Borrowing money online has become one of the most popular ways to get a personal loan in the UK. Advancements in technology and online banking continue to make it more and more easy for consumers to borrow money online instantly - providing a financial lifeline in emergency situations.
If you need to borrow money quickly, we can help. We offer a range of personal loan products, with options for bad credit available too. If approved, you could access a loan from £50 to £5,000† in as little as 10 minutes².
Whenever you borrow money online, it’s important to do so responsibly and ensure you are taking out a loan from a trustworthy provider. Here at ThisLender, all the online lenders we work with are authorised and regulated by the Financial Conduct Authority. This means, you can rest assured you’re borrowing money safely.
If this is your first time applying for an online loan, we’ve put together a small guide to help you with everything you need to know.
These days, borrowing money online couldn’t be simpler. In the UK, you can choose to take out a loan with a bank, an online lender, or a broker - like us! Generally speaking, consumer finance products are less easy to access online via banks, so the most popular options tend to be alternative finance providers.
The process is pretty straightforward - all you need to do is make an online application, and if a lender match is found, you will be presented with a no obligtion loan offer. Please read the loan terms and conditions carefully. Once you’ve signed the agreement, the loan will be sent into your UK bank account and you will be able to access the money via online banking.
If you’ve never taken out a personal loan before, it’s natural to wonder whether it’s safe to do so. Generally speaking, yes, online loans are safe. All consumers are protected when they borrow money online by the The Financial Conduct Authority. This leading financial services regulator exists to ensure that customers are being treated fairly, and all legitimate online lenders have strict lending rules and requirements that they are required to abide by.
The problem comes when people borrow money online from untrustworthy lenders. For this reason, it’s always important to carefully research your lender to ensure their legitimacy. You can do your due diligence and find out more about online lenders using the FCA’s Financial Services Register. This platform lists the activities that lenders have permission to engage in, so it’s a great way to avoid online scammers.
The best place to borrow money online depends largely on your financial situation, how much money you need and how quickly you want to receive it. The important thing to remember when choosing the best online loan option is to research, research, research! This will help you secure the best interest rates and repayment terms.
We understand that not everyone has the time to sift through online lender platforms, which is where ThisLender can help. As a broker, we work with a panel of direct UK lenders, so when you apply to borrow money online via our loan matching service, we do our best to find a suitable quote for your financial needs.
This bespoke service is a winner for many UK consumers looking to borrow money online quickly. Not only do you get immediate access to lenders, you also don’t have to worry about safety - because you know that everyone you’re dealing with is authorised.
Online lenders pride themselves on being able to approve and provide fast access to finance. Technology helps to speed the process up, as does making sure you have all your financial ducks in a row before applying.
There are lots of personal loan products specifically geared towards issuing quick cash. Our emergency loans are used to provide instant access to customers in financial emergencies - say your car breaks down, or you have an immediate bill to clear. There are also same day loans, providing payouts in just a few hours, sometimes within 10 minutes². The options are endless!
Top Tip: When you’re considering borrowing money online, it’s always good to check your credit file to understand what lenders will see when they analyse your application. Check your credit report for free with Experian.
No, you can’t. Whenever you borrow money online, you will be required to undergo a credit check as part of the application process. This is one of the regulations set out and enforced by the Financial Conduct Authority to ensure safety when borrowing money online, so you should never go ahead with a provider that skips this all important step.
Although you may be tempted to borrow money online with no credit check, it’s not a responsible way to take out a loan. The credit check forms an important part of a lender’s due diligence, helping them get a better picture of your financial situation and capability to take on debt.
Don’t worry though, even if you have bad credit, you can still borrow money online! Through ThisLender, you can access bad credit loans, as many of the lenders we work with are open to adverse credit, conducting various checks to focus on affordability rather than credit alone.
Technically speaking, no you can’t borrow money online on a no interest basis. All personal loans, secured or unsecured, will charge a form of interest. If you don’t want to have to pay interest on the money you borrow, there are other loan products you can consider. Some examples of interest-free online borrowing include:
Alternatively, a good way to borrow money without having to pay interest can be to borrow from friends and family members.
The repayment terms on online borrowing depend on a number of factors - including how much money you want to borrow and your financial situation. When you borrow money online using ThisLender, you can expect payment terms from 3 - 36 months.
Most of the time, you have the freedom and flexibility to choose how long you want to spend paying back the money you borrow. So, whether it’s a short -term 3 month loan, or you’re looking to borrow over a two year period - we can help!
Whenever you borrow money online, it’s important to weigh up the pros and cons before jumping in and making any decisions. While online loans offer a number of benefits to UK consumers, there are risks too. Please make sure you consider both factors prior to making an application.
Before applying for a loan, carefully consider whether you need to borrow money , and never take on debt that you aren’t confident you can repay.
If you are having financial difficulties or need to speak to someone regarding your financial situation before applying for a loan you can get free and confidential advice from MoneyHelper (formerly The Money Advice Service), National Debtline or debt charity StepChange.
Get your free loan quote today
Access from £50 to £5,000†APPLY NOW
Representative 49.9% APR
Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR - your no-obligation quote and APR will be based on your personal circumstances. The minimum repayment period for any loan will be 90 days from the date the loan is issued. The maximum repayment period is 3 years.
We are not a lender but a licensed credit broker in the UK
Types of Loans & Credit