Affordable Loans

Proper loans with low rates of interest

We believe that loans are genuinely useful tools for creating positive change in your life. The loans products that we feature are not offered for the purpose of ‘catching you out’ or exploiting financial difficulty; it is vital to us that we offer loans that are not only fair but are also affordable. Affordable loans in the UK are designed to be that bit more manageable and of course affordable in nature than many other loans. Over the years, many short term loans such as payday loans received a bad reputation, as some borrowers fell foul to their terms.

However, we aim to always offer only the most manageable loan arrangements our panel of lenders can provide.

What is an affordable loan?

Affordable loans usually gain their ‘affordability’ by offering competitive interest rates alongside reduced or diminished administration fees. These loans are specifically designed to help you to minimise your debt and to combat the expensive, short-term loans that are prolific on the loans market.

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Affordable loans may also be affordable in that they allow you to make smaller, weekly repayments as opposed to larger monthly ones, making them more manageable for day-to-day life. The terms of affordable loan products will vary between lenders.

Defining affordability for yourself

Affordability means different things to people in different financial situations. It is important that you work out what sort of loan will maximise your savings and reduce your debts when finding a loan that is affordable to you. For instance, if you have a steady and reliable income, but you need a short-term loan in order to pay for a new boiler, you may want to get a payday loan. This may be the most affordable option for you given that you can repay most of the loan when you do get paid, and you will not have to pay interest for many months following.

For someone who needs to pay for a larger expense, such as a wedding, a more affordable loan may come in the form of a secured loan, where interest rates may be lower as a reflection of the security that the loans company has against your asset.

Features of an affordable loans

  • Competitive interest rates
  • The ability to pay interest on the reducing balance (the more you pay the less you are charged)
  • Fewer or no administration fees
  • No early repayment charges


You will notice that many of the features of an affordable loan, particularly the abolition of early repayment charges may be similar to those associated with flexible loans; both products are designed to cater kindly towards different financial circumstances. It is often the case, however, that flexible loans charge higher interest rates to supplement their flexibility.

It is not always the case that affordable loans offer the best interest rates on the market; it is for this reason that our comparative table here at Proper Loans is the best tool for finding the most affordable and suitable loan for you, not only in the short-term but in the long-term too.

Apply for an affordable loan with Proper Finance

Firstly, use our free and simple comparison table to compare rates from our list of featured lenders. You can click through and apply on their website directly. Alternatively, you can provide us with a few of your details and one of our partners will get back to you as soon as possible to discuss your options.

Because we have partnered with multiple lenders, we are able to offer you the choice you deserve when it comes to finding the right loan for you. With us, you are free of the restrictions and set-rates involved in looking at a single lender.

We allow you to borrow from £50 up to £50,000 from one of our many lenders.

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The main benefits of using our website include:

  • No upfront fees
  • We will not pass on your details to third parties without your permission
  • Our site is on a secured server (https) to protect your details
  • Compare rates from several competitive lenders
  • Choose from over 50 different unsecured loan products

The criteria for applying

Whilst the criteria may vary between lenders, the eligibility factors include:

  • Must be a UK Resident;
  • Must be over 18 years of age;
  • Must have a working debit account, email address & phone number;
  • Must be employed, earning at least £500 per month and able to afford monthly repayments;
  • Must have no history of bankruptcy, CCJs or IVAs.

What happens if your cannot repay your loan?

Failing to repay your loan may result in your credit rating being negatively impacted, which could harm your ability to access other financial products in the future. If you take out a loan that is secured against an asset, such as your home or your car, defaulting on your repayment could lead to the repossession of that asset.

Please ensure that you choose a realistic repayment term when applying for a loan with any one of our providers such that you are able to make your monthly payments. If you expect that you will not be able to make a monthly repayment, ensure to let your chosen lender know in advance. Most lenders have sympathetic policies which allow for a grace period of a couple of days if you ensure to notify them of your situation.

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Our Lenders

We work with trusted brokers to give you access to a panel of leading lenders well placed to meet your needs.