Personal loans are available from many different sources. Your bank will no doubt be offering you special rates on a personal loan by sending you regular offers through the post. Just because these rates are special to your bank, doesn't mean they are the most competitive available. As you pay for your goods at the supermarket checkout you've probably noticed their personal loan offers and there are usually several pages of offers in most newspapers and popular lifestyle magazines. So you can see that it's not only banks that provide loans.

By looking around you'll see a big spread of interest rates offered and you may wonder why one company can offer a £5000 loan at 6% and another wants to charge 12% for a loan that looks identical. Well the interest rate a lender will charge for a loan is largely based on the risk involved in lending you the money. If you are a regular high earner, own your own home and have a very clean credit record then you are likely to be offered a lower rate of interest than someone who earns less money, is a tenant or perhaps has had some financial problems in the past.

If you apply for your loan through a broker, then they will act on your behalf to find a competitive deal appropriate to your circumstances. The brokers we partner with on ReviewLoans.co.uk are all very experienced and have access to hundreds of different loans plans, so you can be sure that they will be able to find you a loan if you are eligible for one.

When personal loan companies advertise they are required by law to state their typical rate of interest - this doesn't mean that your loan will be provided at that rate - in fact it's more than likely that most of the loans that company provides will be at or below the stated typical rate. However if the rate is particularly low, it could also mean that many of the people who apply to that company are turned down and they are only offering loans to people who qualify for the best deals.