How do personal loans work?

A personal loan allows you to borrow money and pay it back in instalments over a fixed term. You’ll be charged a fixed rate of interest, which will be added to your repayments. Paying back the exact same amount each month helps to manage your outgoings and ensures you’re borrowing within your budget.

Personal loans give you access to money quickly so you can achieve a variety of goals. Whether you want to buy a car, convert your loft or go all out for the wedding of your dreams, a personal loan is a great way to spread the cost of a big purchase.

Our personal loans guide is the place to go if you want to find out more.

What happens if you fail to repay a loan?

If you’re unable to repay your loan, we’re here to help. Once we understand your current circumstances, we’ll be able to advise the most suitable option or establish a payment arrangement that is affordable for you. We may ask for information about your financial situation to ensure we put the most suitable arrangement in place.