Rates and charges
Information within this page:
Rates and charges for
- Personal loans
- Graduate loans
- Graduate Overdraft Repayment Plan
- Professional Trainee Loan Scheme
- Professional Trainee Loan Scheme for College of Law students
- Professional Trainee Loan Scheme for BPP Law School students
- MBA loans
Personal loans
| Summary Box | |
|---|---|
| Key information for our personal loans from £10,000 to £25,000. | |
| APR | Typical 11.4% APR If successful, the interest rate you will pay is based on your personal circumstances. |
| Interest rate ranges | Loan size range | From | To | Representative APR |
|---|---|---|---|---|
| £10,000 – £25,000 (£25,000 if studying FT on selected Legal courses) | 11.4% | 16.4% | 11.4% |
| Interest charging information | Rate fixed for life of loan. Interest calculated daily. | |||
| Repayment information | Payment by direct debit only on a monthly basis. First payment due within 6 weeks of drawdown. Payment holidays not permitted. Deferral of payments at start of loan not permitted. | |||
| Repayment Period | For loans under £15,000, the maximum loan term is five years. For loans between £15,000 and £25,000, you can borrow over a maximum of seven years. If you’re borrowing over £2,500 for home improvements, you can take the loan over 10 years. No matter how much you borrow, the minimum borrowing term is one year. | |||
| Amount of Loan available | £10,000 to £25,00 in increments of £50. | |||
| Application/ Arrangement fee | No arrangement fee applicable. | |||
| Other Fees | None | |||
| Default Fees | £30 may be each time a payment due is not made on time. | |||
| Early Settlement | 58 days interest charged | |||
| Illustrative Example | Loan amount | Representative APR | Term | Monthly Repayment | Total Payable |
|---|---|---|---|---|---|
| £10,000 | 11.4% | 60 months | £216.60 | £12,996 | |
| £15,000 | 11.4% | 120 months | £205.19 | £24,622.80 | |
| £20,000 | 11.4% | 120 months | £273.59 | £32,830.80 |
Please note that an application for credit will usually be recorded with Credit Reference Agencies and may affect your ability to obtain credit elsewhere in the future.
Graduate loans
| Summary Box | |
|---|---|
| Key information for our Graduate loans from £1,000 to £15,000. | |
| APR | Typical APR 12.9% for £1,000 to £4,999 Typical 9.4% APR for £5,000 to £15,000 |
| Interest rate ranges | Loan size range | From | To | Representative APR |
|---|---|---|---|---|
| £1,000 - £15,000 | 9.4% | 9.4% | 9.4% |
| Interest charging information | Rate fixed for life of loan. Interest calculated daily on outstanding balance and applied quarterly. | |||
| Repayment information | Payment by direct debit only on a monthly basis. First payment due within 6 weeks of drawdown. Deferred payments of up to 4 months are available, or 12 months if you are going travelling and have a firm offer of employment. Interest will accrue during deferred repayment periods. | |||
| Repayment Period | Up to 5 years for loans up to £9,950. Maximum 7 years for loans £10,000 to £15,000. Maximum 5 year repayment period for Refinancing loans. | |||
| Amount of Loan available | £1,000 to £15,000 in increments of £50. | |||
| Application/ Arrangement fee | No arrangement fee applicable. | |||
| Other Fees | None | |||
| Default Fees | £30 each time a payment due is not made on time. | |||
| Early Settlement | Early repayment fee of one months interest may apply. | |||
| Illustrative Example | Loan amount | Representative APR | Term | Monthly Repayment | Total Payable |
|---|---|---|---|---|---|
| £3,000 | 12.90% | 36 months | £99.95 | £3,598.31 | |
| £5,000 | 9.40% | 60 months | £103.86 | £6,231.79 | |
| £15,000 | 9.40% | 60 months | £311.59 | £18,695.59 | |
| The final repayment may differ slightly from standard monthly repayment. | |||||
Please note that an application for credit will usually be recorded with Credit Reference Agencies and may affect your ability to obtain credit elsewhere in the future.
