£7,000 Loans
Looking for a £7000 loan? With Asda Money, you can borrow between £1000 and £25000 from our trusted panel of lenders. Check eligibility without harming your credit score.
A £7,000 loan could help pay for significant home improvements, go towards a dream holiday, or boost your wedding budget. Discover the loans you’re eligible for with Asda Money without impacting your credit score.
Whether you’re looking to buy a new car, pay for a new bathroom, or take your family on an unforgettable trip, a £7,000 loan could help. At Asda Money, we have a panel of trusted UK lenders to help you find the right loan for your needs. Our eligibility checks won’t impact your credit score and you’ll see available offers in minutes.
How does a £7000 loan work with Asda Money?
Our wide panel of UK lenders provide loan offers based on your personal credit situation, tailored to your individual borrowing needs.
Simply complete an eligibility check with us. The eligibility check is quick and doesn’t involve a hard search on your credit file. We then search our lender panel to find different offers that match your personal circumstances and requirements.
If you find a £7,000 loan that’s right for you, you can go on to complete a full application with the lender. Or take some time to consider your options.
If no offers are available, our free and impartial Financial Support service can help you understand your options.
When can a £7000 loan help?
Often people take out a £7,000 loan to:
- Boost their wedding budget: Borrowing £7,000 could help pay for many of your wedding
- Make home improvements: You could potentially pay for a new bathroom with £7,000 or boost your home renovation budget.
- Buy a car: A £7,000 loan could help with buying some new wheels or putting down a deposit for a new car.
- Book a dream holiday: You could go on the holiday of a lifetime with a £7,000 loan.
- Consolidate debt: By taking out a £7,000 loan to consolidate debt, you’ll have one repayment each month.
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
At Asda Money, our lender panel only offers £7,000 loans as unsecured personal loans.
Unsecured personal loans (we offer access to these at Asda Money)
- Often a smaller, fixed rate loan for personal use
- Between £1,000 and £25,000
- Your personal circumstances and credit score impact the amount you can borrow.
Secured personal loans also known as homeowner loans (we don’t offer access to this type of loan)
- Usually for larger sums (often over £15,000) and for longer periods (between five and 30 years)
- Your credit history, assets and personal circumstances impact the amount you can borrow and interest rate.
To borrow £7,000 as a secured loan, you need to secure it with an asset which is usually your home. Your home is at risk if you don’t keep up with payments.
Guarantor loans (we don’t offer access to this type of loan)
Some lenders may offer £7,000 loans as guarantor loans. This is often the case if you have a poor credit history and have had previous issues with borrowing money. With a guarantor loan, you’ll need to find a family member or friend to act as a guarantor. This means they guarantee to pay the loan back if you can’t do so. You may be able to borrow the money but first consider the financial pressure this can place on friends or family members.
How much will a £7,000 loan cost?
The full cost of a £7,000 loan depends on many factors.
The interest rate is a key consideration. Having completed an initial eligibility check with Asda Money, you’ll see available loan offers from our panel of lenders. Each will have an interest rate and APR offered by the lender, based on your credit score and financial history. A £7,000 loan with a higher interest rate will cost more over the term of the loan.
Choosing a longer loan term impacts the overall cost too. Say you choose a five year £7,000 loan over a two year £7,000 loan. You’ll pay less each month for your repayments, but you may end up paying more in interest over the full length of the loan.
£7000 loans with bad credit
If you’ve had debt problems or struggled with borrowing money in the past, it can negatively impact your credit score. You may find it harder to get a £7,000 loan with bad credit.
If you are able to get a £7,000 loan with poor credit, you may have to pay a higher interest fee.
Will a £7000 loan affect my credit score?
When you check your eligibility for a £7,000 loan with Asda Money, this doesn’t affect your credit score. We run a soft search on your credit file as part of our availability check. You’ll then see any available offers that match your requirements from across our lender panel.
If you decide to take up one of the loan offers, you’ll apply directly with the lender. They will likely perform a hard search as part of the application process. This will affect your credit score and will show up on your credit history.
Alternatives to a £7000 loan
If you’re not eligible to borrow £7,000 as a personal loan or you can’t afford the monthly repayments, you may consider a smaller loan, a credit card, or choose to save up the money.
Frequently asked questions
Can I get a £7000 loan without a guarantor?
To get a £7,000 loan through our panel of lenders without a guarantor will fully depend on your personal circumstances, At Asda Money, our lender panel currently only offers unsecured personal loans without guarantor support.
Can I get a £7000 loan without a credit check?
When you check your eligibility for a £7,000 loan through Asda Money, it involves a soft credit check. This is to enable us to check our lender panel for any loan offers that may fit your personal circumstances. If you proceed to apply for a loan with one of our lenders, they will likely run a hard credit check before final loan documents are issued.
Can I pay back my £7000 loan early?
