Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk
Welcome to LoansChannel

Apply To Borrow from £100 to £25,000*

  • Apply For £ 50 - £ 1,000
  • Fast Payout
  • No Fees
  • Secure Application
  • Available 24/7
  • Bad Credit
  • PERSONAL Loans
  • SHORT TERM Loans
Representative example: £500 borrowed for 5 months. Total amount repayable is £999.85 in 5 monthly instalments of £198.37. interest charged is £491.85, Interest rate 236.1% pa (variable). Representative 481.6% APR.

What Are
Unsecured Loans?

If you don’t have any collateral for a loan, the best option you have is an unsecured loan. Going for an unsecured loan requires no collateral to be approved. However, interest rates are slightly higher than secured loans. Typical unsecured loans are credit cards, student loans, payday loans, and more. Lenders don’t need to do a credit check but interest rates may depend on your credit standing.

Secure Process

The platform is highly secured and protected. You don’t have to worry about the information you provide. The information provided online passes along a secured channel that ensures data integrity and prevents it from being compromised. It is guaranteed safe and secured.

Paid Into Your Account

The payment goes directly to your account fast and without hassle. In just a few minutes, you’ll get the funds that you need when you need it. You don’t have to visit banks while waiting for hours just to get an approval. It is the most convenient way to borrow funds in case of emergencies.

Credit Problems*

Your credit won't be a hindrance when applying with us. The lender doesn’t do credit checks. It is available to everyone regardless of their credit levels. So if you're hesitant about applying for a loan, don't be. Even with poor or bad credit, you can still borrow the funds you need whenever you need it.



Having no collateral to provide, you are still eligible to apply for an unsecured loan. However, in most cases, borrowers with poor credit history tend to have higher interest rates. The repayment terms can also get a little difficult for them. Still, this is the best option available especially during emergency cases. Unsecured loans are available to borrowers even without any collateral as a security deposit.



Examples of unsecured loans are student loans, credit cards, payday loans, signature loans, small business loans, peer to peer loans, and more. Lending companies cannot seize a borrower’s asset if they even fail to make a payment or miss several payments. However, lenders may take you to court in an event where you can’t fulfill the terms of the loan. Failure to meet the terms could severely affect your credit and may prevent better credit opportunities in the future.

It is common for people to haggle when they are about to make a purchase to get a better price. You may have experienced haggling at some point in your life too. Considering how there is so much money involved in a loan, one of the things that you’re probably wondering about before taking out one is whether you can negotiate the rates involved. 

Which Lenders Can Offer Better Rates

There is a chance that you might be successful in lowering the rates down. However, this would depend significantly on where you’re borrowing the money from. 


Larger financial institutions tend to be quite strict in terms of the interest rates that they impose on borrowers and customers. Their lending practices tend to be set in stone which is why it is next to impossible to try to haggle with them to get a lower interest rate. Once you apply for a loan with these institutions and you get approved, expect that the figures are going to be final. 

Credit unions

You may have a better chance of negotiating a better rate with credit unions or in community banks. These institutions are smaller and their rules may not be as strict as the ones implemented by larger banks.

Strategies to consider

When haggling, it helps immensely if you have a good history with the lender or the credit union. If you have been with the lender for many years, there is a very good chance that the bank may give you a better interest rate. It helps even more if you have had the experience of borrowing with them before. They will be familiar with your history and will use that information to decide whether you are trustworthy enough. 

It can help to ask for a rate deduction after you have been paying the loan for a while. If you have been making repayments for the last year or so, you can always ask the lenders to reduce your interest rate provided that you have been making your payments on time, they may consider doing so since you’ve built your trustworthiness with them. 

Whenever you borrow money, in paying the amount back you are also being charged with an interest rate, along with other fees. If you are considering the idea of taking out a loan, it helps to find out what the corresponding rates are so you can decide whether you are getting a competitive loan offer or not.

What is a loan rate?

Interest is the costs involved for borrowing money. Oftentimes, this is expressed as the loan’s annual percentage, or the amount that you will be charged for the loan in a twelve-month period. For instance, if you will borrow £1,000 from your bank and you get an annual interest of 10%, you are expected to pay the total borrowed amount plus 10%, which is £100. This means that within a period of 1 year, you will need to pay back a total of £1,100.

Generally, there are several factors that could affect the borrowing rates that you'll be charged. Lenders and banks will often look into your borrowing history and credit score to decide what your loan rate is going to be. In addition, other elements such as how much you are earning and your debt-to-income ratio will also figure in the calculations.

How interest rates work

Base rates or bank rates for the UK are set by the Bank of England. As of the moment, the rate is at 0.75%. This is a very significant figure since it can influence the interest rates that financial institutions like banks and lenders are likely to impose when lending money to borrowers. If this rate goes up, expect that lenders and banks are also going to charge you more in terms of borrowing costs.

What is APR

APR stands for annual percentage rate. Often, this is what lenders advertise to the public to give them an idea of what they’ll likely be charged for if they will borrow money from these financing institutions. Different ranges of loaned amounts can impact the APR. The loan term can affect the rate as well.

When you do apply for a loan, there's a very good chance that you will not get the advertised APR. There is a good chance that you will get one that is lower or higher depending on your circumstances. Whether you have a good or bad credit score can affect how low or high your personal loan rate is going to be.