Graduate Overdraft Repayment Plan
| Summary Box | |
|---|---|
| Key information for our Graduate Overdraft Repayment Plan loans from £500 to £2,000. | |
| APR | Typical 0% APR |
| Interest rate ranges | Loan size range | From | To | Representative APR |
|---|---|---|---|---|
| £500 - £2,000 | 0.0% | 0.0% | 0.0% |
| Interest charging information | Fixed interest free Graduate Overdraft Repayment Plan loan. | |||
| Repayment information | Payment by direct debit only on a monthly basis. Deferred repayment periods of up to 4 months are available depending on your circumstances. | |||
| Repayment Period | Full repayment must be made by the time Graduate terms complete, so maximum term is 36 months. | |||
| Amount of Loan available | From £500 to a maximum of £2,000, depending on your circumstances. | |||
| Application/ Arrangement fee | None. | |||
| Other Fees | None. | |||
| Default Fees | £30 each time a payment due is not made on time. | |||
| Early Settlement | None. | |||
| Illustrative Example | Loan amount | Representative APR | Term | Monthly Repayment | Total Payable |
|---|---|---|---|---|---|
| £500.00 | 0.0% | 24 months | £20.84 | £500.00 | |
| £1,000.00 | 0.0% | 36 months | £27.78 | £1,000.00 | |
| £2,000 | 0.0% | 36 months | £55.56 | £2,000.00 | |
| Note that the last repayment will be slightly different to the standard monthly repayment. | |||||
Please note that an application for credit will usually be recorded with Credit Reference Agencies and may affect your ability to obtain credit elsewhere in the future.
Graduate Overdraft Repayment Plan information
Professional Trainee Loan Scheme
| Summary Box | |
|---|---|
| Key information for our Professional Trainee Loan Scheme loans from £1,000 to £20,000 (£25,000 if you're studying full-time on selected Legal courses). | |
| APR | (Variable rate option) Typical 7.7% APR Variable (Fixed rate option) Typical 8.9% APR |
| Interest rate ranges | Loan size range | From | To | Representative APR |
|---|---|---|---|---|
| £1,000 - £20,000 Variable (£25,000 if studying FT on selected Legal courses) | 7.7% or 8.9% | 7.7% or 8.9% | 7.7% or 8.9% |
| Interest charging information | Fixed or variable interest options available. Interest is charged at National Westminster Bank Base Rate plus 7.0% or a fixed rate of 8.65% nominal. Interest calculated daily on outstanding balance and applied quarterly. | |||
| Repayment information | Payment by direct debit only on a monthly basis. Deferred repayment periods are available depending on your circumstances. Interest will accrue during deferred payment periods. | |||
| Repayment Period | Up to 10 years. Total term of the loan, including deferred payments, beginning from the first drawdown date must not be more than 10 years. | |||
| Amount of Loan available | Up to £20,000 (£25,000, if you’re studying full-time for the Graduate Diploma in Law (GDL), Legal Practice Course (LPC) or Bar Professional Training Course (BPTC)). You can draw the loan in one lump sum or instalments. | |||
| Application/ Arrangement fee | No arrangement fee applicable. | |||
| Other Fees | None. | |||
| Default Fees | £30 each time a payment due is not made on time. | |||
| Early Settlement | For fixed rate loans only, an early repayment fee of one month interest may apply. | |||
| Illustrative Example | Fixed rate examples: | ||||
|---|---|---|---|---|---|
| Loan amount | Representative APR | Term | Monthly Repayment | Total Payable | |
| £5,000 | 8.90% | 60 months | £157.02 | £6,594.84 | |
| £10,000 | 8.90% | 120 months | £157.11 | £16,025.22 | |
| £20,000 | 8.90% | 120 months | £314.22 | £32,050.44 | |
| Each example includes an 18 month deferred repayment period (Capital and Interest Holiday). Note that the last repayment will be slightly different to the standard monthly repayment. | |||||
| Variable rate examples: (assumes base rate at 0.5%) | |||||
| Loan amount | Representative APR | Term | Monthly Repayment | Total Payable | |
| £5,000 | 7.70% | 60 months | £151.47 | £6,361.74 | |
| £10,000 | 7.70% | 120 months | £148.04 | £15,100.08 | |
| £20,000 | 7.70% | 120 months | £296,09 | £30,201.18 | |
| Each example includes an 18 month deferred repayment period (Capital and Interest Holiday). Note that the last repayment will be slightly different to the standard monthly repayment. | |||||
Please note that an application for credit will usually be recorded with Credit Reference Agencies and may affect your ability to obtain credit elsewhere in the future.
