07 Nov 2024

Best personal loan rates 2024

Find the cheapest deals on £5,000, £10,000, £15,000 and £25,000 unsecured personal loans

Grace WitherdenSenior writer

Sam Wilson

In this article

If you want to borrow a lump sum of money to help pay for a new car or home improvements, an unsecured personal loan might be a suitable option.

Typically personal loans allow you to borrow from £1,000 up to £50,000 over periods of one to 10 years.

Here, we reveal which loan providers are offering the best rates on borrowing £5,000, £10,000, £15,000 and £25,000.

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Best £5,000 loans over three years

The table shows the best deals available for a £5,000 loan paid back over three years.

Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms and conditions of a personal loan provider before committing to any financial products.


Santander	7.2%	£154.32	£5,556	The table shows the monthly repayment and total cost of a £5,000 loan taken out over three years at a fixed rate of 7.2% APR representative.
Tesco Bank (available to Clubcard holders)	7.2%	£154.32	£5,556	The table shows the monthly repayment and total cost of a £5,000 loan taken out over three years at a fixed rate of 7.2% APR representative.
M&S Bank	7.4%	£154.75	£5,571	The table shows the monthly repayment and total cost of a £5,000 loan taken out over three years at a fixed rate of 7.4% APR representative.
Novuna Personal Finance	7.8%	£155.61	£5,602	The table shows the monthly repayment and total cost of a £5,000 loan taken out over three years at a fixed rate of 7.8% APR representative.
Tesco Bank	7.9%	£155.82	£5,610	The table shows the monthly repayment and total cost of a £5,000 loan taken out over three years at a fixed rate of 7.9% APR representative.

Table notes: table last updated 7 November 2024. The table shows the monthly repayment and total cost of a £5,000 loan taken out over three years. The total amount payable is rounded to the nearest pound. Please check the provider website for the precise amount. *APR is subject to change based on individual circumstances and the representative APR may not be what you receive.

Best £10,000 loans over five years

The table shows the best deals for personal loans of £10,000 paid back over five years.


Tesco Bank (available to Clubcard holders)	6.1%	£193.03	£11,582	The table shows the monthly repayment and total cost of a £10,000 loan taken out over five years at a fixed rate of 6.1% APR representative.
M&S Bank	6.2%	£193.47	£11,608	The table shows the monthly repayment and total cost of a £10,000 loan taken out over five years at a fixed rate of 6.2% APR representative.
Santander	6.2%	£193.47	£11,608	The table shows the monthly repayment and total cost of a £10,000 loan taken out over five years at a fixed rate of 6.2% APR representative.
TSB	6.2%	£193.47	£11,608	The table shows the monthly repayment and total cost of a £10,000 loan taken out over five years at a fixed rate of 6.2% APR representative.
Tesco Bank	6.5%	£194.79	£11,687	The table shows the monthly repayment and total cost of a £10,000 loan taken out over five years at a fixed rate of 6.5% APR representative.

Table notes: table last updated 7 November 2024. The table shows the monthly repayment and total cost of a £10,000 loan taken out over five years. The total amount payable is rounded to the nearest pound. Please check the provider website for the precise amount. *APR is subject to change based on individual circumstances and the representative APR may not be what you receive.

Best £15,000 loans over five years

The table below shows the best deals for personal loans of £15,000, paid back over five years.


Tesco Bank (available to Clubcard holders)	6.1%	£289.55	£17,373	The table shows the monthly repayment and total cost of a £15,000 loan taken out over five years at a fixed rate of 6.1% APR representative.
M&S Bank	6.2%	£290.20	£17,412	The table shows the monthly repayment and total cost of a £15,000 loan taken out over five years at a fixed rate of 6.2% APR representative.
Santander	6.2%	£290.20	£17,412	The table shows the monthly repayment and total cost of a £15,000 loan taken out over five years at a fixed rate of 6.2% APR representative.
TSB	6.2%	£290.20	£17,412	The table shows the monthly repayment and total cost of a £15,000 loan taken out over five years at a fixed rate of 6.2% APR representative.
Tesco Bank	6.5%	£292.19	£17,531	The table shows the monthly repayment and total cost of a £15,000 loan taken out over five years at a fixed rate of 6.5% APR representative.

