£2,750 Loans

Our largest loan, for something you've planned rather than something that's gone wrong. Spread it over up to 18 months, with one fixed repayment each month.

A planned purchase, not an emergency

Smaller loans tend to be about fixing something that's just gone wrong. At £2,750 it's usually different: there's a specific thing you've decided to do, and you'd rather spread the cost over the months ahead than wait until you've saved it up. In our experience, two reasons come up again and again.

Most common

Buying a second-hand car

£2,750 buys a reliable used car – the kind standard car finance often won't cover, because it's older or you're buying from a private seller. With a loan, you're paying cash, so you can buy from anyone.

Before you buy, budget for:

  • insurance, which can cost more when you change car
  • road tax and the next MOT
  • an inspection or history check on the car

Only if the sums work

Bringing card balances together

If you've got several credit cards that never seem to go down, one loan can replace them with a single fixed payment and a date when the debt is cleared – instead of balances that roll over every month.

It only makes sense if:

  • the loan costs you less in total than keeping the cards
  • you stop using the cards once they're cleared
  • you're not already behind with your payments

Thinking of combining your cards? Do the sums first

Bringing debts together can make them easier to manage, but it doesn't always make them cheaper. A loan with a higher APR than your cards could cost you more, even though there's only one payment to make. Before you apply:

  1. Add up what you owe now – the balance on each card, and what you pay on them each month.

  2. Compare the totals – look at the total repayable on your loan offer, not just the monthly payment, and set it against what clearing the cards would cost if you kept paying them.

  3. Be honest about the cards – if you're likely to use them again, you could end up with the loan and new card balances as well.

If you're already missing payments or juggling which bills to pay, a new loan isn't the answer. Free, confidential debt advice from MoneyHelper or StepChange can help you find the right way forward.

The strongest application of all

The more you borrow, the more closely lenders look. At £2,750 they want to see steady income and a budget that clearly leaves room for the repayments for the whole of the loan – not just the next month or two. That makes it the hardest of our loans to be accepted for. In our experience, out of every 100 people who apply:

Our own estimate from the applications we see – not a promise, and every lender decides for itself.

Good credit? Try your bank first

Here's the honest reason so few are accepted: most people with a strong enough record to borrow £2,750 from our lenders could get the same amount from a bank or building society – and that would usually be cheaper. If your credit history is good, check what your bank can offer before you apply with us.

If you do apply, our tips for a £1,000 loan matter even more here: get your budget straight first, give accurate figures and keep your contact details steady.

What £2,750 could cost you

The cost depends on the lender and the term you choose, and your lender will show you the exact cost before you agree to anything. Whether the FCA's price cap applies depends on your loan:

If your loan is covered by the cap

Broadly, loans with an APR of 100% or more that are repaid, or mostly repaid, within 12 months. On £2,750 that means:

  • £22 a day at most in interest and fees
  • £15 at most for a late repayment
  • £5,500 at most repaid in total

If it isn't

Some loans aren't covered – for example, if the APR is under 100%, or if most of the loan is repaid after the first 12 months. Lenders must still check that you can afford the repayments and treat you fairly, and your loan agreement will show:

  • the APR
  • what you'll pay each month
  • the full amount you'll pay back

Some people try to repay £2,750 over 12 months, but for most, 18 months is more realistic. A longer term makes each payment smaller, but you pay interest for longer, so it costs more overall. Choose the shortest term whose monthly payment you can comfortably afford.

Need less? See our £1,000 and £500 loans, read about 12 month loans, or compare all our loans.

49%Representative APR

Representative example: £1,500.00 borrowed for 12 months. Monthly repayment is £154.12, total repayable is £1,849.47. Total cost of credit £349.47. Representative 49% APR. Credit broker not a lender. All loans are subject to status and only available to UK residents over the age of 18. Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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