Alliance and Leicester Small Loan

Good:
Fast and efficient service, loans paid out quickly

Bad:
They will pass your details onto credit reference agencies if you miss payments

Verdict:
Loans are now provided by Santander who have not got the best reputation for providing financial services - avoid applying with them if you have a good credit history, approach another bank

Alliance & Leicester unsecured, personal loans have a low interest rate similar to other high street lenders and are now owned and provided by Santander. You will be directed to a Santander application form but don't worry because they are the people that are going to give you your money. This loan is only available to people who have a good credit history, so don't apply if you've ever defaulted, made payments late or had a CCJ.

You can apply online, over the phone or go into a branch. After completing the online application, they will email you confirming they have received your application. Within 3-5 working days, you will get another email and a letter with a provisional decision. If you're successful, sign and return the credit agreement and any other documents they ask for. Once you've done all this, they will fully review your application and make a final decision. The money will then be transferred in your account within 4 days. If you really need your money, they can arrange a same day transfer for a £30 fee.

If you have good credit (i.e. no late payments, no CCJs, no defaults) and need a large loan then this could be a good company for you. They are quick at completing the application process, they send the documents out to you the next day and as soon as they receive your documents, they transfer the money. All you have to do is wait for it to clear. Their typical APR is quite low, but they frequently change the rate they quote to you and offer you a higher one. If this happens to you, negotiate with them. They will also try and push their Payment Protection Insurance on you. If you want to take out a policy, then it's probably a good idea to look elsewhere as the banks always charge more. If you're going to take out a loan with them, ensure that you can make the repayments. If you start to miss payments, they will contact you constantly and they have been known to threaten to send bailiffs to your house, but if you make your repayments then your loan term will go smoothly.