realrates.com is an online credit broker which works with a panel of lenders and credit brokers that have the capability to quote real interest rates for their loan products. This enables you, the customer, to benefit from the UK’s first real interest rate comparison site to ensure that you have all the information available to select the right loan for you. We are authorised and regulated by the Financial Conduct Authority and are registered with the Information Commissioner’s Office.
We show you which loan providers will pre-approve your application and, for others, show you an Acceptance Certainty Score when applicable.
The interest rate that applies to you based on the loan you are seeking and your exact credit profile and credit status.
We only show real interest rates. No teaser rates, no ‘typical’ rates and no Representative APR’s. The rate you are quoted is the maximum interest rate you’ll be charged from the loan provider when you take the loan out.
Real rates are important because, in the UK, most consumers have traditionally made their choice of loan based on the Representative APR. This is the rate that at least 51% of successful applicants will receive, with everyone else most likely getting a higher rate.
Real rates is a new concept. They are unique to you and help to give you more certainty when considering which loan or credit product to apply for.
Yes. Now... for the first time... every adult in the UK can compare interest rates before choosing to apply for the loan they are seeking. No matter their credit status.
A real rate is matched to you. It is matched to where you live, your age, your employment status, residential status, your marital status, your payment history etc. You are unique and the real rates we quote you are exactly matched to you.
Real rates are important because, in the UK, most consumers make their choice of loan based on the Representative APR i.e. a supposedly ‘typical’ interest rate. Nearly all UK loan providers operate a ‘risk based pricing’ policy which means that, for most individuals, the Representative APR, does NOT apply to them. Our research shows that less than 4 in 10 UK adults will benefit from the advertised Representative APR. This means most customers apply for a loan without knowing the interest rate that will apply! How often do you buy a product without knowing the price? Choosing a loan based on the Representative APR is akin to you going to the supermarket and buying a loaf of bread that says ‘price from £1.70’ but when you get home and check your receipt you discover you’ve paid £7.80! NB. Actually it’s worse than this because, not only does the customer apply for a loan without knowing what interest rate they will benefit from; the lender will conduct a hard search to process the application which will make it harder to get a loan from another lender!
Real rates are unique to you and are the sensible way to consider which loan or credit product you should apply for.Back to top
Viva la revolución! Alas, not Cuba... nor Venezuela!
It comes from Sweden and real rate comparison has spread quickly throughout the Nordics and Germany. It’s the most popular way to compare loans in Germany. Now, courtesy of realrates.com, it is available for the good of UK consumers.Back to top
It brings loans price comparison to every UK adult – no matter what their credit profile is.
It shows you real rates – interest rates exactly matched to you. The rates quoted for personal loans are guaranteed.
It shows you which loan providers will accept you, together with an Acceptance Certainty Score... plus, we’ll show you which providers will decline you. Another UK first.
Without harming your credit profile. Every quote is sourced by soft search only, which does not leave a harmful ‘footprint’ on your credit record.
Choose your loan in your own time – whilst the Results page is still open in the browser – or, log-in at a later time where all your real rate quotes will be available to you.
Your time is precious so all the loan providers participating in our lender panel will transpose the information you input for the quotation into their application. When you’ve selected the loan you wish to apply for, there is no need to re-input data.
Free to use - realrates.com is completely free for you to use. We never charge customers a fee for using our comparison website. The lenders and brokers may charge a fee for your loan. See the More Info in the Results page.Back to top
To receive your real rate of interest quotations, please complete our online form which should only take a couple of minutes to complete with your personal information. Accuracy is essential to ensure you get your real rate. Once completed, click the ‘compare’ button and we’ll pass your personal information to our panel of lenders and credit brokers (referred to as providers). They will then conduct a soft search and any other checks they need to return your real rate of interest.Back to top
The accept/decline decisions and real rates we display, come direct from the loan providers. They need all the questions to be answered honestly, accurately and in full. Some of the information you supply can be independently verified by the loan providers pre and post the soft search.Back to top
All the personal loan rates quoted on realrates.com are guaranteed. The Rate Guarantee means that the rate you see is the rate you will receive if you are approved and apply for a loan. All the providers operating with realrates.com understand that they cannot increase the interest rate once they have quoted.
