From buying a car, to paying off debts, there are many reasons why you may want to take out a personal loan. We understand that it can be confusing when trying to compare like for like loans with different interest rates, payment terms and timescales, so at WeTrust we bring you only the most trusted providers who can offer loans to suit your needs and circumstances.
Why Choose WeTrust
WeTrust is a cost comparison website without a hidden agenda. We don’t promote products based on commission or entertain secretly paid-for advertising. We exist to help you save money in the long term by giving you an honest view of the market. A chance to compare deals with complete transparency, without having to worry about hidden charges or sneaky promotions.
When you search with WeTrust, you can rest assured that you’re getting competitive, unbiased quotes from a business and community that has your best interests at heart. We’re fighting for you and doing everything we can to keep your hard-earned cash firmly in your pocket.
Stop overpaying and find out if you could be saving money on your household and business bills. Start your comparison today and get results in minutes.
What is a personal loan?
A personal loan, which is sometimes known as an ‘unsecured loan’ allows you to borrow a specific amount with fixed monthly payments over a specified term. It is known as unsecured as it is not loaned against an asset, such as your home.
People use personal loans for a wide range of reasons – their dream holiday, a new car, home improvement, a wedding or something else.
Unlike borrowing on a credit card, or using an overdraft, when you take out a personal loan, you will know exactly what you will pay back every month, and the amount of interest is fixed. You can usually borrow anything up to £25,000 depending on your income, credit rating and circumstances.
What is a debt consolidation loan?
Some people take out a personal loan in order to pay off other debts, this is known as debt consolidation. This can be a great option for those who wish to manage all their outgoing debts in one, manageable monthly payment. It is worth checking the interest rates on existing debts such as other loans, credit cards or store cards, and seeing if you could save by consolidating these debts all into one monthly repayment.
Am I eligible for a loan?
This will completely depend on the loan you wish to apply for, the amount you want to borrow, and your personal circumstances. Take a look at our loan comparison page to check out loans from our trusted providers, to see if you could be eligible.
Does applying for a loan affect my credit rating in the UK?
Applying for one loan should not affect your credit score. In most circumstances, even shopping around should not be a problem, however some lenders can see multiple applications as an indicator of risk.
It can be worth checking your credit report before applying for loans, in order that you can seek to apply for loans that you are likely to be accepted for, as being turned down several times may affect your credit rating in the short term.
Can I get a loan with bad credit?
This will very much depend on the loan provider. For personal loans, the lender has to assess the risk of you not paying back the loan amount and may either decline an application from someone with bad credit, or may charge a higher interest rate to mitigate that risk.
Take a look at our available loans to find out more.
WeTrust Personal Loans are provided by Fluent Loans who are loan brokers, not a lender. Fluent Loans are authorised and regulated by the Financial Conduct Authority.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.