A personal loan is a great financial tool that helps you raise the funds for your financial necessities. In this article, discover detailed insights about personal loans in London.
London is one of the most expensive cities in the world – but it’s still an amazing place to live and work. Because it’s so expensive, Londoners are making ever more use of personal loans to help them overcome temporary cash flow problems caused by unexpected bills. In fact, we Londoners take out more payday loans and short-term loans than our fellow countrymen and women in different regions of the UK.
In this article, LoanTube considers:
- the current personal loan market in the UK
- unsecured loans in London
- how to find affordable same day loans in London
Personal Loans in the UK
Maximise your options: Compare and apply for loans below with LoanTube
Apply Filters
Loan Amount
£4000 -
£20000
Norwich Trust
Loan Term
1 -
10 years
4.8/5
Representative APR
31.90%
Minimum Age
21 Years
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
4.8/5
Norwich Trust
Loan Amount
£4000 -
£20000
Loan Term
1 -
10 years
Representative APR
31.90%
Minimum Age
21 Years
Minimum Income
£2000 per month
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
Loan Amount
£5000 -
£100000
Evolution Money Loans
Loan Term
1 -
20 years
4.5/5
Representative APR
28.96%
Minimum Age
18 years
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
4.5/5
Evolution Money Loans
Loan Amount
£5000 -
£100000
Loan Term
1 -
20 years
Representative APR
28.96%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
Loan Amount
£1000 -
£10000
1Plus1 Guarantor Loans
Loan Term
1 -
5 years
4.4/5
Representative APR
39.90%
Minimum Age
18 years
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
4.4/5
1Plus1 Guarantor Loans
Loan Amount
£1000 -
£10000
Loan Term
1 -
5 years
Representative APR
39.90%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
There are different types of personal loan available for London and UK citizens. It’s hard to remember a time when there have been so many lenders competing for business. And, whenever there’s competition, it’s also the consumer or the borrower who wins.
LoanTube specialises in brokering unsecured personal loans – we work with a large panel of lenders who don’t require you to put up your home, your car, or anything else as collateral for taking out a loan. Although you should never take out a loan if you’re not 100% sure how you’re going to be able to pay it back. You have the peace of mind knowing that, should the worst happen and should you not be able to repay a loan, your home will not be at risk.
We offer Londoners standard personal loans – you can borrow between £1,000 and £35,000 for a period of up to seven years. We work with lenders who are happy to lend money to borrowers with good credit histories and credit histories which are not perfect. To know what a Personal loan in the UK can be used for, click here.
For borrowers with a poor credit history or who have little information recorded on their credit file, we have another panel of lenders specialising in High Cost Short Term Credit Loans (HCSTC) – payday loans and short-term loans lasting up to twelve months.
For London residents who only need a small amount of cash (£100 to £1,000) for a few days and who can pay a loan back in full in the coming weeks, it may be worth finding out whether a payday loan is right for you.
For Londoners wanting to borrow slightly larger sums (£1,000 to £35,000) and who would like to be able to pay the loan back over a period of up to 7 years, it may be worth finding out about their suitability for your situation.
With HCSTC, there is additional government protection for borrowers, the main protections being:
- you will never be charged more than 80p per day interest for every £100 you borrow
- you will never pay more than £15 on default fees if you miss a payment
- added together, you will never pay more in interest and fees than the original amount of money you borrowed on your loan
London is one of the biggest markets in the UK for HCSTC borrowers so how much do Londoners borrow? The LoanTube team did some research and we found out – see the results below.
Unsecured Loans in London
Although the figures were incomplete, ThisIsMoney journalist Will Kirkman published figures produced under a Freedom of Information Act to the Financial Conduct Authority about HCSTC borrowing in the UK and London. The following figures were produced for London:
| London district | Number of loans | Average loan | Fees & interest paid | Loan per capita | Total value of loans |
| Ilford | 23,946 | £301.73 | £4,696,223 | £21.52 | £7,224,959 |
| Harrow | 33,299 | £285.29 | £6,174,894 | £19.76 | £9,499,837 |
| Croydon | 42,639 | £277.01 | £7,677,548 | £29.15 | £11,811,613 |
| Enfield | 26,786 | £272.64 | £4,746,921 | £21.18 | £7,302,956 |
| Romford | 55,299 | £271.66 | £9,764,687 | £29.04 | £15,022,596 |
| Twickenham | 42,770 | £271.62 | £7,551,130 | £23.62 | £11,617,123 |
| Sutton | 19,260 | £271.14 | £3,394,255 | £24.05 | £5,221,931 |
| Kingston upon Thames | 32,319 | £270.86 | £5,689,963 | £16.53 | £8,753,789 |
| Southall | 35,730 | £270.54 | £6,283,129 | £26.03 | £9,666,353 |
| Bromley | 23,998 | £264.83 | £4,130,891 | £21.24 | £6,355,217 |
Same Day Personal Loans, London, and LoanTube
LoanTube can help Londoners in every district find the unsecured personal loans they need – Barking and Dagenham, Barnet, Bexley, Brent, Bromley, Camden, City of London, Croydon, Ealing, Enfield, Greenwich, Hackney, Hammersmith and Fulham, Haringey, Harrow, Havering, Hillingdon, Hounslow, Islington, Kensington and Chelsea, Kingston-Upon-Thames, Lambeth, Lewisham, Merton, Newham, Redbridge, Richmond-upon-Thames, Southwark, Sutton, Tower Hamlets, Waltham Forest, Wandsworth, and Westminster. LoanTube is the Loans for the London team.
We’re committed to helping the people of London access the finance they need at affordable rates. All you need to do to get started is to fill in the application form on our site. Once we have your details, we’ll submit your details and your credit report to the lenders most likely to want to work with you. Within seconds, we’ll have their answers back. Assuming that we get one or more approvals from our lenders, we’ll then present you with a deal we’ve found.
We’ll explain everything about your loan offer – the rate of interest, the size of your monthly repayments, the total amount of interest you have to pay over the course of the loan, and any default fees. If you’re happy with that, we recommend that you read and understand the lender’s terms and conditions to make sure that you’re happy with them. If you are, you can enter the agreement with your lender via our website. Depending on the lender and on your bank, the money may be with you in less than an hour.
Start your application by clicking here.
