Abound loans: at a glance
Abound Personal Loan
1 to 5 years
£2,000 to £10,000
25.8%
No
Representative APR 25.8%. Based on a loan of £2,000 over 36 months at an interest of 20.2% p.a.(fixed). Monthly repayments of £77.60. Total amount payable £2,793.60 (includes £130 fee).
- Must be aged 18 or over.
- Must have at least one UK bank account.
- Must not have unresolved defaults or CCJs.
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Abound lends to people who may not be eligible for a loan from a mainstream lender. It claims to look at the overall financial situation of an applicant before making a decision, not just their credit score.
You can borrow between £2,000 and £10,000 from Abound to cover things like emergency expenses or larger necessary purchases, such as a car.
Abound charges a non-refundable arrangement fee that is added to what you borrow. You will pay interest on it and pay it back through your monthly payments. However, if you want to pay off your loan early, you won’t need to pay any further fees or interest charges that other lenders may apply.
» MORE: Best loans for bad credit
Abound loans pros & cons
Pros
- You may not need to pay any additional interest or charges if you settle your loan early.
- Abound could pay your loan into your account on the same day your application is approved.
- There are multiple ways to contact Abound for help and support.
Cons
- Abound charges a non-refundable loan fee, which is added to your total loan balance.
- It could take up to two working days to get a decision on your application.
- You can’t get a joint loan.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
As with any loan, it’s sensible only to borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month. Before applying for a bad credit loan you must consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. Missing payments will make an already bad credit score worse and can cause you serious money problems.
Before applying you can also use a loan eligibility service to conduct a soft search across multiple lenders to find out your likelihood of a successful application for several different loans, without affecting your credit score. But check how many lenders the service you use checks and make sure it only uses soft searches.
Other loans may be available in the UK loans market that are not included in this service.
Am I eligible for an Abound loan?
For Abound to consider your loan application, you need to:
- Be aged 18 or over.
- Be a UK resident with an address in the UK.
- Have an account with a bank, building society or credit union that’s been open for at least three months and has open banking access.
- Not have any unresolved county court judgments (CCJs) or defaults.
If you have a CCJ, an individual voluntary arrangement (IVA), a debt relief order or some other default on your credit history, but it is now resolved, Abound may consider your loan application.
However, it will still conduct credit and affordability checks and only approve your application if it believes you can afford to repay the loan alongside your other expenses.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Abound loans FAQs
Once approved, Abound could pay out your loan on the same day. But it could take two working days for Abound to decide on your application.
Abound is a trading name of Fintern Limited, which is authorised and regulated by the Financial Conduct Authority.