Some loan apps in the United Kingdom are;
Zopa – Zopa is a UK-based loan app that offers personal loans and peer-to-peer lending services. It was founded in 2005 and has since become one of the largest peer-to-peer lenders in the UK. Zopa aims to provide a fair and transparent lending experience for borrowers and investors.
As a borrower, you can apply for a loan ranging from £1,000 to £25,000 with a term of 1-5 years. The interest rate is fixed throughout the term, and there are no hidden fees or charges. Zopa offers a soft credit check, which means that your credit score will not be affected when you apply for a loan.
Zopa uses a credit risk model to assess the creditworthiness of borrowers and assigns a credit score to each borrower. Based on the credit score, Zopa assigns an interest rate to the loan, which is then offered to the borrower. Zopa also offers flexible repayment options, and you can make additional payments or repay the loan early without any penalties.
If you are interested in using Zopa, you can apply online by providing your personal and financial information. Zopa will then assess your application and offer you a loan if you meet the eligibility criteria.
Monzo – Monzo is a digital bank based in the United Kingdom that provides online banking services through its mobile app. Monzo was founded in 2015 and has since grown rapidly, with over 4 million customers in the UK.
Monzo offers a range of banking services, including current accounts, savings accounts, and loans. Customers can manage their accounts and make transactions through the Monzo mobile app, which includes features such as budgeting tools and real-time spending notifications.
Monzo has also introduced additional features such as Monzo Plus, a premium account that provides additional benefits, such as travel insurance and cashback on purchases, as well as Monzo Business, which provides banking services for small businesses.
Monzo is known for its innovative approach to banking and its customer-focused ethos. The company has received a number of awards for its customer service and has been praised for its commitment to transparency and ethical banking practices.
Tesco Bank – Tesco Bank is a retail bank based in the United Kingdom, which was launched by Tesco, the UK’s largest supermarket chain, in 1997.
Tesco Bank offers a range of banking products, including current accounts, savings accounts, credit cards, loans, and insurance. Customers can manage their accounts and make transactions through online and mobile banking services, as well as through Tesco Bank’s network of branches.
Tesco Bank has also introduced additional products such as Clubcard Pay, a prepaid debit card that allows customers to earn Clubcard points on their spending, and a range of mortgage products.
Tesco Bank is known for its focus on customer service and its commitment to providing competitive rates on its products. The bank has won a number of awards for its products and services, including Best Credit Card Provider and Best Online Banking Provider at the Your Money Awards.
Barclays – Barclays is a British multinational investment bank and financial services company headquartered in London, England. It was founded in 1690 and has since grown to become one of the largest banking institutions in the world.
Barclays operates in over 40 countries and offers a wide range of services to its customers, including retail banking, corporate banking, investment banking, and wealth management. It is also involved in the credit card industry, and offers products such as Barclaycard.
Over the years, Barclays has gone through several mergers and acquisitions, and has divested various businesses to focus on its core banking operations. Some of its notable acquisitions include the purchase of Lehman Brothers’ North American investment banking and capital markets businesses in 2008, and the acquisition of ING Direct UK in 2012.
Lloyds Bank – Lloyds Bank is a British retail bank that has been in operation for over 250 years. It is one of the largest banks in the UK and offers a wide range of banking and financial services to personal and business customers.
Lloyds Bank’s product offerings include current accounts, savings accounts, mortgages, loans, credit cards, and insurance. It also provides investment services and wealth management to its customers.
Lloyds Bank is part of Lloyds Banking Group, which also includes other brands such as Halifax and Bank of Scotland. The group has a strong presence in the UK, with over 1,000 branches and 45,000 employees.
Please note that the interest rates and terms of the loan may vary depending on the borrower’s credit history and affordability. It is always recommended to compare different loan options before making a decision.