Should I get a personal loan?
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In short: A personal loan can be cheaper than credit card debt for planned purchases or consolidation if you qualify for a low APR and can afford fixed repayments — but it is a poor choice for everyday spending or if you may struggle to pay.
Last reviewed:
Reviewed by Kaiser Khan
Compare representative APRs using eligibility soft searches. Check total cost over the full term, not just monthly payment.
Consolidating cards only works if you stop using the cards. Secured loans put your home at risk.
See our personal loan eligibility guide and loan repayment calculator before applying.
Primary source: gov.uk/consumer-protection-rights/loans
Part of our Banking & current accounts
This quick answer sits inside our wider banking & current accounts hub — with sub-guides, calculators and step-by-step explainers on the same topic.
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