This is the maximum interest rate that applies when you take out the loan, albeit the rate can be reduced. The only time this can differ in the lifetime of the loan is if your loan has a variable interest. So, in reality, the Rate Guarantee is a price-cap that applies from application until the loan is issued. (NB if your loan is a variable APR, then the rate could change during the loan term.)Back to top
The Rate Guarantee applies to the period from application until the loan is issued. The interest rate may change during the loan if a fixed rate comes to an end or a variable rate is adjusted by the lender.Back to top
Yes, we are transparent. You’ll know which personal loans you have been accepted and declined for. When you are accepted, we’ll show you an Acceptance Certainty Score. All of this information helps you to make your decision on the right loan product for you.
Should you be declined by our lender panel, we may present you with alternative options, possibly including Providers who only quote on a Representative APR basis.Back to top
realrates.com will show you if your prospective personal loan application will be accepted or declined. If it is accepted, we will show you an Acceptance Certainty Score i.e. the degree of confidence the loan provider has about the decision.
Preapproved cases at 100% Acceptance Certainty Score are accepted. In such instances, the provider has conducted a credit reference check (soft search), the affordability check and maybe other checks, and your application will be accepted. The only proviso is that all loan providers reserve the right to decline an application at any time, in the case of suspected fraud or money laundering.
If the score is lower than 100% then the lender may need to conduct further checks or want to verify some of the information you supplied in the detailed quotation.
The Acceptance Certainty Score is the personal loan providers score – reflecting the lenders confidence behind the decision. realrates.com monitors the scores delivered by the providers to make sure they are accurate.Back to top
The reason we ask you to set a password to set up an account is that we want to ensure that you have all the quotes and additional information available to you to review at your own leisure. Choosing a loan is a big decision. We don’t want to rush you.Back to top
You can borrow money for many reasons, you just need to make sure that you are borrowing within your means and that you are able to make repayments. Here are some of the common reasons to borrow:
No. The rates that are generated by our panel of lenders and brokers are as a result of a ‘soft’ credit search. This helps a lender to decide whether or not they may be able to lend money to you. Unlike a “hard” credit search, a soft search is recorded on your credit file, but only you rather than any other lender will be able to see it. A soft search does not therefore affect your credit rating.Back to top
This is sometimes also known as a ‘quotation search’. We don’t conduct the soft search, the loan provider does. You provide us with your personal details and we pass this to the loan provider. They then request information about you from a credit reference agency such as Experian or Equifax, which provide a ‘snapshot’ of your credit history. The loan provider may then conduct other checks into your creditworthiness, and then decides whether or not your loan application will be accepted, referred for additional checks or declined. If accepted, the provider determines the interest rate the loan will be issued.
Unlike a ‘hard’ credit search, a soft search is recorded on your credit file, but only you can see it, rather than any other finance provider. A ‘soft search’ does not impact your credit rating.
A soft search delivers as much information to the loan provider as a hard search. The hard search is only conducted after the application has been submitted and this does leave a ‘footprint’ on your credit profile that could prove harmful to your chances of obtaining credit via another loan provider.Back to top
This is a company which collects, maintains and securely stores, information relating to your credit history.
Banks, Finance companies and other businesses who require this information can then access your credit file (never without your knowledge) to help them make decisions on whether to process your loan request.
You can request access to your credit file by contacting one of the credit reference agencies (i.e. Experian/Equifax/TransUnion).Back to top
There are so many factors that can impact your credit score . . . and stop you benefitting from the lowest Representative APRs that you may see on other price comparison sites. Some of the factors that can affect your score are: renting your home; self-employment; recently changing your bank account; getting divorced or separated; your income; your outgoings; making a late payment on your phone or a utility bill; too much credit; not enough credit; your age, your address and so on and so on.
