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Moneyfacts Unsecured Personal Loans Star Ratings 2024

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert 01603 476210 Email Rachel
18/12/2023

A stellar year for the Moneyfacts Unsecured Personal Loans Star Ratings 2024

Moneyfacts is pleased to announce the Moneyfacts Annual Star Ratings 2024 for Unsecured Personal Loans.

  • There were 17 Five-Star and seven Four-Star Ratings awarded in the unsecured personal loan market for mainstream lenders.
  • For 2024, the number of loans available to new business remained steady, with an increase of just one loan since last year.
  • Over 35 fields of information are assessed per individual product, covering access, flexibility and borrowing limits.

The products awarded Five or Four-Star Ratings offer the most comprehensive range of standout features and competitive limits, which set them apart from the rest of the market.

Moneyfacts has been analysing data for 35 years, with the instantly recognisable Moneyfacts badge of quality helping inform consumers when comparing unsecured personal loans.

Nine out of 10 people agree that a Star Rating from an independent and impartial company could influence their decision in considering taking out a Financial Services product.* (*Source: Moneyfacts Group Plc, Star Ratings survey 11/2022-01/2023).

A stellar year for the Moneyfacts Unsecured Personal Loans Star Ratings 2024

Moneyfacts is pleased to announce the Moneyfacts Annual Star Ratings 2024 for Unsecured Personal Loans.

  • There were 17 Five-Star and seven Four-Star Ratings awarded in the unsecured personal loan market for mainstream lenders.
  • For 2024, the number of loans available to new business remained steady, with an increase of just one loan since last year.
  • Over 35 fields of information are assessed per individual product, covering access, flexibility and borrowing limits.

The products awarded Five or Four-Star Ratings offer the most comprehensive range of standout features and competitive limits, which set them apart from the rest of the market.

Moneyfacts has been analysing data for 35 years, with the instantly recognisable Moneyfacts badge of quality helping inform consumers when comparing unsecured personal loans.

Nine out of 10 people agree that a Star Rating from an independent and impartial company could influence their decision in considering taking out a Financial Services product.* (*Source: Moneyfacts Group Plc, Star Ratings survey 11/2022-01/2023).

FOR THE FULL LIST OF 2024 AWARDED UNSECURED PERSONAL LOANS, PLEASE CLICK HERE.

 

FOR THE FULL LIST OF 2024 AWARDED UNSECURED PERSONAL LOANS, PLEASE CLICK HERE.

 

Samantha Owens, Star Ratings and Personal Finance Analytics Manager at Moneyfacts, said:

“With interest rates rising, those looking for a personal loan would have seen a steady increase in the cost of borrowing, however, loans remain much cheaper than other short-term borrowing and money can be saved by consolidating debts from higher rate methods of credit.

“The Moneyfacts Annual Star Ratings highlight those unsecured personal loans which offer most flexibility, considering the long-term features available behind the headline rates. These ratings allow the consumer to filter down on their individual needs, choosing the most cost-effective loan with the best range of features that they may need during its term.”

Samantha Owens, Star Ratings and Personal Finance Analytics Manager at Moneyfacts, said:

“With interest rates rising, those looking for a personal loan would have seen a steady increase in the cost of borrowing, however, loans remain much cheaper than other short-term borrowing and money can be saved by consolidating debts from higher rate methods of credit.

“The Moneyfacts Annual Star Ratings highlight those unsecured personal loans which offer most flexibility, considering the long-term features available behind the headline rates. These ratings allow the consumer to filter down on their individual needs, choosing the most cost-effective loan with the best range of features that they may need during its term.”

Numerous features are considered when assessing the ratings, and some of these include:

Numerous features are considered when assessing the ratings, and some of these include:

Unsecured personal loans

Unsecured personal loans

  • Footprint free quote
  • Instant decision
  • Opening methods
  • Early repayment charge
  • Deferment method
  • Minimum and maximum advances
  • Minimum and maximum terms
  • Payment methods
  • Overpayments without early repayment charge

 

  • Footprint free quote
  • Instant decision
  • Opening methods
  • Early repayment charge
  • Deferment method
  • Minimum and maximum advances
  • Minimum and maximum terms
  • Payment methods
  • Overpayments without early repayment charge

 

  • Debt consolidation limit
  • Incentives
  • Joint application
  • Online statements
  • Payment holidays
  • Risk-based pricing
  • Same day funds
  • Unpaid charges

 

  • Debt consolidation limit
  • Incentives
  • Joint application
  • Online statements
  • Payment holidays
  • Risk-based pricing
  • Same day funds
  • Unpaid charges

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts’ Star Ratings highlight the best quality financial products available based on an assessment of all their features and criteria. Moneyfacts Star Ratings logos act as an independent and impartial badge of approval and help customers easily spot which are the better deals to help them make important decisions with confidence.

The growing range of products currently assessed includes:

  • Personal Current Accounts
  • Personal Credit Cards
  • Business Current Accounts
  • Business Credit Cards
  • SIPP and SSAS
  • Equity Release
  • Home Insurance
  • Home Emergency Cover
  • Car Insurance
  • Travel Insurance
  • Pet Insurance
  • Private Medical Insurance
  • Unsecured Personal Loans
  • Landlord Home Insurance
  • Commercial Mortgage.

 

The growing range of providers currently assessed includes:

  • Savings Easy to Open

 

For more information about us please see our key facts.

To link to our website please use moneyfactsgroup.co.uk.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts’ Star Ratings highlight the best quality financial products available based on an assessment of all their features and criteria. Moneyfacts Star Ratings logos act as an independent and impartial badge of approval and help customers easily spot which are the better deals to help them make important decisions with confidence.

The growing range of products currently assessed includes:

  • Personal Current Accounts
  • Personal Credit Cards
  • Business Current Accounts
  • Business Credit Cards
  • SIPP and SSAS
  • Equity Release
  • Home Insurance
  • Home Emergency Cover
  • Car Insurance
  • Travel Insurance
  • Pet Insurance
  • Private Medical Insurance
  • Unsecured Personal Loans
  • Landlord Home Insurance
  • Commercial Mortgage.

 

The growing range of providers currently assessed includes:

  • Savings Easy to Open

 

For more information about us please see our key facts.

To link to our website please use moneyfactsgroup.co.uk.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Contact Us If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant