Personal loans
"Personal loan" covers almost any borrowing for personal use, from a bank loan over five years to what we write. It is the broadest name on this list, so it is also the least precise.
A category, not a product
A personal loan is any credit advanced to you as an individual rather than for a business, and not secured against a house. That covers an enormous range: term, amount, whether the loan is secured against a car, and price all vary far more within the category than between it and its neighbours. Two things both correctly called personal loans can differ by a factor of ten in cost.
Where we sit in it
Our medium amount loan is a personal loan in this sense: unsecured, for personal use, repaid in instalments. It sits at the small, short end of the category. A bank or credit union lending a larger amount over several years will almost always be cheaper, and is worth trying first if you qualify and can wait for a decision.
Comparing like with like
Because the category is so wide, compare the total you will repay and the length of the term rather than any single rate or fee. A longer term lowers each repayment and raises the total. The full fee schedule and a worked example for both of our contracts are on the loan types page.
The contract behind this name
Medium amount loan
A larger amount with a flat establishment fee and interest, repaid over a longer term.
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