What is a personal loan and what can I use one for?
A personal loan is a fixed amount of money you can borrow from a lender, with a specific length of time to repay it agreed at the start. An interest rate is also agreed on the loan, which affects how much you will pay back in total and your monthly repayments. These repayments may be spread over a number of years, depending on the size of the loan and your personal circumstances. You can usually borrow up to ?25,000 with a personal loan, while higher amounts need to be secured against a house or other valuable asset.
Debt consolidation – Personal loans can be useful for managing your finances if you already have several monthly repayments for credit cards, overdrafts, store credit or other debts. A debt consolidation loan combines these debts into one monthly repayment, making it easier to manage.
Home, holiday, or car – A personal loan, also known as an unsecured loan, can be used for a variety of large purchases or costs. You might be looking at a family holiday, or you need a newer, more reliable car, or your house could do with a new kitchen or bathroom, a new sofa, or even vital repairs. A personal loan can be used for any of these up to a value of ?25,000. Anything that costs more than this would need a secured loan.
With one quick and easy application, let Asda help search for the best loan rate to suit you
We’ve taken the work out of finding and applying for a personal loan. We work with a trusted panel of lenders to offer you great loan rates for your circumstances. If you’re worried about being accepted for a loan, the soft search technology used means your credit score won’t be affected when we check your eligibility. It’s easy to apply, and you’ll get an initial decision from lenders in minutes, so you don’t have to put your plans on hold.
Customers could access rates from as low as 2.8% up to 49.9% APR depending on your circumstances, so a loan from a trusted lender could be more affordable than you think. With so many options out there for personal loans, it can be tricky to know if you’re making the right choice. At Asda Money we make it simple by only offering unsecured personal loans, so you don’t have to be a homeowner to apply. This also means they can be used for all sorts of things, from debt consolidation to travel costs, home improvements, or a new car.
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.
Top Personal Loans FAQs:
Customers could access great rates from carefully selected trusted lenders, so you can sit back and let us do the leg work. What’s more, when you search for a personal loan, you’ll only have a soft search on your credit history, which means you can check your eligibility without harming your credit score.
Asda is in partnership with Freedom Finance who are a leading credit broker to offer our customers a different solution to borrowing money and finding a loan. We work alongside Freedom Finance so we can provide our customers with their very best loan offer from a panel of handpicked trusted lenders.
With one application, you can search a panel of carefully selected lenders and provide you with a loan tailored to your needs. Once you have been approved you receive your funds which could be as quick as the same day.
We have carefully selected a number of trusted lenders to be on a panel. You can search the panel to provide you with the very best offer you are eligible for. Find out more about each of our lenders here.
If you have any questions on our lenders, please payday loan Mentor OH call our Customer Service Team on 0333 555 0560 and a colleague will be happy to help.
No. One of the best things about our service is you get access to a panel of trusted lenders with no credit footprint left on your credit file. When you apply with us, a soft search is completed which doesn’t harm your credit score.
However, if you do proceed with an offer from your search with us, the lender will complete a hard search once you have accepted your offer. This will show on your credit file.
About our trusted provider, Freedom Finance
Asda Personal Loans is in partnership with Freedom Finance, who are a leading credit broker, to offer our customers a different solution to borrowing money and finding a loan. They were awarded Best Consumer Credit Broker in the 2020 Consumer Credit Awards – voted for by customers.
We work alongside Freedom Finance so we can provide our customers with their very best loan offer from a panel of handpicked trusted lenders.
With one application, a panel of carefully selected lenders can provide you with a loan tailored to your needs. It’s also a safe way to find a loan without negatively affecting your credit rating.