Borrow what you need, with repayments you can plan around.
- Advice from real people
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What is a personal loan?
A personal loan is a fixed sum borrowed from a lender and repaid, with interest, in regular monthly instalments over an agreed term.
It is unsecured, which means it is not tied to your home or other assets. The lenders Morrow works with do ask that applicants are homeowners — that is a condition of eligibility, not security for the loan.
People use personal loans for home improvements, a car or other major purchase, life events, unexpected costs and to consolidate existing borrowing.
Morrow is a broker, not a lender. We compare personal loan options from across the market and explain the rate, the fees and the total cost before you decide.
What are you looking to do?
A personal loan can be used for a range of purposes. Start with what you’re trying to achieve.
I want to improve my home
A new kitchen, an extension or energy-efficiency upgrades. A personal loan can fund the work without being secured on your home.
I want to consolidate existing debts
Bringing several balances into one fixed monthly repayment can make budgeting simpler. It can also extend how long you are repaying and increase the total interest paid, so it needs weighing up.
Read our guide to second charge vs personal loansI’m making a major purchase
A car, new technology or a purchase you have been planning, with the cost spread over an agreed term.
I’m funding a life event
Weddings, education and family milestones, with a repayment you know from the start.
I need to cover an unexpected cost
From a boiler that has failed to an urgent repair, a personal loan can cover the cost quickly with fixed repayments.
I’d rather not secure borrowing on my home
A personal loan is unsecured, so your property is not used as security for it. The lenders we work with do ask that you are a homeowner.
How much could you borrow?
There is no single figure. Personal loans arranged through Morrow usually range from a few thousand pounds up to around £25,000, repaid over one to seven years, depending on the lender and your circumstances.
Lenders must check that the repayments are affordable for you, and different lenders assess the same application differently — which is where comparing the market earns its keep.
A lender may consider:
- Your income and regular outgoings
- Existing loans and credit commitments
- Your credit history
- The amount you want to borrow
- The repayment term
- The lender’s own criteria
Want to talk it through?
Call our friendly team on 0800 888 6500 for free, no-obligation advice or start online with our calculator.
Things to consider before you borrow
A personal loan is a commitment for the whole term. These are the things worth understanding first:
Fixed monthly repayments
Most personal loans have a fixed rate, so the repayment stays the same for the whole term and is easy to budget for.
Total cost, not just the rate
A longer term lowers the monthly repayment but usually increases the total interest paid. Compare the total amount repayable, not the headline rate alone.
Fees and early repayment
Some lenders charge arrangement fees, and repaying early may carry a charge. We will show you these before you decide.
Your credit file
A loan application is recorded on your credit file, and missed repayments can affect your ability to borrow in future.
Consolidating debt
Combining borrowing into one loan can simplify repayments, but it can extend the repayment period and increase the total interest paid.
Affordability
Lenders must check the loan is affordable for you. Being open about your income and commitments from the start helps us find the right options.
What if your circumstances are less straightforward?
Lenders differ, and so do the people applying.
My credit history isn’t perfect
A stronger credit score usually means better rates, but there are lenders who consider applicants whose history isn’t spotless.
Read our guide to personal loansI’m self-employed
Lenders may look at your income differently if you are self-employed, a contractor or have several sources of income.
Read our guide to how income is calculatedI’m not sure a personal loan is the right route
For larger amounts or longer terms, borrowing secured on your home may be an alternative worth comparing.
Read our guide to second charge vs personal loansGuides and insights
A personal loan should fit your budget, not stretch it.
The cheapest-looking loan is not always the right one. Morrow helps you see the whole picture before you commit.
Compare the whole market
We search across lenders rather than offering one product, so you see options a single bank cannot show you.
Clear about the total cost
Rate, fees, term and the total amount repayable, explained side by side before you decide.
Options if your history isn’t perfect
Some lenders consider applicants a high-street bank would turn away. We will tell you honestly what is realistic.
Support from enquiry to funds
A real person to talk to, from the first question through to the money arriving.