An Abbey loan allows you to borrow between £1,000 and £25,000, with fixed interest repayments over 1 to 10 years. Abbey charges no set-up or arrangement fees on its loans, and offers an optional payment protection plan to insure your repayments against illness or unemployment.
The typical APR for an unsecured personal Abbey loan is 25.00%, dependent on your personal credit rating. As with any unsecured loan application, your history of borrowing will be considered to assess the risk you pose as a loan candidate. As more than 85% of personal loan applications are refused*, it is worth comparing your options within the market, to determine if an Abbey loan is your cheapest possible deal, and that you fit within the lending criteria before applying.
Credit applications affect your credit history, and if you have multiple unsuccessful applications on your record, your credit score may be significantly lowered. With the highest interest rates rising to very uncompetitive rates for higher-risk candidates with Abbey, if your credit history is less than perfect, your best option may be to seek secured loan providers. Offering collateral for a loan generally allows lenders to offer deals at more competitive interest rates, so complete the form on this page to compare lenders across the UK and speak to an independent loan expert for free advice on the best available deals for your personal circumstances. *Source: Totally Money data, April-July 2007