money in the long run. Moneysavingexpert.com also has some good tips when it comes to taking out loan insurance, pointing customers in the right direction. The site categorises the loan details well, for instance you can view the cheapest loans on the market under £5,000 or the cheapest over £5,000 saving you time and helping you make that all important decision.

Moneysavingexpert.com covers a host of product comparisons from banking to shopping and insurance, while advising on deals and vouchers that will save us money. The site also has a great forum where customers can air their views or share their experiences with other consumers. This is a really useful tool where customers can read what like minded people think about the products they have purchased. 

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Loans Explained

loans guide

Introduction

We all know the feeling when we wish to buy that important item of furniture or need a new car as our old banger has conked out for good but we unfortunately don’t have the cash. We can all think of items we need but saving up for things we want is so difficult these days as bills escalate on a daily basis, while wages are frozen with no real change on the horizon in the near future. So, how can we buy the items we need? Borrowing money is always an option, while taking out a loan is the next step that most people consider. There are so many types of loan on offer that most of us don’t know where to start or if we should even consider a loan in the first place.

What is a Secured Loan?

A secured loan is where a customer borrows money from a lender using their property as security. This means that if the customer does not keep up repayments on the loan the lender can insist you sell your house or take out a mortgage to cover the money you owe. Lenders feel secure when borrowers use their property as security, as in any event, they will be able to get their money back from the customer.

Customers need to consider carefully before taking out a loan with their property as security as if they do run into trouble they can in the worst case scenario end up homeless. Customers who opt for a secured loan can usually borrow a larger amount plus have much longer repayment time than if they take out an unsecured loan. This eases the burden of higher repayment instalments. Most secured loans are repayable over a five to twenty five year period.

Secured loans are only offered to customers who own a property, have equity in the property or have a property that is mortgaged, while it depends how much money they want to borrow as to which type of loan is advisable. As far as interest on the loan is concerned, usually the rates are variable, meaning borrowers must take into account that should the rates rise, so will their monthly repayment. This can cause problems if your money is tight so it definitely needs bearing in mind. Uses of secured loans include:

  • Consolidation of debt
  • Home improvements
  • Building extensions

Borrowers ultimately have to make the decision of which loan to go for. If you have borrowed money using a secured loan and find yourself in difficulty you can contact the Citizens Advice Bureau who will endeavour to help by giving good advice on how you should proceed.

What is an Unsecured Loan?

When a customer takes out an unsecured loan they do not have to use anything they own as security such as their property. Usually unsecured loans will only be granted up to £25,000 unlike secured where the amount can be as much as £100,000. The term for paying back the money is far shorter than with a secured loan and is normally between three and ten years maximum.

The interest paid on an unsecured loan is usually at a fixed rate for the term of the loan. This is useful for the borrower meaning that they know exactly how much they will pay back monthly so are able to budget accordingly. When customers apply for an unsecured loan a credit check is done to make sure that their rating is agreeable to the lender. Depending on how good your credit score is will determine whether the unsecured loan is granted. Those with a poor rating may find it more difficult to find a company who will loan them the money.

Personal loan is another term used to describe an unsecured loan. When you take out a personal loan you have to sign a credit agreement that details the terms of the loan and how much you will repay in total. The two main types of personal loan are,

Fixed rate loan, payments are the same for the term of the loan

Variable rate loan, payments fluctuate as they are influenced by the Bank of England Interest Rates. This means payments can go up or down.

Is There Anything Else I need to Know about Unsecured Loans?

Who Qualifies?

  1. It is mainly people between the ages of 21 & 65 who are eligible.
  2. UK residency is essential
  3. A current account is required
  4. You must be in employment or have a regular income

Fees

  1. You may have to pay an arrangement or administration fee.
  2. A penalty fee may be charged if you pay the loan off early so check the detail.
  3. A fee may be charged if a same day transfer is required

PPI

PPI or Payment Protection Insurance can be taken out to cover borrowers in case they lose their job or fall ill so cannot keep up repayments. Borrowers need to read up on PPI and the current scandal before considering taking out the insurance offered.

Frequently Asked Questions Regarding Loans

Can I repay my loan early?

If for some reason you find yourself in the enviable position of being able to afford to pay off your loan early there are points to consider. Yes, borrowers can settle their loan early if they so wish but when it comes to secured loans may be charged a penalty for doing so. In the case of unsecured loans lenders must allow borrowers to pay extra payments if they wish to do so without incurring a fee.

What is a Payment Holiday?

Some lenders incorporate payment holidays into the terms of a loan meaning that borrowers can take time off repaying (usually up to three months maximum) their loan. This is useful if you are feeling the pinch but borrowers must be aware that taking a payment holiday usually means paying more interest in the long run plus the loan repayment period will be extended.

What is a Pay Day Loan?

A Pay Day Loan is a short term unsecured loan that usually has to be repaid by the borrowers next pay day. It is unadvisable to go down this route as the interest rates on such loans are extortionate.

Are Loan Interest Rates the same for all?

The simple answer is no. Borrowers who have a poor credit score will most likely pay higher rates than borrowers who have an excellent credit rating.

Should I Ask My Bank Manager for a Loan?

You may think the best place to ask to borrow money is from your bank but this is simply not always the case. There are so many reputable lenders available now that consumers have a really good choice when it comes to borrowing. Check out one of the many comparison sites to find the best loan rates out there.

Does it affect My Credit Rating When I apply for a Loan?

Each time a customer applies for a loan a credit check is done. Most providers are concerned with the last six months as to how many times you have applied for a loan. Too many applications (up to 10) can be viewed as a problem making you seem a high risk.

How Do I Check My Credit Rating?

Credit referencing agencies are the companies who keep credit scores on would be borrowers. You can write to or telephone the two main agencies, keeping records on adults who live in the UK. They are Experian (0115 976 8747) and Equifax (0990 783783)

Am I protected when I take out a Loan?

Borrowers are protected by The Consumer Credit Act when taking out a loan. There are strict regulations regarding the borrowing and lending of money that must be followed. This covers loans up to £25,000. Borrowers can protect themselves by taking out Payment Protection Insurance but must take care when doing so to ensure that this type of insurance serves their individual needs adequately.

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