WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

The Very Best Loans with Loantra

Short-Term Loans

Apply Today to Borrow up to £995

*Online decision

*Responsible lenders

*Rates from 278% to 1576%

*3-12 month repayment

Personal Loans

Apply Today to Borrow up to £25,000

*Instant Decision

*60-Second Application Form

*Rates from 4.7% to 278%

*3-36 month repayment

What Loantra can do for You

Find a Loan Shark

A loan shark is a company or individual that offers loans with exceedingly high interest rates. The term is colloquial, meaning that there is no strict definition for it and it can be applied in a range of different situations and to a range of different bodies and persons. As a borrower, it is your job to avoid trying to find a loan shark – even when you need money desperately!

Are Loan Sharks Illegal?

The classic image of a loan shark is of course a gangster. The term loan shark can be used to describe illegal activities in some cases and this is precisely how mobsters of old would operate. With lots of liquid assets (gained via illicit means), these thugs would offer money to the desperate but would attach such a high interest rate that those borrowers would end up in their debt for long periods – sometimes indefinitely.

To enforce these debts, the classic loan sharks of old would use threats of blackmail or violence. And this would eventually morph into ‘protection money’ and ‘favors’.

Loan Sharks Today

Today, you’re much less likely to find a loan shark waiting on a street corner (thankfully!) but that doesn’t mean you won’t find them elsewhere.

Rather than being an illegal activity, the term these days tends to describe companies that act predatory in the way they offer loans. They may not be doing anything illegal but they intentionally offer money to individuals and organizations that are unlikely to be able to pay them back and they include huge interest rates that can leave those borrowers in crippling debt until they pay up!

And while you won’t find a loan shark of this nature to come round your home with a baseball bat, that doesn’t mean they might not send round bailiffs to collect their due.

How to Tell a Loan Shark

Some companies that you see advertised on the web or online are very much loan sharks. That’s not what we do here though and it’s certainly not what every payday lender is.

Payday loans do come with higher-than-average interest rates and these do mean that borrowers end up paying higher fees than they might do with other financial products. While this is true though, the loans are also designed to be paid for in a single installment, normally after just a few weeks. They are called ‘payday loans’ because they are designed as a way to ‘tide you over’ until payday.

When you pay this amount promptly then, you’ll find that the APR doesn’t add up to that much – sometimes just $10-$15.

Ultimately, whether or not you find a loan shark will depend on the nature and the ethics of the company. When you are desperate for a loan, you will be susceptible to being taken advantage of. Don’t let this happen to you – be savvy, read the small-print and make sure that you know exactly how much you’re going to end up paying before you sign on the dotted line!

See How We Compare to Our Competitors

Loan amount
£500 - £20,000
Loan term
12 - 60 Months
CUSTOMERSCORES
Good
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Loan amount
£500 - £100,000
Loan term
1 - 18 Months
CUSTOMERSCORES
Excellent
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Loantra is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative 305.9% APR. Representative example: £400 borrowed for 90 days.

Total amount repayable is £561.92 in 3 monthly instalments of £187.31.

Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

5 most recent personal loan reviews

Review of Natwest

My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of U Switch

In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.

Review posted by Neil Morrison, Perth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wonga

Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.

Review posted by Anthony Bell, Chelmsford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.