A personal loan may suit someone who needs to borrow a fixed amount for a planned purchase or expense and can afford regular repayments over an agreed term. Lenders usually assess your income, outgoings, credit history and employment when deciding whether to offer a loan and at what rate. Compare the total amount repayable, fees and early-repayment terms, and avoid borrowing more than your budget can comfortably support. If repayments may be difficult, consider free debt advice before applying and check that the lender is authorised by the Financial Conduct Authority.