Personal loan news and advice

All the latest personal loan news and top tips to help you manage your personal loan.

How a short term personal loan could save you money

How a short-term personal loan could save you money

There are obvious perks to choosing a shorter personal loan term - it takes you less time to pay down your loan plus you pay less in interest over the life of your loan. But what if you could also receive a lower interest rate for choosing a shorter term? Well, the good news is, with some lenders you can.Last week, personal loan lender SocietyOne introduced a tiered pricing system that does just that. Not only does it reward customers for their good credit history but also gives them an extra pat on the back for choosing a shorter term. On it’s Unsecured Personal Loan (Fixed), the lender offers a competitive 7.99% (9.25% comparison rate*) on it’s 5-year loan term. However, for customers that choose to borrow for 2 or 3 years, they offer a low 6.99% (9.00% comparison rate*). Want to find out more about this loan? Read below!

Read More
Personal loan lender ratesetter becomes plenti

Personal loan lender RateSetter becomes ‘Plenti’

Technology-led personal loan and car loan lender RateSetter has rebranded to ‘Plenti.’ For five years, RateSetter assisted 80,000 households by offering a range of competitive loan options. Now, the new ‘Plenti’ aims to help many more. Plenti chief executive officer, Daniel Foggo says the change in brand is a reflection of the company’s ambitions for the future rather than where they started.

Read More
Personal loan question is secured or unsecured right for me

Personal loan question: Is secured or unsecured right for me?

If you’re on the hunt for a personal loan, one question that may be on your lips is, should I choose a secured or unsecured loan? Ultimately, the type of loan you choose could influence things like the interest rate you receive, what you can borrow for and what fees are attached to the loan. So which personal loan is right for you? Let’s break it down: If you have some assets, like a car or a home, you may qualify for a secured personal loan. An example of a typical type of secured loan is a car loan, used to purchase either a new or pre-loved car. Because you are putting up your goods as collateral, these types of loans often come with lower interest rates and fees. According to the Mozo database, the current secured variable rate averages sit at 9.04% (not including car-specific loans) and 7.62% (including car-specific loans). However, it’s important to bear in mind that providers of secured loans are able to seize your assets if you default on your loan.On the flip side, if you don’t have assets to secure against your loan, or you don’t want to put up your car or home as collateral, you could opt for an unsecured personal loan. You might use this type of loan to fund something like a home renovation or to cover an outstanding medical bill. While borrowers aren’t required to risk their assets against the loan, unsecured loans often have higher fees and interest rates attached to them. For example, at the moment the average variable unsecured personal loan rate on the Mozo database is 10.75%. What secured and unsecured personal loans are on the market at the moment? Check out these competitive options below.

Read More