loveMONEY Champions 2015/16: who is the best personal loan provider?

Who do you think was this year's best personal loan provider?

Thinking of improving your home, buying a car or planning a wedding next year? Need a bit of cash to make it happen? You’ll need a personal loan.

Luckily there are some great lenders on the market who have got our readers’ approval. They’ve chosen First Direct, Nationwide, Sainsbury’s, Santander and Tesco.

However, it’s up to you to pick the winner. Find out a bit more about the finalists and cast your vote in the poll below.   

First Direct

First Direct offers 1st Account holders loans between £1,000 and £25,000 (in £50 increments), repayable over a period of one to seven years. This includes a competitive 3.6% APR for loans between £7,000 and £25,000.

You’ll get a quick decision, immediate access to cash and if you give First Direct notice you can make a full repayment anytime over the course of your loan. There will be a fee for doing this, though.

Nationwide

Nationwide also has loans from £1,000 to £25,000 in £50 multiples, but they're repaid over one to five years. Main current account customers can get a loan between £7,500 and £14,999 at 3.6% with all other customers getting a rate of 4.8%.

Borrowers who need a bit more time to repay can get personalised quotes for loans over between five and seven years long.

Compare even more loan rates with loveMONEY

Sainsbury’s

Sainsbury's Bank offers up a market-leading 3.5% on loans between £7,500 and £15,000 (3.4% if you have a Nectar card) which already makes it more attractive to borrowers. You've got one to seven years to pay it back.

The supermarket lender has the broadest range of our finalists, offering loans from £1,000-£35,000. There are no set up charges with Sainsbury’s personal loans, either. 

If your car pack up unexpectedly during the course of your loan repayment you can top it up and repay over a longer term. Alternatively you can take out a second loan altogether. You can have a maximum of two personal loans with a combined total of up to £40,000. 

What’s more, you can start off your loan with a two month repayment holiday.

Santander

Santander offers loans ranging between £1,000 and £20,000 to new and existing customers which can be paid back over 12 months to five years in six-monthly intervals.

Get 3.9% APR on loans from £7,500 to £20,000 for 123 World (including 123 Credit Card, 123 Current Account, 123 Graduate Current Account, 123 Student Current Account, 123 Postgraduate Current Account, 123 Mini Current Account and the 123 Mini Account) and Santander Select Account holders. It’s 4.4% for everyone else.

If you're in need of another loan, you can either take out a new loan to pay off your existing loan and then pay off a fixed amount of the remainder each month or take out a new loan so you have two repayments.

Tesco

With Tesco Bank you can get a loan between £1,000 and £25,000 which is repayable over up to 10 years.

Tesco Bank offers 3.8% (3.6% for Clubcard holders) for loans between £7,500 and £15,000 for up to eight years. 

Like some of the other loan plans you can opt for a two month payment holiday at the start of your loan.

If you find that for whatever reason your existing loan isn’t enough, you can get additional loan, as long as you’re up to date with your payments and have made at least eight consecutive monthly payments.  

Find even more top personal loan rates at loveMONEY's personal loan centre

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