Personal loans of the week

Published by Adam Williams on 31 July 2015.
Last updated on 16 November 2017

There are many reasons to take out a personal loan. You could be looking to do up the house, get a new car or consolidate existing debts.

While less flexible than credit cards, personal loans allow you to borrow, repaying a amount set each month for a fixed period of time. The interest rate you pay depends on how much you borrow and how creditworthy you are in the eyes of lenders.

Remember the advertised rates are representative, which means lenders only have to offer this rate to 51% of successful applicants. People with a poor credit score might be rejected or offered a loan at a higher rate. 

Each week we highlight our Moneywise Best Buys, which pick out the best personal loans available.

£2,500 over 24 months

Metro Bank Personal Loan 5.9%
This is the cheapest short-term loan at 5.9%, but borrowers must be existing customers. Borrowing £2,500 over two years costs £110.69 a month and borrowers will repay £2,657 in total. You can apply by telephone or in a Metro Bank branch, which are located across London and the South East of England.

Zopa Personal Loan 6.9%
If you’re not a Metro Bank customer, the best deal comes from Zopa. It charges 6.9% for a £2,500 loan over two years. Repayments are £111.82 a month, equivalent to £2,684 overall. This loan is only available online.

£15,000 over 60 months

M&S Bank Personal Loan 2.8%
Larger loan rates are also highly competitive, the best coming from M&S Bank. This will cost £268.20 per month, with £16,092 total payable over the term. This loan is available online, in branch and over the phone.

Sainsbury's Bank Personal Loan 2.8%
Sainsbury's Bank charges 2.8% representative to people borrowing £15,000 over five years. That’ll cost £268.20 per month and £16,092 over the life of the loan. Apply for this loan is online, in branch or over the phone.

How are Moneywise Best Buys selected?

We look across as much of the market as possible to find the best deals using industry data from Defaqto.

All our picks are nationally available - online, by post or by phone. We try and pick products that are available to both new and existing customers, but we’ll highlight some offers for existing customers if they’re much better than what else is on offer.

We select loans which charge the lowest APR - the annual percentage rate.

We reserve the right to use our discretion at all times.