Personal loans in July 2026: compare total cost, not monthly payment
Where a link is marked *, it is a partner link — we receive commission at no extra cost to you. Links without a * earn us nothing. How we make money.
With Bank Rate held at 4.25%, unsecured loan APRs remain elevated. Soft-search eligibility checks show odds without hard footprints — but compare total interest over the full term and check for early repayment charges.
By Money Guide editorial team
Published:
Personal loans are regulated by the FCA. Advertised representative APRs apply to 51% of accepted applicants — your rate may be higher depending on credit history, income and loan amount.
Comparison sites use soft searches to show pre-approval odds. A hard search happens only when you apply. Multiple hard searches in a short window can affect scoring — use soft checks first.
Shorter terms mean higher monthly payments but less total interest. A £10,000 loan at 8% APR costs roughly £1,300 more in interest over five years than over three — always compare total payable, not just the monthly figure.
Early repayment charges apply on some fixed-rate loans. If you may clear debt early from a bonus or inheritance, check the small print before signing.
Consolidating credit card debt into one loan can cut interest if the APR is lower — but only if you stop spending on the cards. See our compare personal loans guide and loan repayment calculator.