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£1,000 to £2.5m

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We found 7 loans for £10,000 over 5 years

Min-max loan: £7,500 - £24,999
Cost: £217.5 per month
Term: 1 - 7 years
APR: 6.1%
£7,500 - £24,999
£217.5 per month
1 - 7 years
more info

Representative Example: The representative APR is 6.1% so if you borrow £10,000 over 5 years at a rate of 6.1% (fixed) you will repay £217.5 per month & total amount payable £13,050.


Min-max loan: £7,500 - £15,000
Cost: £218.33 per month
Term: 1 - 7 years
APR: 6.2%
£7,500 - £15,000
£218.33 per month
1 - 7 years
more info

Representative Example: The representative APR is 6.2% so if you borrow £10,000 over 5 years at a rate of 6.2% (fixed) you will repay £218.33 per month & total amount payable £13,100.


Min-max loan: £7,500 - £15,000
Cost: £219.17 per month
Term: 1 - 5 years
APR: 6.3%
£7,500 - £15,000
£219.17 per month
1 - 5 years
more info

Representative Example: The representative APR is 6.3% so if you borrow £10,000 over 5 years at a rate of 6.3% (fixed) you will repay £219.17 per month & total amount payable £13,150.


Min-max loan: £10,000 - £500,000
Cost: £221.67 per month
Term: 3 - 25 years
APR: 6.6%
£10,000 - £500,000
£221.67 per month
3 - 25 years
more info Call now0800 0848 029

Representative APRC: 6.6%


Min-max loan: £7,500 - £14,950
Cost: £221.67 per month
Term: 1 - 8 years
APR: 6.6%
£7,500 - £14,950
£221.67 per month
1 - 8 years
more info

Representative Example: The representative APR is 6.6% so if you borrow £10,000 over 5 years at a rate of 6.6% (fixed) you will repay £221.67 per month & total amount payable £13,300.

PERSONAL LOAN - To apply, you must be an existing NatWest Group current account customer for at least 3 months

Min-max loan: £7,500 - £350,000
Cost: £223.83 per month
Term: 3 - 30 years
APR: 6.86%
£7,500 - £350,000
£223.83 per month
3 - 30 years
more info Call now0800 0848 029

Representative APRC: 9.2%


Min-max loan: £10,000 - £500,000
Cost: £234.08 per month
Term: 3 - 30 years
APR: 8.09%
£10,000 - £500,000
£234.08 per month
3 - 30 years
more info Call now0800 0848 029

Representative APRC: 10.8%



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Credit Card or Loan

When it comes to managing our day-to-day expenses, credit cards and loans are two popular options that can offer us the flexibility to access cash when it’s most needed.  

But choosing between a credit card and a loan can be a daunting mission.  

Both options come with their own set of advantages and considerations to bear in mind. 

Understanding the key differences between these borrowing options and weighing the pros and cons is vital to ensure sound financial planning which aligns with your financial goals.  

Whether you're looking to consolidate debt you’re carrying, make a milestone purchase, or fund a significant life event, it's important to make an informed choice which will benefit both your current and future circumstances. 

In this article, we’ll delve into the intricacies of credit cards and loans, examining the features, exclusive benefits, and potential pitfalls of using each product.  

What is a credit card? 

Whilst we’ve all heard of credit cards, sometimes their specific characteristics are difficult to pin down. Let’s clear up what they are! 

  • Credit cards are financial tools used by millions of people across the UK.  

  • They allow you to make purchases using money you’re being lent, up to a pre-approved amount. 

  • Generally, they’re issued by banks, financial institutions, and credit card companies.  

  • When making use of a credit card, you can buy things at various merchants or online stores in the same way you’d use a debit card.  

  • The credit card issuer pays the store on your behalf, and you’re then responsible for repaying the borrowed amount to the provider of your card. Nice and simple! 

  • Credit cards are a popular tool for a reason. They offer several benefits that make using them an attractive prospect.  

  • Foremostly, they are widely accepted as a method of payment, enabling you to make purchases both at home and in other countries.  

  • Credit cards also offer a generous grace period in most cases, usually sitting around 20-30 days, during which time no interest is charged if the outstanding balance is paid off in full.  

  • This feature can be a great way to effectively manage cash flow and cover any short-term expenses which may crop up on a monthly basis. 

  • Credit cards also come with extensive reward programs in a lot of cases, such as cashback initiatives, travel rewards, or discounts in-store at national and international retailers. 

  • This provides additional incentives for you to use the card and manage your account efficiently.  

  • Whilst the benefits are seemingly boundless, it's important to note that credit cards also have potential drawbacks depending on how you use then.  

  • If you carry a credit balance from month to month, high interest rates can apply in a lot of cases making credit cards and expensive method of borrowing. 

  • Additionally, credit cards can tempt you to overspend. This can potentially mean users can fall into a cycle of debt if you don’t manage your use of the card responsibly. 

Understanding the terms and conditions of any credit card you take out including the relevant interest rates, any annual fees which apply, and any penalties which may be charged, is essential to make informed decisions and manage your credit utilisation responsibly. 

