Compare more than the monthly payment
A personal loan normally provides a lump sum repaid over an agreed period. Compare the amount received, APR, number of payments, total repayable and any separate fees. A smaller monthly payment over a longer term can cost more overall.
An advertised rate is not a personal offer
Representative APR is not a guaranteed rate or promise of acceptance. Read the actual offer and its conditions. Ask the provider whether a step uses a soft or hard credit search before continuing.
Keep cost and affordability separate
Consider essential expenses and existing commitments as well as the price of borrowing. If repayments are already difficult, MoneyHelper provides information about free debt advice.
General information. Source: MoneyHelper: personal loans. Checked 17 September 2026.
Personal loan guides
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