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
Interest rate ranges	£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

Personal loans information

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
Interest rate ranges	£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 standing order 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.

Graduate loans information

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
Interest rate ranges	£500 - £2,000	0.0%	0.0%	0.0%

Interest charging information	Fixed interest free Graduate Overdraft Repayment Plan loan.
Repayment information	Payment by standing order 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.

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 7.5% APR Variable (Fixed rate option) Typical 8.9% APR

Interest rate ranges	Loan size range	From	To	Representative APR
Interest rate ranges	£1,000 - £20,000 Variable (£25,000 if studying FT on selected Legal courses)	7.5% or 8.9%	7.5% or 8.9%	7.5% 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 standing order 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 Vocational Course (BVC)). 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	7.50%	60 months	£150.54	£6,322.68
	£10,000	7.50%	120 months	£146.52	£14,945.04
	£20,000	7.50%	120 months	£293.04	£29,890.08
	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.

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 7.5% APR Variable (Fixed rate option) Typical 8.9% APR

Interest rate ranges	Loan size range	From	To	Representative APR
Interest rate ranges	£1,000 - £25,000	7.5% or 8.9%	7.5% or 8.9%	7.5% 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 standing order 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 Vocational Course (BVC). 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	7.50%	60 months	£150.54	£6,322.68
	£10,000	7.50%	120 months	£146.52	£14,945.04
	£20,000	7.50%	120 months	£293.04	£29.890.08
	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.

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 7.5% APR Variable (Fixed rate option) Typical 8.9% APR

Interest rate ranges	Loan size range	From	To	Representative APR
Interest rate ranges	£1,000 - £25,000	7.5% or 8.9%	7.5% or 8.9%	7.5% 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 standing order 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 Vocational Course (BVC). 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	7.50%	60 months	£150.54	£6,322.68
	£10,000	7.50%	120 months	£146.52	£14,945.04
	£20,000	7.50%	120 months	£293.04	£29,890.08
	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.

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 7.5% APR Variable

Interest rate ranges	Loan size range	Typical	Representative APR
Interest rate ranges	£1,000 - £25,000	Base Rate plus 7%	7.5% 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 standing order 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	7.50%	60 months	£278.65	£12,539.25
	£20,000	7.50%	120 months	£281.81	£29,590.05
	£30,000	7.50%	120 months	£422.72	£44.385.60
	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%.

MBA loans information