Is it cheaper to use a credit card or a personal loan? 

Figuring out whether it’s cheaper to use a credit card or a personal loan depends on a few factors, as a lot of credit product eligibility is tied to your past financial behaviour and credit profile. 

The specific terms and conditions attached to every financial product, your creditworthiness, the amount of cash you’re looking to borrow, and your repayment ability all come into the equation when calculating how much it’ll be to borrow under each credit arrangement. 

Interest Rates 

It may surprise you to know that personal loans usually have lower interest rates when compared to credit cards.  

Personal loan interest rates are generally fixed, which means it’s nice and easy to keep track of how much you’ll be paying and may vary based on factors such as your credit score, income, and loan duration.  

On the other hand, credit card interest rates tend to be higher and can fluctuate based on market conditions or your payment history. 

However, if you repay your credit card balance on time each month, you may not need to pay any interest on what you borrow. It all depends on your spending and borrowing.  

Repayment Period 

Personal loans usually come equipped with a fixed repayment period.  

This can be a great feature as it allows you to plan your budget closely and make regular fixed payments over a clear timeframe.  

Credit cards, on the other hand, offer more flexibility in terms of repayment. And this can be a more attractive benefit for some people.  

While you have the option to pay the minimum amount due, carrying a balance and only making minimum payments can result in substantial interest charges over time. 

Fees and Charges  

Both credit cards and personal loans may come with associated fees and charges as part of the overall price.  

Credit cards often carry annual fees, late payment penalties, cash advance fees, and balance transfer costs.  

In a similar fashion, personal loans sometimes have origination fees or prepayment penalties attached to them.  

As the specific fees can vary depending on the lender, it's vital to carefully review and compare any fees outlined by the lender you choose to determine the overall cost of your intended borrowing. 

Borrowing Amount 

If you require a large sum of cash from a lender, a personal loan might be more suitable to your needs. 

This is because credit cards tend to have lower credit limits available, even though the amount technically renews each time you pay it back.  

Personal loans are, however, designed for larger one-time expenses which you may face at a few points in life. The purpose of these loans can be home remodels, wedding costs, or even debt consolidation in some cases.  

Credit cards are therefore much better suited for smaller, short-term purchases or managing those day-to-day expenses which don’t set you back all that much. 

Credit Score Impact 

It’s important to remember that making a lot of use of credit cards, as well as carrying high balances on them, can negatively impact your credit score if you’re not careful.  

But using them responsibly and repaying your monthly balance on time each month can actually boost your score. 

In the same way, personal loans, when managed responsibly that is, can have a positive effect on your credit score.  

This is because they demonstrate your ability to handle the category of loans called ‘instalment’ products, where you pay the loan back in – you guessed it – instalments. 

But likewise, if you fall behind on your repayments it can negatively affect your credit score too. 

It’s worth bearing this in mind before you take the plunge on either product!  

Poor credit score: is it easier to get a credit card or personal loan? 

If you have a low credit score, it might be easier to obtain a credit card instead of a personal loan... 

If your credit score is on the lower side, it can unfortunately be more challenging to qualify for both a credit card and a personal loan than your highly scored counterparts.  

However, do not fret, there may well be specific options available to you depending on the lending institution you go for as well as their individual criteria. 

Credit Cards 

Some credit card companies operating on the market offer products specifically designed for those with less-than-perfect credit scores, or even limited credit history. 

Sometimes, these offerings come in the form of "secured" credit cards.  

Essentially, this means you’ll be required to offer a security deposit which acts as collateral for the credit limit you are given.  

Whilst offering the obvious benefit of some extra cash if you’re in need, secured credit cards can also be a useful tool to rebuild your credit whislt using the card.  

You can do this by making all payments on time and demonstrating responsible credit usage.  

Over time, as your credit score reaches new heights, you might then become eligible for unsecured credit cards which can offer you better terms and higher credit limits to boot. 

Personal Loans 

Personal loans almost always require a credit check.  

As a result of this, lenders may be less willing to approve you for a loan if you have a poor credit score.  

However, some lenders out there specialise in offering personal loans to those with credit scores sitting at the lower end.  

These loans are often called "bad credit loans" or "credit-builder loans" in some cases.  

Yes, they may come with higher interest rates and stricter terms due to the increased risk that comes with lending to those with poor credit, however, they can help you on your way to boosting your credit score in the long run.  

As with any loan, it's vital to carefully look over the terms, any associated fees, and the interest rates of these loans before you sign on the dotted line.  

This will help you to ensure that you’ll be able to comfortably afford the monthly payments before you officially commit. 

Before you scurry off to check out your options, it's worth noting that rebuilding your credit takes a bit of time and effort.  

Making consistent, prompt payments, reducing your overall level of debt, and improving your behaviour surrounding credit utilisation can all work together to gradually improve your credit score.  

Perhaps you could consider seeking advice from a reputable financial advisor to develop a great, easy-to-follow strategy for improving your credit record over time. 

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  • 2
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  • 3
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  • 5
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