The real interest rates we show you are matched exactly to you. If 10,000 people use our site today, it is quite possible that not one of these customers will see the same results as you! A traditional price comparison site sorting results by Representative APR shows everyone the same results – even though we all have a different credit profile.Back to top
Yes. Any UK adult, no matter their credit profile, can use realrates.com. We have loan providers that can offer rates from less than 3% for some prime customers but we have providers covering a spectrum of risk profiles e.g. super-prime, prime, near prime, mid prime and many sub-prime customers. We have multiple loan providers participating to deliver loan comparison and competitive interest rates. realrates.com does not allow lenders to participate that charge interest (i) on a daily rate basis; or (ii) rates in excess of 99.9%. Also a lender or broker must be able to quote a real rate – many lenders in the UK are still unable to offer a real rate quotation.
We cannot guarantee that every customer will be accepted but we have assembled a panel to offer choice across different credit profiles.Back to top
No, we don’t and there’s a very good reason for that. Currently there is only a small proportion of loan providers who can quote real rates. This is why realrates.com is different to any other comparison site. We don’t quote Representative APR’s. We only work with providers who have the ability to return your own personalised interest rate. As and when loan providers are able to quote real rates, we’ll potentially look to work with them to expand our service.Back to top
A personal loan is money that you borrow from a bank or other financial organisation for your personal, rather than business use. It is one of the simplest forms of lending, and can be used on a variety of things such as home improvements, buying a new or used car, consolidating existing credit, a wedding or holiday of a lifetime etc. The loan is unsecured and paid back over an agreed length of time through fixed monthly repayments. Personal loan providers on realrates.com offer loans from £500 to £35,000. A personal loan application can be assessed quickly and the monies can be paid rapidly. As the loan is unsecured, the providers can be very ‘choosy’ about the customers they lend to. A personal loan is normally issued to a sole applicant.Back to top
A Homeowner Loan is also known as a Secured Loan and is secured, as a second charge, against your property. You need to either have a mortgage on the property or own it outright. realrates.com offers secured loan options for loans from £10,000 to £100,000. Please remember that a Homeowner Loan is secured against your property. Should you be unable to keep up the monthly repayments, your home may be at risk! A Homeowner Loan must be in joint names if the mortgage is in joint names.Back to top
This is a loan, the payments for which, are guaranteed by another person – the guarantor - such as a spouse, parent, sibling, relative or friend. If you can’t keep up with the monthly repayments, and after consultation with the lender, the guarantor will step in and make the payments on your behalf.Back to top
This stands for Annual Percentage Rate and is calculated by including the interest rate plus any other fees and charges that are added to the loan amount. Thus, it is based on the total amount repayable over the term of the loan. APR’s are quoted on any type of consumer credit for e.g. personal loans, car finance and credit cards.Back to top
This stands for Annual Percentage Rate of Charge and is based on the rate of interest plus the fees required as part of the Homeowner Loan for the application for a secured loan.Back to top
Don’t be embarrassed this is a common reason why people take out a loan. Often customers prefer to have just one credit bill opposed to several. It is very important that you tell the loan provider why you want to borrow money to ensure that they give you the correct product and service for your situation so please input accurate information.Back to top
We don’t charge any fees to our customers, instead we work with a panel of real rate lenders and brokers which, should you take out a loan with them, will pay realrates.com on a commission basis.Back to top
No, we never charge customers a fee for using our service however the loan provider you select may do so, therefore we suggest you read the ‘More Info’ page in the Results page which will tell you whether fees apply or not.Back to top
Yes. On the Results page, please read the information in More Info. This will show you if there are any particular conditions that apply to a certain loan e.g. does the lender allow early repayment?Back to top
We can help the vast majority of customers no matter what their credit profile is. However, we cannot guarantee that we can find a real rate loan provider for every customer. If you are one of the minority of customers that is not accepted by any of the participating loan providers, we will present you with an option to proceed with a loan broker who will quote you a representative APR. You may also wish to learn more about your credit status with Experian, Transunion (formerly Callcredit) or Equifax. You can contact the credit reference agencies direct or use any of the services offered via the internet to check your report.Back to top