Professional Trainee Loan Scheme information
Professional Trainee Loan Scheme for College of Law students
| Summary Box | |
|---|---|
| Key information for our Professional Trainee Loans for College of Law students from £1,000 to £25,000 | |
| APR | (Variable rate option) Typical 7.7% APR Variable (Fixed rate option) Typical 8.9% APR |
| Interest rate ranges | Loan size range | From | To | Representative APR |
|---|---|---|---|---|
| £1,000 - £25,000 | 7.7% or 8.9% | 7.7% or 8.9% | 7.7% or 8.9% |
| Interest charging information | Fixed or variable interest options available. Interest is charged at National Westminster Bank Base Rate plus 7.0% or a fixed rate of 8.65% nominal. Interest calculated daily on outstanding balance and applied quarterly. | |||
| Repayment information | Payment by direct debit only on a monthly basis. Deferred repayment periods are available depending on your circumstances. Interest will accrue during deferred payment periods. | |||
| Repayment Period | Up to 10 years. Total term of the loan, including deferred payments, beginning from the first drawdown date must not be more than 10 years. | |||
| Amount of Loan available | Up £25,000 if you’re studying full-time for the Graduate Diploma in Law (GDL), Legal Practice Course (LPC) or Bar Professional Training Course (BPTC). You can draw the loan in one lump sum or installments. Up to £3,000 can be used to repay existing debts. | |||
| Application/ Arrangement fee | No arrangement fee applicable. | |||
| Other Fees | None. | |||
| Default Fees | £30 each time a payment due is not made on time. | |||
| Early Settlement | For fixed rate loans only, an early repayment fee of one month interest may apply. | |||
| Illustrative Example | Fixed rate examples: | ||||
|---|---|---|---|---|---|
| Loan amount | Representative APR | Term | Monthly Repayment | Total Payable | |
| £5,000 | 8.90% | 60 months | £157.02 | £6,594.84 | |
| £10,000 | 8.90% | 120 months | £157.11 | £16,025.22 | |
| £20,000 | 8.90% | 120 months | £314.22 | £32,050.44 | |
| Each example includes an 18 month deferred repayment period (Capital and Interest Holiday). Note that the last repayment will be slightly different to the standard monthly repayment. | |||||
| Variable rate examples: (assumes base rate at 0.5%) | |||||
| Loan amount | Representative APR | Term | Monthly Repayment | Total Payable | |
| £5,000 | 7.70% | 60 months | £151.47 | £6,361.74 | |
| £10,000 | 7.70% | 120 months | £148.04 | £15,100.08 | |
| £20,000 | 7.70% | 120 months | £296,09 | £30,201.18 | |
| Each example includes an 18 month deferred repayment period (Capital and Interest Holiday). Note that the last repayment will be slightly different to the standard monthly repayment. | |||||
Please note that an application for credit will usually be recorded with Credit Reference Agencies and may affect your ability to obtain credit elsewhere in the future.
Professional Trainee Loan Scheme for College of Law students information
Professional Trainee Loan Scheme for BPP Law School students
| Summary Box | |
|---|---|
| Key information for our Professional Trainee Loans for BPP Law School students (on an eligible course) from £1,000 to £25,000 | |
| APR | (Variable rate option) Typical 7.7% APR Variable (Fixed rate option) Typical 8.9% APR |
| Interest rate ranges | Loan size range | From | To | Representative APR |
|---|---|---|---|---|
| £1,000 - £25,000 | 7.7% or 8.9% | 7.7% or 8.9% | 7.7% or 8.9% |
| Interest charging information | Fixed or variable interest options available. Interest is charged at National Westminster Bank Rate plus 7% or a fixed rate of 8.65% nominal. Interest calculated daily on outstanding balance and applied quarterly. | |||
| Repayment information | Payment by direct debit only on a monthly basis. Deferred repayment periods are available depending on your circumstances. Interest will accrue during deferred payment periods. | |||
| Repayment Period | Up to 10 years. Total term of the loan, including deferred payments, beginning from the first drawdown date must not be more than 10 years. | |||
| Amount of Loan available | Up £25,000 if you’re studying full-time for the Graduate Diploma in Law (GDL), Legal Practice Course (LPC) or Bar Professional Training Course (BPTC). You can draw the loan in one lump sum or installments. | |||
| Application/ Arrangement fee | No arrangement fee applicable. | |||
| Other Fees | None. | |||
| Default Fees | £30 each time a payment due is not made on time. | |||
| Early Settlement | For fixed rate loans only, an early repayment fee of one month interest may apply. | |||
| Illustrative Example | Fixed rate examples: | ||||
|---|---|---|---|---|---|
| Loan amount | Representative APR | Term | Monthly Repayment | Total Payable | |
| £5,000 | 8.90% | 60 months | 157.02 | £6,594.84 | |
| £10,000 | 8.90 | 120 months | £157.11 | £16,025.22 | |
| £20,000 | 8.90 | 120 months | £314.22 | £32,050.44 | |
| Each example includes an 18 month deferred repayment period (Capital and Interest Holiday). Note that the last repayment will be slightly different to the standard monthly repayment. | |||||
| Variable rate examples: (assumes base rate at 0.5%) | |||||
| Loan amount | Representative APR | Term | Monthly Repayment | Total Payable | |
| £5,000 | 7.70% | 60 months | £151.47 | £6,361.74 | |
| £10,000 | 7.70% | 120 months | £148.04 | £15,100.08 | |
| £20,000 | 7.70% | 120 months | £296,09 | £30,201.18 | |
| Each example includes an 18 month deferred repayment period (Capital and Interest Holiday). Note that the last repayment will be slightly different to the standard monthly repayment. | |||||
Please note that an application for credit will usually be recorded with Credit Reference Agencies and may affect your ability to obtain credit elsewhere in the future.
Professional Trainee Loan Scheme for BPP Law School students information
MBA loans
| Summary Box | |
|---|---|
| Key information for our MBA loans from £1,000 to £25,000. | |
| APR | Typical 7.9% APR Variable |
| Interest rate ranges | Loan size range | Typical | Representative APR |
|---|---|---|---|
| £1,000 - £25,000 | Base Rate plus 7% | 7.9% variable |
| Interest charging information | Variable interest charged at National Westminster Bank Base Rate plus 7%, no minimum.Interest calculated daily on outstanding balance and applied quarterly. | |||
| Repayment information | Payment by direct debit only on a monthly basis. Deferred repayment periods are available depending on your circumstances. Interest will accrue during deferred repayment periods. | |||
| Repayment Period | Full and part-time students - repayment over a maximum of 7 years once studies completed (for loans over £20,000 the maximum repayment period is 10 years). Distance learners - maximum repayment term is 10 years from date loan drawn. | |||
| Amount of Loan available | Full-time students - maximum amount available in any 12 month period is two thirds gross annual pre-course salary plus course fees, less annual income from grants etc. Part-time students - cost of course fees and study equipment only. Distance learners - cost of course fees and study equipment to a maximum of £10,000. All students are expected to make a contribution equal to 20% of the total course fees from their own personal resources. | |||
| Application/ Arrangement fee | 1% of loan amount, payable to The Association of MBAs. | |||
| Other Fees | None. | |||
| Default Fees | £30 each time a payment due is not made on time. | |||
| Early Settlement | None. | |||
| Illustrative Example | Loan amount | Representative APR | Term | Monthly Repayment | Total Payable |
|---|---|---|---|---|---|
| £10,000 | 8.00% | | £282.83 | £12,727.35 | |
| £20,000 | 7.90% | | £287.55 | £30,192.75 | |
| £30,000 | 7.90% | | £431.32 | £45,288.60 | |
| Each example includes a 15 month deferred repayment period (Capital and Interest Holiday). Note that the last repayment will be slightly different to the standard monthly repayment. Base rate assumed to be 0.5%. | |||||
Please note that an application for credit will usually be recorded with Credit Reference Agencies and may affect your ability to obtain credit elsewhere in the future.