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Get a Low Cost Loan Starting from 3% APR

Low cost loans are available for customers looking to borrow up to £100,000, with rates starting from as low as 3% APR. At All Purpose Loans, we offer a pre-approved loans decision, so you can get a real-time quote from a lender who is willing to accept your application and if you wish to proceed, you can usually receive funds within 24 hours. Simply use the apply button below to get started.


No credit check without your consent

Key features

Low cost loans are usually unsecured loans, so you are not required to put down anything valuable as collateral such as your home or vehicle and therefore you do not risk losing this if you cannot keep up with repayments. Your eligibility is based on your credit score, income and affordability.

  • Rates starting from 3% APR
  • Borrow £100 to £5,000
  • Repay over 1 to 5 years
  • Get a pre-approved quote
  • No damage to your credit score
  • No guarantor required

What information do you need to provide for a low cost loan?

When applying for a low cost loan with All Purpose Loans, you will need to provide some basic information including your name, address, marital status, current employment and monthly income. We only need these few details to run some initial checks and soft searches on your credit background – and we will be able to present a number of competitive rates and offers tailored to you.

How to get low cost loans

  • You should have a good credit score
  • Avoid having too much outstanding debt
  • Be employed and have a regular income
  • Repay your loan early

The best low cost loans are available to customers with good credit scores, because they have demonstrated a history of repaying loans and credit on time and are deemed a low risk by lenders. Therefore, individuals with bad credit scores will usually be subject to paying higher rates of interest, because they are considered a greater risk of default.

A good credit score is achieved by building up a credit history of loans, credit card bills, utility bills and phone bills paid off on time. You should also avoid having too much debt outstanding, because if you have lots of loans and huge credit card limits open, this will make the lender more cautious and perhaps charge you a higher rate of interest to manage the risk.

Your credit score can go up or down based on your credit performance and how well you pay off your credit obligations. So if you have an average or bad credit score, this can change over time and you can build it up to a good credit rating and maximise your chances of getting a low cost loan.

To get a low cost loan, you should demonstrate that you are currently employed and earning a regular income – as this will give the lender confidence that you can repay your loan on time. By comparison, someone who is unemployed or between jobs will present a much higher risk to the lender.

Finally, if you find that you are in a position to repay your loan early, you can simply contact the lender directly and do so. This will mean that less interest is accrued overall and it will help you save money on the full amount of interest paid, making it a low cost loan.

Can I get a low cost loan with bad credit?

Low cost loans are available for people with bad credit, but these usually require some form of collateral or extra security for the lender. So if the lender gives you a loan upfront, they will keep hold of your collateral or have shared ownership until the loan sum is paid off.

It is common for customers with bad credit to use their cars, vans, jewellery or property as security, otherwise known as a secured loan.

The rates are usually low because the lender can always repossess this item if you do not repay your loan and sell it on the open market i.e car or jewellery. Using security can be risky and you could end up losing your car or home if you cannot keep up with repayments.

How to apply with All Purpose Loans

Our fully online application takes less than 2 minutes to complete and you can get started using the button below. We offer soft search loans so that applying will not affect your credit score and there are no fees for using our service.

You will receive an instant decision on the screen with a list of competitive options, based on rates from the whole of the market in the UK. You will usually need to confirm some final details with the lender of your choice and if successful, you will usually receive funds within 24 hours.


No credit check without your consent