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Call 0800 046 6486

 

Lines are open: 
Mon - Fri 8.30am - 8pm
(excluding bank holidays)

Calls may be recorded. Calls from mobile phones may not be free.

Personal Loans What's a Representative APR?

A Representative APR is the interest rate applied to over half of loans issued for a particular size of loan.

All lenders advertise rates in this way. Most lenders (including us) use personalised pricing and this means your actual rate will be based on your personal circumstances.

Car Loan

You take out a personal loan and use the money to buy a car or vehicle, the car loan is tied to you and not to the car, it's a flexible option that doesn't commit you to a particular dealer or manufacturer.

Cash or Savings

You can use money from your account to buy the car. You can also combine your money with another type of finance e.g. part loan / part cash.

Leasing

When you lease a car, the finance provider owns the vehicle. At the end of the term you simply hand it back and may have to pay for any mileage over the agreed limit and any damage not considered fair wear and tear etc. Sometimes you will have the option to include maintenance and other costs in the monthly payment.

Personal Contract Purchase

Like hire purchase, you take a loan through the dealership and make monthly repayments. But instead of paying for the full value of the car, you leave a lump sum to be paid at the end of the contract – the 'final value'. At the end of the term you normally have 2 options:

  • Pay the lump sum and keep the car, or

  • hand the car back to the dealer

These schemes are designed to offer lower monthly repayments but can work out more expensive than hire purchase or a car loan.

 
 

Hire Purchase

This is a finance scheme similar to a personal loan, with fixed monthly re-payments for a term you choose. The main difference is that the finance is tied to the car, and the loan provider owns the car until the loan is fully repaid. Details vary but generally:

  • you select the car you want from the dealership, they arrange finance for you;

  • you effectively 'hire' the car for an agreed period of time, the monthly cost includes the loan interest cost;

  • at the end of the hire agreement, you pay an administration fee and ownership of the car is transferred to you

Personal Loans Funds next working day

To receive your loan funds the next working day:

You must use online banking

You must apply online before 5.55pm Monday to Thursday and have your loan accepted

We must already hold your up to date personal information

 

Sometimes we'll need to contact you for more information so it can take a little longer.

Managing your loan Making an overpayment

You can make overpayments at any time and this could shorten your loan term.

For loans applied for from 15 November 2010 we charge:
- 58 days interest if the contractual loan term is more than 12 months
- 28 days if the contractual loan term is 12 months or less
- The remaining number of days interest if there are less than 58 days (or 28 days) left in the loan term
- Interest is charged on the amount by which your outstanding balance is reduced

We recommend you visit your local branch if you would like to discuss the impact of the overpayment before you make it.

Locate your nearest branch

 

If you bank online:

You can set up a new payee to make additional payments into your loan. You may be asked to use your card-reader when setting up a new payee. You can order your card-reader from within your online banking service.

Managing your loan Changing your details

If you need to change your monthly repayment date or bank account your loan is paid from please visit us in branch where we will be happy to help.

Locate your nearest branch

 

If you need to change the name or address related to your loan, there are numerous ways that you can let us know.  Find out your different options here.

Personal Loans Representative APRs

A representative APR is the interest rate applied to over half of loans issued for a particular size of loan.

All lenders advertise rates in this way. Most lenders (including us) use personalised pricing and this means your rate will be based on your personal circumstances.

Debt Consolidation Loans Apply now

Taking on any new loan is a big decision and we're here to help you make the right one.

Refinancing existing borrowing can be complex and many of our customers find it easier to talk to someone before they apply. Our Customer Advisors in branch can talk to you about other borrowing options that may better suit your needs.

You can still apply online today, but if you'd rather talk to someone before you apply to ensure this loan is right for you, chat with one of our webchat agents who can arrange an appointment at your local branch.

 

Debt Consolidation Loans Apply now

Taking on any new loan is a big decision and we're here to help you make the right one.

Refinancing existing borrowing can be complex and many of our customers find it easier to talk to someone before they apply. Our Customer Advisors in branch can talk to you about other borrowing options that may better suit your needs.

You can still apply online today, but if you'd rather talk to someone before you apply to ensure this loan is right for you, chat with one of our webchat agents who can arrange an appointment at your local branch.

 

Personal Loans Borrowing terms
  • Loans between £1,000 and £14,950 can be repaid over a term of 1 to 5 years

  • Loans between £15,000 and £25,000 can be repaid over a term of 1 to 7 years

  • Home improvement loans over £2,500 can be repaid over a term of 1 to 10 years

  • Holiday loans can only be taken over 1 year

  • The minimum borrowing term is 1 year

Unacceptable loan purposes
Unacceptable loan purposes include:
  • Property purchase
  • Deposit for property purchase
  • Purchase of land
  • Any business purpose
  • Any payment in arrears
  • Any tax avoidance arrangements
  • Court or solicitors fees
  • Gambling
  • Household bills, rent or a mortgage payment
  • Purchase of shares or other investment funds
  • Car tax.
What's a Representative APR?

A Representative APR is an annual rate that shows the cost of a loan. It’s the rate we expect over half of our customers to get and helps compare the cost of different loans.

What's a Representative Example?

A Representative Example sets out typical information for a loan that the Representative APR applies to.  Like the Representative APR, it helps you compare between different loans.

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