Forces Compare offers personal loans for anyone looking to borrow money for individual purchases and expenses.
Borrow anywhere from £1,000 to £35,000 and you can repay over 12 to 60 months. Get a free quote in less than 2 minutes.Apply Now
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What Are Personal Loans Used for?
Personal loans are used by all sorts of individuals, including tenants and homeowners, to pay for everyday things.
Many people seek personal loans to cover travel expenses, pay off any debts, home improvements and more.
You can choose how much money you would like to borrow (up to £35,000) and how long for (up to 60 months) – although some lenders may be able to offer much higher amounts and for longer.
Personal loans are unsecured, so you are not required to put down anything as security or collateral to be eligible (see secured loans for more information). Your eligibility is based on your income, affordability and credit status.
Borrowing Money: Things to Consider
Before we start exploring the different loans available, its firstly important to have thought this through thoroughly, and be sure that taking out a loan is the best option for you.
When in need of money, many choose to dip into their savings or borrow off a family member or close friend. However, if these options aren’t available to you, or you feel a loan may be a better way to go, there’s a range of different lenders to explore.
When considering loans, try to explore options that are best for your circumstances and personal borrowing needs. It’s also important to know exactly how much money you want to borrow, how long for, and what you can reasonably afford – all of this will help you to find the options most fitting to your situation.
What Are the Eligibility Criteria for Personal Loans?
- Over 18 years of age.
- Full-time UK resident.
- Earning a regular income.
- Can afford monthly repayments.
- No recent CCJs, defaults or bankruptcy.
- Valid UK bank account, mobile and email address.
What Information Do I Need to Provide for a Personal Loan?
With Forces Compare, you can apply for a personal loan online from start to finish. There is no need to send information off in the post or do anything in person – it is a fully online process.
Using our online application, you can enter all the necessary information including your name, address, age, income and loan requirements.
Since the loan is unsecured, you are not required to provide any proof of collateral – however, to be eligible you will need to be earning a regular income. Depending on the lender, you may be required to give proof of income and address through a copy of a recent pay-slip or bank statement.
Can I Get a Personal Loan With Bad Credit?
Yes, there are personal loans for poor credit available and this may be reflected by the lender offering a slightly higher interest rate or adjusting the amount that you have requested to borrow.
Personal loan companies understand that not everyone can have a perfect credit score and it is very common to see the occasional missed payment or default over the last 6 years. However, this should not limit your chances of being approved for a loan.
Why Should I Apply With Forces Compare?
Forces Compare provides an excellent loan comparison service. We’ve partnered with the whole of personal loans market so you can access quotes from over 20 providers in the UK.
With no fees for applying, you can get a provisional quote in less than 2 minutes and we will match your application with the lender most likely to approve you.
We offer the best financial solutions for the armed forces, but our products are available to anyone in the UK. To check your eligibility and to apply, simply click on the button below.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk