Abound

Abound: personal loans in the UK

Abound is a personal loans provider operating in the UK that presents itself as an alternative that goes beyond traditional credit scores. Its approach focuses on assessing the applicant's full financial situation to design a loan tailored to each profile, with a rate the company describes as fair and transparent.

Assessment method

To determine affordability, Abound uses Open Banking: the applicant securely connects their bank accounts and the lender verifies income and expenses. This analysis is complemented by a preliminary soft credit search, which does not affect the credit score. Only if the application is approved is a hard search carried out to inform other lenders. The company states that consent for bank access can be revoked at any time from the banking app.

Loan features

Abound's range includes personal loans with terms of 1 to 5 years. The application is made entirely online. Once approved and identity checks are completed, the company states that the money is sent within up to 2 hours. Borrowers can make additional payments to reduce the total cost and request payment holidays in the event of unforeseen circumstances.

The lender publishes rate bands based on credit profile. At the time of analysis, the site showed the following references for an example £5,000 loan over 36 months: "Great" band at 11.8% APR and a monthly payment of £253; "Good" band at 20.6% APR and £286; "Fair" band at 38.8% APR and £363. The representative example indicated 36 monthly payments of £185.92, a fixed interest rate of 17.7% per year, 21.8% representative APR, total amount repayable of £6,693.12, including a £250 fee.

Eligibility requirements

• Be at least 18 years old.
• Have the right to reside in the UK.
• Have a main UK bank account.
• Have no unresolved defaults or county court judgments (CCJs).

Common uses of the loans

The lender lists the most common purposes its customers use the funds for: debt consolidation, home improvements, buying a vehicle or repairs, life events such as weddings or moving house, education and emergency expenses.

Customer service and financial support

Abound offers telephone support Monday to Friday, 9:00 to 17:00. It has a general line and a dedicated payment support line. The company states its commitment to responsible and affordable lending standards, and notes that customers facing financial difficulty can get in touch to arrange a suitable plan before missing payments.

Donations linked to the loan

According to the company's information, every time a loan is disbursed a donation is made to the charity Spread a Smile.