Top Fixed rate Personal loans providers in the UK

The quick take on fixed rate loans

Look, you want a loan that keeps your monthly payments steady and predictable. Fixed rate personal loans do exactly that, which makes budgeting simpler and less stressful.

Fixed rate means your monthly repayment stays the same for the full term.

Why this guide earns its keep

If you are planning a big purchase, sorting a car, consolidating debt, or covering a home project, the right fixed rate can save you hundreds over the term. This no-nonsense guide compares leading UK lenders and shows what to check before you hit apply.

Who should read this

This is for UK consumers who want certainty in their repayments, prefer reputable lenders, and do not fancy hidden surprises. If you have a steady income, a fair-to-good credit profile, and want to compare top deals quickly, you are in the right place.

The essentials in plain English

• Fixed APR: The interest rate is locked for the entire loan term. Your payment does not change.
• Representative APR: The rate at least 51% of accepted applicants get. Your actual APR may differ based on your circumstances.
• Loan amount and term: Most top rates sit between £7,500 and £25,000 over 1-5 years. Smaller loans often cost more in APR.
• Credit profile impact: Better credit and stable income usually mean lower APRs. Multiple hard checks can hurt your score, so use eligibility checkers first.
• Total amount repayable: What you will pay back in total, including interest. Always compare this, not just the APR.
• Early repayment: Many lenders allow it, sometimes with a small fee or up to 58 days’ interest. Check terms.

Standout points from current UK market research:

• Nationwide from 5.8% APR for £7,500-£25,000, with an example £10,000 over 5 years at about £191.71 per month, total around £11,502.60.
• Santander from 5.9% APR for £7,500-£25,000, with an example £10,000 over 5 years at about £192.15 per month, total around £11,529.
• Tesco Bank often sharp for Clubcard holders, from 5.8% on larger loans and around 6.9%-7.4% for smaller sums.
• M&S Bank typically 5.9%-7.2% APR, with at least £10,000 annual income required.
• Novuna around 6.1%-7% depending on amount and term, income £10,000+ and age 21+.
• TSB about 5.9% representative for £25,000 over five years - monthly roughly £480.38, total about £28,823.
• NatWest about 6.6% representative for £7,500-£14,950.

Who is offering what right now

Below is a quick side-by-side so you can see the lay of the land. Remember, your rate depends on your credit, income, and the amount and term you choose.

Tip: Use eligibility checkers on comparison sites to see likely rates without a hard search.

What it costs - and what can trip you up

• Headline APR vs your APR: The representative figure is not a promise. Your credit profile, income, and existing debts can nudge the rate up or down.
• Smaller amounts often cost more: Loans under £7,500 usually come with higher APRs. If you can genuinely afford it, slightly higher amounts can unlock better rates. Do not borrow more than you need.
• Total to repay: At around 5.8%-6.6% on £10,000 over 5 years, you are looking at roughly £191-£195 per month and £11,500-£11,700 total. Check the exact lender example.
• Early repayment: Handy for saving interest, but factor in any early settlement charges.
• Missed payments: Late fees, higher costs, and credit score damage. Set up a Direct Debit and keep a buffer.

Bottom line: Fixed rates protect your monthly budget, but the real saving is in the total cost.

Can you get accepted

Most lenders will look for:

• UK residency and a UK bank account
• Age 18 or over - sometimes 21+ for certain lenders
• Regular income - often £10,000+ per year
• A credit history that shows you can handle repayments
• Sensible debt-to-income ratio and stable address history

Lender specifics to note:

• M&S Bank: £10,000+ annual income expected.
• Novuna: UK resident, age 21+, income £10,000+.
• Tesco Bank: Clubcard holders may access sharper rates on bigger loans.

If you are unsure, use soft-search eligibility tools. They show your likelihood of approval without leaving a mark on your credit file.

From idea to approved - simple steps

1. Work out how much you actually need
2. Pick a term that keeps payments comfortable
3. Soft-check your eligibility with 2-3 providers
4. Compare APR and total repayable side by side
5. Gather documents - ID, income, address history
6. Apply to the best-fit lender first
7. Read the agreement carefully before you sign
8. Set up Direct Debit and overpayment plan

Upsides and trade-offs

Pros:

• Predictable payments for easy budgeting
• Competitive rates from major UK lenders
• Fixed rate protects you from base rate rises
• Clear examples of monthly and total costs

Cons:

• Smaller loans can have higher APRs
• Early settlement may include a fee
• Approval depends on your credit and income
• Applying to several lenders can dent your score

Use one strong application after a few soft checks, not five hard searches.

Read this before you click apply

• Check your credit file for errors and fix them before applying.
• Do not stretch the term too far just to shrink the monthly figure - you could pay more overall.
• Make sure the APR is fixed and confirm any fees or settlement charges.
• If consolidating debt, close or reduce limits on old credit to avoid re-borrowing.
• Budget for an emergency buffer so one hiccup does not trigger a missed payment.

If a fixed loan is not quite right

• 0% purchase or balance transfer credit cards - good for disciplined short-term borrowing.
• Credit union loans - community based, fair rates, flexible approach.
• Secured loans - larger sums but your home is at risk if you miss payments.
• Overdrafts - flexible but usually pricier for longer-term borrowing.
• Do nothing - delay the purchase, save more, and reduce the amount you need.

Quick answers to common questions

• Will a fixed rate ever change mid-term? No, the rate is fixed for the agreed term.
• Is the representative APR what I will get? Not guaranteed. It is what at least 51% of accepted applicants receive.
• Can I repay early? Usually yes, but check for settlement fees or up to 58 days’ interest.
• How fast can I get the money? Many banks fund within 1-2 working days once approved, sometimes same day.
• Do smaller loans cost more? Often yes. Sub-£7,500 loans tend to have higher APRs.
• Is a comparison site worth it? Yes. Sites often show top providers like M&S Bank, Santander, and Novuna and can run soft checks first.

What to do next

• Shortlist 2-3 lenders that match your amount and term.
• Run soft-search eligibility checks and confirm the total repayable.
• Pick the best overall fit - not just the headline APR.
• Apply once, set up your Direct Debit, and plan any overpayments.

If you want predictability, fixed rate personal loans are hard to beat.

Sensible small print

Rates and examples in this guide are representative and can change. Your actual APR and acceptance depend on your credit, income, and the lender’s assessment. Always read the lender’s terms carefully and consider independent advice if you are unsure.