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Lombard Direct Loan

The Lombard Direct loan is an award-winning service that's competitive on rates and customer service between £2,000 and £25,000. The only downside is an unclear payment protection package.

Lombard Direct loan examples (correct at publication date, uninsured):

  Monthly Repayment APR
£3000 across 2 years £140.24 11.9%
£5000 across 5 years £98.28 6.9%
£10000 across 7 years £149.42 6.9%

Who could forget Lombard Direct's irritating TV ads? They're to be forgiven though- they've won prestigious MoneyFacts awards two years running.

A Lombard Direct loan can be repaid across two to 5 years (7 if you borrow over £10,000), and loans are offered between £2,000 and £25,000- although no rate is quoted for £2,000-£3,000. A standard £5,000 loan compares perfectly with the other best-of-breed players, attracting a 6.9% rate.

The loan market is highly competitive, and rates can vary sometimes only by pennies. The Lombard Direct loan service has its awards for two reasons- consistency (offering competitive rates whatever the market) and customer service; interestingly their website even tells you how to complain because they don't think it's likely to happen.

There are no restrictions on what you can use your Lombard Direct loan for (except business/investment purposes- a standard condition among almost all lenders); the only caveat is a minimum age of 22, so students need not apply! Another gripe is that the benefits package of the repayment protection scheme is not made clear- be sure to ask about this before signing.