Hastings Unsecured Loans

Compare rates and check your eligibility* for personal loans from Hastings.

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What our Nerds say about Hastings loans

HOLLY BENNETT

WRITER

Hastings Direct loans can be used for anything from home improvements to holidays. There are no set-up fees and amounts available range from £1,000 to £25,000, depending on your circumstances.

Hastings personal loans

Hastings Direct personal loans are available for between £1,000 and £25,000, and with loan terms of between one and five years.

The loans are unsecured, which means you don’t need to offer an asset, such as your home, as security for the loan.

» COMPARE: Personal loan rates

Hastings loan rates

Hastings Direct shows its representative annual percentage rate (APR) on its website. The APR of a loan tells you the total cost of a loan over a year including interest and any fees. Hastings Direct doesn’t charge a fee to set up a loan.

The representative APR is what at least 51% of people will get and is a percentage of the loan amount you borrow. You can use the APR to compare loan providers and work out which deal may be best for you. However, bear in mind that the APR is a guide and not a guarantee – 49% of applicants will receive a rate higher than the APR.

The APR you are charged may not be the same as the representative APR. The lender works out your individual APR based on the amount you borrow and your credit history. Lenders have to tell you their APR before you agree to a loan.

Can I get a secured loan from Hastings Direct?

No, Hastings Direct only offers unsecured loans.

A secured loan is where you secure the value of your borrowing against an asset, such as your home, as security in case you fail to repay.

» COMPARE: Secured loans from other providers

Pros and cons of Hastings loans

If you’re thinking of getting a loan with Hastings Direct, some potential benefits and drawbacks to consider include:

Pros

  • There are no early repayment fees.
  • You can make overpayments.
  • You don’t have to provide physical paperwork.
  • There is no set-up fee.

Cons

  • You can’t take out more than one loan with Hastings Direct.
  • You can’t access your documents online.

How do Hastings loans work?

When you apply for a Hastings loan, you’ll be asked for details such as your date of birth, marital and employment status, income, email and postal address.

You will also be asked how much you want to borrow and for how long. Once you apply, Hastings Direct will consider your application and run a credit check to help decide whether to approve your application.

If your application is approved, you can sign the agreement. You will then repay the amount you borrowed plus interest monthly for the term of the loan.

What you pay each month is based on the amount you borrow, the loan term and the interest rate. Your final payment may be different, so it clears the total remaining balance. The interest rate you agree is fixed for the life of the loan.

Can I make extra repayments on a Hastings loan?

Yes, you can pay off some or all of your loan at any time, provided you let Hastings know you are going to do this.

Before you make extra payments, you need to ask for a settlement figure by phone or email and agree a payment date.

Can I borrow more?

You can’t have more than one loan with Hastings Direct.

The maximum loan amount available from Hastings Direct is £25,000. The loan amount you’re offered will also depend on your personal and financial circumstances, including your credit history.

What if I miss a payment?

If you’re struggling to make payments or miss a payment for another reason, tell Hastings Direct as soon as possible so you can discuss next steps.

It’s important to take action as missed payments can harm your credit score, and the lender may charge late payment fees.

If you are having trouble making payments because you’re in financial difficulty, there is free help available from debt charities such as StepChange.

What can I use a Hastings loan for?

You can use a personal loan for most purposes, but when you apply Hastings Direct will ask what you want to use the loan money for, and there are some restrictions.

Reasons you might want a loan include:

  • buying a vehicle
  • debt consolidation
  • home improvements
  • a holiday

Like some other loan providers, there are a few reasons that the provider won’t agree to a loan for. You can’t use a Hastings Direct loan for:

  • bridging loans
  • mortgage deposits
  • buying or retaining an interest in land
  • business or investment purposes

» MORE: What is debt consolidation?

Am I eligible for a Hastings loan?

To be eligible for a Hastings Direct loan you need to:

  • be between 18 and 74 (and not 75 or over at the end of the loan term)
  • have lived in the UK for at least three years
  • be a permanent resident of England, Scotland or Wales
  • have a UK bank account
  • not have an existing loan with Hastings Direct
  • be employed or retired with an annual income of at least £15,000
  • have had no county court judgments (CCJs) in the last three years, and no bankruptcy, debt relief order or individual voluntary arrangements (IVAs) in the last six years

Can I get a Hastings loan with bad credit?

It may be possible to get a Hastings loan with bad credit, but it can affect your chances of getting a loan.

A poor credit score might be through late payments, too many hard searches or bankruptcies or CCJs, or even just because you haven’t yet built up any credit history.

Like any other provider, Hastings will run a credit check when you apply to get a picture of how you have managed credit in the past, along with affordability checks. A bad credit history can suggest you’re riskier to lend to, which might mean you’re less likely to be accepted for the loan or that you may be offered higher interest rates.

» COMPARE: Loans for bad credit

How to apply for a Hastings loan

You can apply for a loan with Hastings Direct using their online application form. You will need to provide information about your circumstances, including what you are planning to use the loan for and how much you want to borrow.

» MORE: How to apply for a loan

How long does it take to apply for a Hastings loan?

You can apply for the loan online and supply any supporting documents by uploading the information via its website.

Most people will get an instant decision and can sign their documents online straight away. However, you may need to supply extra information, such as proof of ID, before a decision can be made.

Once you have sent this by email or uploaded it to the website, you’ll usually get a decision about your application within one working day.

Once your application is approved, you can sign your documents online. Hastings Direct will send your loan documents by email or post, and the funds will usually be in your account within three days.

What if my loan application is declined?

If your loan application is declined, it may be down to your credit history or because Hastings Direct has decided that you can’t afford the loan.

Lenders also carry out fraud, affordability and verification checks even after you receive a pre-approved quote from a price comparison site, for example.

» MORE: How credit scores work and why they’re important

Hastings customer reviews

On Trustpilot, Hastings Direct has 4.3 stars out of 5 on over 115,000 reviews. These reviews include insurance and loan customers.

This information was correct on 3 October 2022.

Hastings Loans FAQs

Can I get a joint loan from Hastings loans?

No, Hastings Direct only accepts single loan applications.

» MORE: What are joint loans?

Does Hastings charge early repayment fees?

You can pay off some or all of your loan early with no penalty. However, before you pay anything you need to ask Hastings Direct for an early settlement fee. You can do this over the phone or by email.

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