Personal loans
Compare unsecured personal loans
With our partner, ClearScore, you can find out what loans you could be eligible for. ClearScore are a credit broker, not a lender. Together we give you access to a panel of loan providers.
What is an unsecured personal loan?
If you see a personal loan, an unsecured loan or unsecured personal loan, they all mean the same thing. It is a type of loan suitable for people who cannot or do not want to tie the loan to their home. You can borrow between £1,000 and £25,000 over 1 to 7 years, depending on your personal circumstances.
Since this loan is not secured on your home, you cannot lose your home if you miss repayments like with secured loans. Missed payments can still affect your credit score, and may lead to legal action. As lenders face more risk, you can usually borrow less than with secured loans. Also, interest rates may be higher. Many people take out unsecured loans to consolidate existing debts and for home improvements.
Application process
How getting loan works with our partner Clearscore:
- Eligibility check: fill in the online form and Clearscore will run an eligibility and soft credit check. This will not affect your credit score.
- Loan options: if you pass, you will see a list of loans showing how much you could borrow and the costs.
- Payment: if you get approved for a loan, the money will be sent directly to your account. For unsecured loans this is normally on the same day you apply.
Reasons to choose
Quick and easy
Money could be in your account in 24 hours, dependent on the outcome of your loan lender application.
No impact on credit score
With a soft eligibility check it will not impact your credit score when comparing loans.
Borrow up to £25,000
Loan amounts from £1,000 to £25,000, dependent on your personal circumstances.
Choose your repayment terms
Loan terms from 1 to 7 years, dependent on your personal circumstances.
Compare your options
Multiple loan offers tailored to you, subject to lender's affordability assessment.
Fixed monthly payments
Know what you are paying each month.
Types of loans you could apply for
Co-op Member Prices
Co-op Members could get exclusive rates on unsecured loans from selected lenders. Discounted rates depend on your circumstances and the eligibility criteria. Secured loans are not included. Members also get:
- lower prices in our food stores and online
- personalised offers every week
- access to presale tickets for Co-op Live, the UK's biggest arena
- a say in how Co-op is run
If you’re not yet a Co-op Member, you can sign up using the ‘Become a member’ button. This will include a one-off £1 joining fee.
Loan terminology
You can watch our video or keep reading to learn more about the terminology used when talking about loans.
Annual Percentage Rate (APR)
The Annual Percentage Rate, or APR, includes both the interest rate and any fees over the year. This gives you the overall cost of borrowing, making it easier to compare different loans.
Representative APR
Representative APR is the rate lenders use to give you an idea of the APR most people get with their loan. It is calculated from the APR that 51% of accepted borrowers receive, or lower. However, it's important to note that not everyone will get this rate.
Personal APR
Personal APR is the APR offered to you based on your personal circumstances and credit history. Your Personal APR might be higher or lower than the Representative APR. As this depends on your financial situation, loan amount and loan terms.
Annual Percentage Rate of Charge (APRC)
The Annual Percentage Rate of Charge or APRC is the total cost of a secured loan over its entire term shown as an annual percentage. The APRC is provided to help you compare different offers.
Interest rate
An interest rate is the cost of borrowing money and is shown as a percentage of the amount you borrow.
Secured loan
A secured loan is a type of loan where you use something valuable, like your house, to help get the money. If you do not pay the loan back, the lender can take that item. This makes the loan safer for the lender, so they might let you borrow more money or charge less interest.
Unsecured personal loan
An unsecured personal loan means if you miss payments you are unlikely to lose your assets, like your home or your car. If you do miss payments this will affect your credit score.
Understanding the costs of loans
Representative example for unsecured loans
Unsecured personal loans from Co-op have a representative APR of 23.8% (fixed). For example, borrowing £7,500 at a fixed annual interest rate of 23.8% over 5 years means you will pay £214.89 each month. In total, you would repay £12,893.40.
Debt advice
Consolidating your debts could help you take control of your money. Depending on the interest rate and how long you take to repay, you could end up paying more in total. Think about the overall cost when making your decision.
There are many debt management support services and advice lines who can help you for free. Gov.uk has a list of services where you can get help in person, over the phone or online.
They can help you with your finances and spending habits by giving you independent advice on dealing with debt problems and debt management.
Existing customers
If you are one of our existing customers we are here to help.
For secured loans Co-op Insurance Services Limited acts as an introducer to Clearscore. We are not the mortgage intermediary or lender. Co-op Insurance receives commission from ClearScore if you take out a secured loan. The amount of commission is a percentage of the overall amount you borrow.
For unsecured loans Co-op Insurance Services Limited acts as a Credit Broker not a Lender. If you take out an unsecured loan or are introduced to a third-party provider, we will receive a fixed percentage commission from Aro.
This will not impact the amount you pay back. Lenders terms and conditions apply. UK residents 18 and over.