What is a Personal Loan?
A personal loan is an unsecured form of lending that lets you borrow a specific amount of money over a set period of time at a fixed APR and monthly repayment cost. Essentially, it allows you to get the item you need upfront and pay for it afterwards, rather than saving and getting it at the end.
| A Hitachi loan based on borrowing £7,500 Amount over 5 years* | ||||
|---|---|---|---|---|
| Representative | Rate of interest | Monthly repayment | Total credit charge | Total repayment |
| 3.2% APR | 3.2% (fixed) | £135.29 | £617.40 | £8,117.40 |
How do Personal Loans work?
Watch our quick video for a simple explanation of the ins and outs of a Personal Loan.
What can a Personal Loan be used for?
Because repayments are the same each month, a personal loan is a great way of funding a whole range of purchases. Some of the most common things our customers take loans for include buying a new car, home improvements, weddings, holidays, buying a motorhome, caravan or campervan, as well as simply tidying up their finances.
Is a Personal Loan better than a Credit Card?
The main benefit of a Personal Loan over a Credit Card is the cost. The APR of a personal loan tends to be lower than a credit card’s because all terms, including the amount borrowed and the repayment period, are agreed upfront. If you’re looking to borrow in a more structured way to help with budgeting, a Personal Loan could be a good option for you.
Personal Loans are also generally available in a higher amount. Our personal loans are available up to £25,000 on a term of 2-5 years, which would be a large amount to put on a credit card.
Our Personal Loan rates
Hitachi Loan Representative APR Over 5 Years
| Personal Loan of £20,000 | 3.2% |
| Personal Loan of £15,000 | 3.2% |
| Personal Loan of £10,000 | 3.2% |
| Personal Loan of £5,000 | 3.5% |
Why choose a Personal Loan from Hitachi Personal Finance?
With Hitachi Personal Finance you can rely on getting a simple, highly competitive loan, quickly. Our easy online application literally takes minutes to complete, gives an instant decision and the funds could be in your account within 2 working days if approved.
We treat all our customers and their applications on an individual basis. The rate is subject to change and the representative APR may not be the rate you'll receive. We'll offer you a rate based on our assessment of your personal financial circumstances. The maximum APR you could be offered is 29.9%*. All loans are subject to status.
Our Price Promise
The majority of our customers receive the advertised rate. However, if you complete an application directly via the Hitachi Personal Finance website and are given a higher APR, we guarantee that you'll never pay more than £193.7 per month with our maximum 20.5% APR Representative when you borrow £7,500 over 5 years*.
And remember - if you apply for a shorter term and are offered a higher rate you will be able to increase the number of months you use to repay the loan to reduce your monthly payments to suit your budget.
*Only for applications carried out directly via the Hitachi Personal Finance website
21:46, January 22, 2020