Depending on your loan agreement with the lender, it may be possible to pay back your £7,000 loan early. Check the terms and conditions of your loan agreement to understand if there is an early repayment charge. Many lenders on our panel do not have an early repayment charge, but it’s always important to read the fine print to understand if this is the case.
Why choose Asda Personal Loans?
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The Asda advantage
Known for putting value for money at the centre of everything we do
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One simple form…
Receive quotes from a trusted panel of lenders without harming your credit score
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A loan offer that’s right for you and your circumstances
Top Personal Loans FAQs:
- Why choose a Personal Loan through Asda?
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Customers could access great rates from carefully selected trusted lenders, so you can sit back and let us do the leg work. What’s more, when you search for a personal loan, you’ll only have a soft search on your credit history, which means you can check your eligibility without harming your credit score.
Once your loan is approved, you could receive your funds the same day.
- How does it work?
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Asda is in partnership with Aro which is a trading style of Aro Finance Limited, who are a leading credit broker to offer our customers a different solution to borrowing money and finding a loan. We work alongside Aro so we can provide our customers with the right offer from a panel of handpicked trusted lenders.
With one eligibility check, you can search a panel of carefully selected lenders and provide you with a loan tailored to your needs. Once you have been approved you will receive your funds which could be in your account as quickly as the same day.
So sit back, relax and let us do the hard work.
- Who are your lenders?
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We have carefully selected a number of trusted lenders to be on a panel. You can search the panel to provide you with the very best offer you are eligible for. Find out more about each of our lenders here.
If you have any questions on our lenders, please call our Customer Service Team on 0333 555 0560 and a colleague will be happy to help.
- What commission does ASDA Money receives in connection to an introduction to Aro?
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If you take out a product through Aro, Asda Money will receive a commission payment from Aro. The amount charged will be in connection with the specific product selected and so different amounts of commission are received. The amount will be either a fixed amount or a percentage of the amount you take out, yet it will not impact the amount you pay back.
Should you wish to find out more about the commission paid to Asda from our introduction to Aro, please get in touch by emailing: compliancehelpdesk@aro.co.uk
- How much can I borrow?
- Will applying affect my credit rating?
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No. One of the best things about our service is you get access to a panel of trusted lenders with no hard credit footprint left on your credit file. When you apply with us, a soft search is completed which doesn’t harm your credit score.
However, if you do proceed with an offer from your search with us, the lender will complete a hard search. This will show on your credit file.
- What credit score do I need for a bank loan?
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Strictly speaking, there is no minimum credit score for you to be approved for a personal loan. If you have a strong credit score, more lenders may be willing to lend to you with better interest rates on offer. If you have a lower credit score and have had problems borrowing in the past, you may find a smaller pool of lenders are willing to lend to you. You may even have to look for a specialist lender that offers loans for bad credit.
- Can I get a loan with a CCJ?
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If you have a county court judgement (CCJ) against your name, you may struggle to get a personal loan with mainstream lenders. However, you may find specialist lenders that are willing to lend to you.
- Can I borrow money with bad credit?
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If you have bad credit or have had money problems in the past, you may find that some lenders aren’t willing to lend to you. Those that are may only do so with higher interest rates. It’s worth looking at specialist lenders for bad credit loans. Or you can work on your credit score to improve it before applying for a loan.
- Why won’t my bank give me a personal loan?
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Lenders look at a variety of factors when deciding on whether or not to offer you a loan. They each have their own criteria which will take in your credit score, job, monthly income and more. If you have been rejected by a lender, you can always ask them why and hope they will give you some insight into their lending criteria. They may direct you to one of the main three credit bureaus to find out more information.
- Do personal loans look bad on credit?
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When you apply for a personal loan with a lender, this will show up on your credit file. Your credit score may take a very small hit in the short term once you take the loan out. But if you pay your monthly payments on time and in full, this can have a positive impact on your credit score.
- How to get the lowest rate for a personal loan?
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The interest rates offered by lenders depend on a range of factors including how much you’re borrowing and the length of the loan. They will also look at your credit score. To help get a lower rate, you can look to improve your credit score by signing up to the electoral register, closing old accounts, checking for any errors on your report, and paying all your bills on time. You may also consider increasing the length of the loan or borrowing less.
- Can I take out a loan if I already have one?
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Yes, you can. When you apply for a new personal loan, lenders will look at your existing borrowing to see if you can afford the second loan. Many people choose to take out a new loan to consolidate existing borrowing – whether loans or credit cards – into one loan with a single monthly repayment.
Please remember that by consolidating existing borrowing, you may be extending the term of the debt and increasing the total amount you repay.
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.
Other Links
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 Dakota House, Concord Business Park, Wythenshawe Manchester M22 0RR. 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 product through Aro, Asda Money will receive a commission payment from Aro. The amount charged will be in connection with the specific product selected and so different amounts of commission are received. The amount will be either a fixed amount or a percentage of the amount you take out, yet it will not impact the amount you pay back, for more information see our FAQs