Abound Loans
  • Diverse loan options
  • Products for Bad Credit
  • Payment holidays
  • Same-day funding
  • Rapid Decision-Making
  • Fixed monthly payments
  • Option to pay extra to reduce interest
  • High interest rates
  • Joint applications are unavailable

In the world of personal finance, Abound, operated by Fintern Limited in the UK, takes an innovative approach. Instead of relying solely on traditional credit scores, Abound looks at a person's overall financial situation, including income, spending patterns, and available funds.

This approach benefits individuals with imperfect credit histories, making financial assistance more accessible. Abound also offers flexible repayment choices, such as extra payments and payment holidays, making it a preferred option for those seeking flexibility in managing their finances.

Overview of Personal Loan Types:

Abound’s diverse range of personal loans is tailored to meet an array of financial needs:

Debt Consolidation: Simplify multiple debts into one manageable loan, potentially at lower interest rates.
Home Improvement: Invest in your home’s value and comfort through renovation or repairs.
Car/Vehicle Purchase: Accessible financing solutions to buy new or used vehicles.
Family/Life Event: Make those significant life moments like weddings or anniversaries unforgettable.
Holiday: Fund your dream vacation or a much-needed break.
Graduate Loan: For recent graduates, covering expenses from relocation to professional development.

Abound's Personal Loans: Key Details

Delve into the essentials of Abound's personal loans:

How Much?Borrow from £2,000 up to £10,000
APR?A competitive 25.8%
How Long?Flexible terms from 12 to 36 months
Fees?Detailed terms available

See How It Works:

Let's dive into an example to understand the numbers better. 

Imagine you borrow £2,000, and you have 36 months to repay it. The annual interest rate is 20.2%, and it's fixed. Representative APR is 25.8%. When all is said and done, you'll end up repaying a total of £2,793.6, which includes a £130 fee.

Representative APR Explained: In Abound’s loan offerings, the Representative APR of 25.8% is the standard rate at least 51% of borrowers qualify for. This isn’t just the interest but encompasses all fees and charges across the loan's term. It represents the yearly cost of your loan, simplifying loan comparisons. So, when you see a Representative APR in our examples, like the 25.8% for a £2000 loan, it includes everything you'll pay annually, providing a clearer picture of the loan's cost.

Who Can Apply? Check If You Fit the Bill!

Eligibility for an Abound loan is straightforward, encompassing the following key criteria:

Age RangeMust be aged over 18
ResidencyMust have the right to reside in the UK
Bank AccountMust own a UK personal bank account
Financial StandingShould not have unresolved defaults or CCJs

Applying with Abound: A Breeze 

Abound transforms loan applications into a straightforward and stress-free process:

  1. Check Eligibility: A few clicks on their website.
  2. Application: Just your personal and financial details.
  3. Approval: Sit back and wait for the green light.
  4. Funds: They could be with you the same day.
  5. Management: All online, all in your control.

Summary of Abound's Personal Loans

Abound introduces an innovative approach to personal finance by considering an individual's overall financial situation, providing a beneficial alternative for those with imperfect credit histories through flexible repayment options.

While the diverse range of personal loans caters to various financial needs, including debt consolidation and home improvement, the lack of joint loan options and higher interest rates pose notable limitations for potential borrowers to carefully consider in their decision-making process.

Please Note: This content is based on information as of January 2024. For the latest updates and specific terms, we recommend contacting Abound directly by visiting their website.