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Purple Loan

Purple loan rates are high, but so are their risks- they cater for high sum borrowers and uncreditworthy cases. As such, you can expect a surcharge of at least 1%. If you have no other options, then you'll be welcomed here with open arms (and Purple is a reputable company), but expect to pay a premium for the privilege.

Purple loan examples (correct at publication date, uninsured):

  Monthly Repayment APR
£3000 across 2 years N/A N/A
£5000 across 5 years £102.81 8.9%
£10000 across 7 years £179.18 8.9%

Purple are one of the breed of lenders that specialise in a broad range of customers from people who need to cover surprise expenses right through to customers with bad credit and CCJ's. The amount you can borrow on a Purple loan reflects this, ranging from £3000 to £100,000. If you want less than £3000 go elsewhere- there are plenty of other options. If you want above £25,000 and don't want a mortgage, then this is the place to start.

Equally, there's no short term option here- all Purple loan packages are for a minimum of five years, so if you want a quick sum to tide you over, this isn't the place- you'll be tied in for a serious length of time.

There are no upfront fees, you can get an immediate decision-in-principle, and you can also defer payments for an initial three months. Since a Purple loan is in the same range as a mortgage, it's worth noting that all these factors compare well with getting a remortgage. Do be aware though that a Purple Loan can be either secured or unsecured- make sure you get the right product for your needs! If you have no equity, CCJ's, or no proof of income, or need to borrow a huge sum of money, then this is a good option. Otherwise try elsewhere- the supermarkets are at least 1% cheaper. Oh- and you'll get £50 cashback on your Purple loan if you complete within 15 days. Use it to get a stiff drink…