£6,000 Loans
A £6,000 loan could go towards significant home improvements, pay for some of your wedding or go towards the holiday of a lifetime. Discover the loans you’re eligible for with Asda Money without impacting your credit score.
How does a £6,000 loan work with Asda Money?
At Asda Money, we work with a panel of trusted and carefully selected UK lenders. If you’re looking to borrow £6,000, we run an initial eligibility check and then search our panel of lenders to find the loans that match your requirements.
You’ll then see a list of available loans to compare and choose the one you think best matches your needs. You can then continue to your chosen lender.
Check your eligibility for a £6,000 loan
When can a £6,000 loan help?
Often people take out a £6,000 loan to:
- Put towards a wedding
- Make home improvements, such as a bathroom or kitchen renovation
- Buy a car
- Consolidate debt so that you only have one repayment each month.
- Book a dream holiday
Please remember that by consolidating existing borrowing, you may be extending the term of the debt and increasing the total amount you repay.
Types of loans
- Unsecured personal loans (we offer access to these at Asda Money)
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- Usually a small, fixed rate loan for personal use
- For amounts between £1,000 and £25,000
- The amount you can borrow and the rate you see is based on things like your personal circumstances and credit score
- Secured personal loans also known as homeowner loans (we don’t offer access to this type of loan)
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- Typically sums over £15,000 and repaid over longer periods of 5-25 years
- What you can borrow and the interest rate depends on your credit history, your assets and personal circumstances
When you borrow with a secured loan, you will need to secure it with an asset which is usually your home. It can be repossessed if you can’t keep up with your payments.
- Guarantor loans (we don’t offer access to this type of loan)
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Some lenders offer guarantor loans for £6,000. This type of loan is often offered if you have a poor credit history and have had problems borrowing money. With guarantor loans, the lender asks a friend or family member to guarantee they’ll pay the loan back if you can’t afford to. It means you may be able to borrow the money, but it can put significant financial pressure on friends and family members.
How much will a £6,000 loan cost?
The cost of a £6,000 loan depends on a range of factors.
Having completed an initial eligibility check, you’ll see the available loan offers from our panel of lenders. Each will have an interest rate or APR set by each lender, based on your financial history and credit rating. Your repayment will change according to the term of the loan and the interest rate offered.
A longer loan also affects the overall cost. Opting for a five-year £6,000 loan instead of a three-year loan may give you lower monthly repayments, but you may end up paying more in interest in the long run.
Will a £6,000 loan affect my credit score?
Checking your eligibility for a £6,000 loan with Asda Money doesn’t affect your credit score. When you check your eligibility with us, we run a soft search on your credit file. You’ll then see all the available loans from across our lender panel.
If you decide to take up the offer of one of the loans, you’ll apply directly with the lender. They may perform a hard search as part of the application, which can affect your credit score.
Frequently asked questions
- What credit score do I need for a £6,000 loan?
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This depends on the criteria set by the lender. If you have a strong credit score, you’ll likely have more lenders willing to lend £6,000 to you and you may be offered lower interest rates. If you have poor credit, there may be a smaller pool of lenders willing to lend, and they may charge a higher interest rate.
- What is the monthly payment on a £6,000 loan?
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The amount you need to pay back each month depends on a range of factors, including the interest rate and the length of the loan. Choosing a longer loan may reduce what you pay back each month, but you may end up paying more across the duration of the loan.
- Can I get a £6,000 loan without a guarantor?
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You don’t need a guarantor to get a £6,000 loan through our panel of lenders. Our lender panel only offers unsecured personal loans.
- Can I get a £6,000 loan without a credit check?
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No, when you apply for a £6,000 loan with one of the lenders from our panel, you will be subject to a credit check.
- Can I pay back my £6,000 loan early?
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You may be able to pay back your £6,000 loan early depending on the agreement you have with the lender. Sometimes you’ll be charged an early repayment fee, so always check the terms and conditions beforehand.
More on loans
About our trusted provider, Aro
Asda is in partnership with Aro which is a trading name of Aro Finance Limited. Both Asda Money and Aro are credit brokers, not lenders. We offer our customers a different solution to borrowing money and finding a loan.
We work alongside Aro so we can provide our customers with their very best loan offer from a panel of handpicked trusted lenders.
With one simple eligibility check, our panel of lenders can provide you with a loan tailored to your needs. It’s also a safe way to find a loan without negatively affecting your credit rating.
Check your eligibility
ASDA Money is a trading name of Asda Financial Services Ltd who are an Introducer Appointed Representative of Aro which is a trading name of Aro Finance Limited (company number 06297533) of Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR. Aro acts as a credit broker and not as a lender and is authorised and regulated by the Financial Conduct Authority (FRN 662079).
Terms and conditions apply. UK residents aged 18 and over. If you take out a loan, Asda Money and Aro receive a commission payment from the lender. Different amounts of commission are received from different lenders and the amount will be either a fixed amount or a percentage of the amount you borrow and dependent on the lender you select. We will not charge you a fee for our services.