|Loan type||Unsecured personal loan|
|Loan amounts available||£1,000 – £10,000|
|Loan terms available||12 – 60 months (1 – 5 years)|
|Age eligibility requirements||Minimum 18 years old|
|Access for lower credit scores||Low chance of approval No unresolved IVA, DBO, bankruptcies or CCJ statuses accepted|
|Loan pay out time after approval||1 working day|
|Early repayment options||Yes|
Who is Abound?
Abound is a personal loans lender who aim to provide loans based on you, not just your credit score. They look at your financial circumstances right now, not just your history, and work with you to find the right loan offer for your situation.
How much can I borrow with a personal loan from Abound?
Abound offers personal loans from £1,000 to £10,000 which you can spread out across a repayment plan of between 12 months and 5 years. When you receive offers, the amount and timeframes available to you may change depending on your credit history and personal circumstances.
What interest rates can Abound offer?
Abound uses real rates in their offers to help you understand how much a loan will cost you, as they will tailor a loan offer to your situation. If your credit score is higher, you may have options that have lower APR values. This means that your monthly repayments may be lower.
If you don’t have a detailed credit history or you have had challenges with making your repayments in the past, it may result in higher rates being offered to you. This is because you will be seen as a riskier person to lenders.
Not sure of what influences your credit score, and need to make improvements? Check out our top tips for improving your credit score.
What can I use an Abound personal loan for?
Personal loans can be made available to you for any big expenses you find yourself needing cash for, whether that’s a big celebration or an expensive purchase. Common and popular uses of personal loans include:
- Consolidating your debts to one payment
- Making home improvements or renovations
- Buying a new car or other large purchase
- Taking a holiday
- Paying for a wedding
Am I eligible for a personal loan from Abound?
Your personal circumstances and your credit history will be factored in when assessing if you are eligible for an Abound personal loan. Lenders will focus on these areas to see how risky it is to lend money to you, though there are other criteria to be eligible for a loan from Abound. You must:
- Be at least 18 years old
- Reside within the UK
- Have a UK bank account that is at least 3 months old and has Open Banking access
- Not have any current CCJs, IVAs, bankruptcies or defaults that have not resolved
How quickly will my loan be paid out?
Abound will aim to pay out all loan amounts to you within one working day of the agreement being signed and approved in full. This is generally faster than a secured loan, as there is much less paperwork involved.
Can I pay off my Abound loan early?
Yes, there will be options available so you can make extra payments, increase your monthly repayments or settle the balance in full at any time. This may be a benefit to you if you are in a better financial situation and can afford to pay the loan off early, as you will save money on interest.
Do Abound use Open Banking?
Abound make assessments on your personal circumstances to help them find relevant offers for you. This may include data provided through Open Banking. Your bank account must have this functionality to be eligible for a loan with Abound, and it will help Abound gain a better understanding of your financial circumstances before offering a loan to you.
What do I need to consider before taking out a loan with Abound?
It is crucial that you make sure you are only borrowing an amount that you can afford to repay. This is something you should be confident you can do for the lifetime of the loan. You may also need to have proof of identity or go through certain steps in your application:
- You may need to provide proof of address, or show proof of UK residency
- You might need to verify your bank details and authorise Open Banking
- Your loan offer may still be subject to financial fraud and lender checks
- Missed repayments can impact your credit score and harm future credit chances
- Abound charge a lender fee if you choose to take out a loan with them
How do I check my eligibility for Abound personal loans?
At Aro we can show you your eligibility for personal loans with Abound with a soft check that won’t harm your credit score. Providing your details will allow us to check your personal loan options with Abound and over 50 other UK lenders in minutes.
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