Latest loan deals

The country is suffering from a surfeit of debt, and not everyone can cope very easily. Five interest rate rises in a year have taken mortgages up and up and many people are struggling with their finances. A lot of attention has been focused on mortgages and the various deals that are available. Many seemingly good headline deals high large booking or arrangement fees and the redemption penalties can be severe. In the meantime loans have not been as badly affected as mortgages, and can now seem a good alternative where previously mortgage loans provided the easiest and cheapest money. The advantage of a loan is it is a shorter-term, a lesser amount and very few have awkward fees to circumnavigate. They are a straightforward way of borrowing money for a shortish period. Here are some of the latest deals.

The Moneyback Bank Personal Loan has a minimum age of 21 years, but no minimum income restriction. There is no arrangement fee and the early redemption penalty is applicable for only a month. You are not allowed to take repayment breaks. The loan allows for debt consolidation and joint applications. If you take out payment protection, you will receive a moneyback payment each year for the life of the loan. For example, a loan of £3,000 to £5,000 will give you back £10. The next level is up to £10,000 for a return of £20. Then it’s £30 for a loan up to £15,000, and finally for a loan up to £20,000 the money back is £40. The moneyback payment will be paid on the anniversary of the loan into the account from which your monthly Direct Debit is taken. Moneyback will be paid each year providing you have not cancelled or claimed on the loan protection and have not missed a monthly payment on your loan. Moneyback will only be paid for each complete year that the loan and loan protection policy is held (no pro rata payments will be made). The loan period can be from 12 months to 60 months. For loans to £4,999 the APR is 6.8%, and for loans above that the APR is 6.3%. For an example loan of £5,000 over three years the monthly repayments would be £152.79, giving a total repayment of £5,500.45.

Your Personal Loan is available to home owners only, and only to people of 21 years or older. There is no minimum income restriction. There is no arrangement fee and the early redemption penalty is applicable for only a month. You are not allowed to take repayment breaks. The loan allows for debt consolidation and joint applications. There are no incentives on offer. The loan period can be from 12 months to 84 months. The APR is 6.3%. For an example loan of £5,000 over three years the monthly repayments would be £152.79, giving a total repayment of £5,500.45.

The GE Money Everyday Loan is available only to people of 24 years or older. There is no minimum income restriction. There is no arrangement fee and the early redemption penalty is only applicable in the first month. You are not allowed to take repayment breaks. The loan allows for debt consolidation, but not joint applications. There are no incentives on offer. The loan period can be from 12 months to 84 months. Loans can range from £3,000 to £25,0000 at an APR is 6.9%. For an example loan of £5,000 over three years the monthly repayments would be £154.15, giving a total repayment of £5,549.65.

The Northern Rock Personal Loan is available only to people of 21 years or older. There is no minimum income restriction. There is no arrangement fee and no early redemption penalty. You are not allowed to take repayment breaks. The loan allows for debt consolidation and joint applications. There are no incentives on offer. The loan period can be from 12 months to 120 months. Loans can range from £1,000 to £25,0000 at an APR is 7.4%. For an example loan of £5,000 over three years the monthly repayments would be £155.30, giving a total repayment of £5,590.86.

The Alliance & Leicester Personal Loan is available to people of 18 years or older. There is no minimum income restriction. There is no arrangement fee and the early redemption penalty is only applicable in the first month. You are not allowed to take repayment breaks. The loan allows for debt consolidation and joint applications. There are no incentives on offer. The loan period can be from 12 months to 60 months. Loans up to £2,499 have an APR of 18.9%. Loans then to £4,999 have an APR of 14.9%. Up to £7,499 the APR is 7.9%, and from £7,500 to £20,000 the APR is 6.4%. For an example loan of £5,000 over three years the monthly repayments would be £156.45, giving a total repayment of £5,632.25.