Table notes: table last updated 7 November 2024. The table shows the monthly repayment and total cost of a £15,000 loan taken out over five years. The total amount payable is rounded to the nearest pound. Please check the provider website for the precise amount. *APR is subject to change based on individual circumstances and the representative APR may not be what you receive.

£25,000 loans over five years

The table below shows the best deals for personal loans of £25,000, paid back over five years.


Tesco Bank (available to Clubcard holders)	6.1%	£482.58	£28,955	The table shows the monthly repayment and total cost of a £25,000 loan taken out over five years at a fixed rate of 6.1% APR representative.
TSB	6.2%	£483.67	£29,020	The table shows the monthly repayment and total cost of a £25,000 loan taken out over five years at a fixed rate of 6.2% APR representative.
Santander	6.4%	£485.88	£29,153	The table shows the monthly repayment and total cost of a £25,000 loan taken out over five years at a fixed rate of 6.4% APR representative.
Tesco Bank	6.5%	£486.98	£29,219	The table shows the monthly repayment and total cost of a £25,000 loan taken out over five years at a fixed rate of 6.5% APR representative.
Halifax	6.6%	£488.08	£29,285	The table shows the monthly repayment and total cost of a £25,000 loan taken out over five years at a fixed rate of 6.6% APR representative.

Table notes: table last updated 7 November 2024. The table shows the monthly repayment and total cost of a £25,000 loan taken out over five years. The total amount payable is rounded to the nearest pound. Please check the provider website for the precise amount. *APR is subject to change based on individual circumstances and the representative APR may not be what you receive.

How we choose the best rate personal loans

All the loan providers listed by Which? are signed up to the Lending Code, which sets the minimum standards for the way banks, building societies and other providers should treat their customers.

These loans are widely available across the UK, and consumers do not need to own any other financial products from an institution to qualify for them.

All of the loan providers featured in our tables use risk-based pricing to determine what interest rates their customers get. This means you might not end up with the same rate as the one you saw advertised, as the rate you get is based on your personal circumstances and credit history.

All of the loans included in our best tables include an early repayment charge. This is a charge applied if you repay your loan before the end of the term.

Find out more: personal loans explained

5 tips for borrowing with a personal loan

Here's what to check before committing to a loan.

Check your eligibility

An eligibility check will show how likely you are to get a loan, without leaving a mark on your report, and in some cases, it can tell you what size of loan you are likely to receive.

Borrow over the shortest period

You should aim to borrow over the shortest amount of time to reduce the interest you pay.

For example, borrowing £10,000 over five years at a rate of 5.8% will cost you £1,502 in interest. If you borrow the same amount over seven years, it would cost £2,131 in interest.

Check if borrowing more costs less

Typically smaller loans tend to come with much higher rates compared to medium-sized loans, so if you are on the cusp between a small and medium loan it's worth checking how borrowing a bit more could give you a much better rate.

Check for early repayment charges

Before committing to a loan check what early repayment charges it comes with.

These are fees (usually around one or two month’s interest) that apply if you pay off your loan before the end of the term.

Want to make your home more energy efficient? Use our free home energy planning service.

Check if a loan is the cheapest way to borrow

Even on the cheapest personal loans you will need to pay interest, so a cheaper way to borrow could be with a 0% purchase credit card.

These deals allow you to spend up to a certain credit limit interest-free for a set time. Currently, the best deals offer almost two years of interest-free spending. Just be aware that your credit limit will depend on your personal circumstances, and you may not find out what you will get until you apply.

These cards are only useful if you need to pay for services by card. If you need cash consider a 0% money transfer card instead. These cards let you shift money from your card (up to around 90% of your credit limit) to your current account to spend as cash (usually for a one-off fee of around 4%), interest-free for a set period.

Alternatively, if you only need to borrow a small amount, you could check if you can get a fee-free overdraft.

First Direct, a Which? Recommended Provider (WRP), offers £250, the largest fee-free buffer on a current account, however, if you exceed this buffer it charges 39.9% EAR.

Cumberland Building Society offers the cheapest overdraft rate at 14.99%, however, you must have held the account for six months before applying for an overdraft. Starling Bank, a WRP, is a close second with a rate of 15%, but the rate is only available if you have an excellent credit score.

Find out more: best bank accounts for overdrafts