Rates and charges
Information within this page:
Rates and charges for
- Personal loans of £7,500 - £14,950
- Personal loans of £1,000 - £25,000
- FlexiLoan for Graduates
- Professional Trainee Loan Scheme for existing customers
Personal loans of £7,500 - £14,950
Representative Example: Personal loan of £10,000 over 60 months. 60 monthly repayments of £205.40 Total amount payable: £12,324.00.
Interest rate: 8.9% p.a. (fixed). Representative 8.9% APR.
| Summary Box | |
|---|---|
| Key information for our personal loans from £7,500 to £14,950. | |
| Representative APR | Representative 8.9% APR If successful, the interest rate you will pay is based on your personal circumstances and the amount you choose to borrow. |
| APR ranges | Loan size range | From % | To % | Indicative APR |
|---|---|---|---|---|
| £7,500 – £14,950 | 6.9% | 21.2% | 8.9% |
| 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. 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 | £7,500 to £14,950 in increments of £50. | |||
| Application/ Arrangement fee | No arrangement fee applicable. | |||
| Other Fees | None | |||
| Default Fees |
1. Missed Payment fee of £6 each time a payment is missed. 2. Default Notice fee of £30. | |||
| Early Settlement | You have the right to repay the credit early at any time in full or partially. If you chose to repay the Loan early, either in full or in part then additional interest will be payable. This will be an amount equal to 58 days interest at the Annual Rate of Interest (28 days’ interest only if the original period of the loan is one year), calculated on a daily basis on (a) the amount by which the outstanding balance of the Loan is reduced by the overpayment or (b) where the Loan is repaid early, on the amount of the outstanding balance of the Loan which is repaid ahead of the due date. | |||
| Illustrative Example | Loan amount | Indicative APR | Term | Monthly Repayment | Total Payable |
|---|---|---|---|---|---|
| £7,500 | 8.9% | 36 months | £236.94 | £8,529.84 | |
| £10,000 | 8.9% | 60 months | £205.40 | £12,324.00 | |
| £14,950 | 8.9% | 60 months | £307.08 | £18,424.80 |
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.
Personal loans of £1,000 - £25,000
Representative Example: Personal loan of £5,000 over 36 months. 36 monthly repayments of £175.83, Total amount payable: £6,329.88.
Interest rate: 17.2% p.a. (fixed). Representative 17.2% APR.
| Summary Box | |
|---|---|
| Key information for our personal loans from £1,000 to £25,000. | |
| Representative APR | Representative 17.2% APR If successful, the interest rate you will pay is based on your personal circumstances and the amount you choose to borrow. |
| APR ranges | Loan size range | From % | To % | Indicative APR |
|---|---|---|---|---|
| £1,000 – £2,950 | 21.9% | 29.5% | 23.9% | |
| £3,000 – £4,950 | 18.9% | 25.5% | 20.9% | |
| £5,000 – £7,450 | 15.9% | 22.8% | 17.9% | |
| £7,500 – £14,950 | 6.9% | 21.2% | 8.9% | |
| £15,000 – £25,000 | 9.9% | 19.8% | 11.9% |
| 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 | £1,000 to £25,000 in increments of £50. | |||
| Application/ Arrangement fee | No arrangement fee applicable. | |||
| Other fees | None. | |||
| Default fees | 1. Missed Payment fee of £6 each time a payment is missed. 2. Default Notice fee of £30. | |||
| Early Settlement | You have the right to repay the credit early at any time in full or partially. If you chose to repay the Loan early, either in full or in part then additional interest will be payable. This will be an amount equal to 58 days interest at the Annual Rate of Interest (28 days’ interest only if the original period of the loan is one year), calculated on a daily basis on (a) the amount by which the outstanding balance of the Loan is reduced by the overpayment or (b) where the Loan is repaid early, on the amount of the outstanding balance of the Loan which is repaid ahead of the due date. | |||
| Illustrative Example | Loan amount | Indicative APR | Term | Monthly Repayment | Total Payable |
|---|---|---|---|---|---|
| £5,000 | 17.2% | 36 months | £175.83 | £6,329.88 | |
| £10,000 | 8.9% | 60 months | £205.40 | £12,324.00 | |
| £20,000 | 11.9% | 120 months | £279.03 | £33,483.60 |
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.
FlexiLoan for Graduates
Representative Example: FlexiLoan of £3,000 over 60 months. 59 repayments of £106.41 and one final payment of £106.74. Total amount payable: £3,831.09. Interest rate: 18.0%p.a. (fixed). Representative 18.0% APR
| Summary Box | |
|---|---|
| Key information for our FlexiLoan for Graduates from £1,000 to £15,000. | |
| Representative APR | Representative 18.0% APR for £1,000 to £15,000 If successful, the interest rate you will pay is based on your personal circumstances. |
| APR ranges | Loan size range | From % | To % | Indicative APR |
|---|---|---|---|---|
| £1,000 - £15,000 | 11.9% | 18.0% | 18.0% |
| 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 |
1. Missed Payment fee of £6 each time a payment is missed. 2. Default Notice fee of £30. | |||
| Early Settlement | You have the right to repay the credit early at any time in full or partially. | |||
| Illustrative Example | Loan amount | Indicative APR | Term | Monthly Repayment | Total Payable |
|---|---|---|---|---|---|
| £3,000 | 18.0% | 36 months | £106.41 | £3,831.09 | |
| £5,000 | 14.5% | 60 months | £115.24 | £6,915.00 | |
| £15,000 | 14.5% | 60 months | £345.75 | £20,745.03 | |
| 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.
Professional Trainee Loan Scheme for existing customers
Representative Example: Loan of £15,000 over 120 months. Repayments deferred by 18 months followed by 101 monthly repayments of £235.91 and one final payment of £236.25. Total amount payable: £24,063.16. Interest rate: 8.65%p.a. (fixed). Representative 8.9% APR.
| Summary Box | |
|---|---|
| Key information for our Professional Trainee Loans for existing customers (on an eligible course) from £1,000 to £25,000 | |
| Representative APR | Representative 8.9% APR If successful, the interest rate you will pay is based on the amount you choose to borrow, and the time period over which the loan is repaid. |
| APR ranges | Loan size range | From % | To % | Indicative APR |
|---|---|---|---|---|
| £1,000 - £25,000 | 7.7% or 8.9% | 7.7% or 8.9% | 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 to £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). If you're studying on other eligible courses the maximum amount is £20,000. You can draw the loan in one lump sum or instalments | |||
| Application/ Arrangement fee | No arrangement fee applicable. | |||
| Other Fees | None. | |||
| Default Fees |
1. Missed Payment fee of £6 each time a payment is missed. 2. Default Notice fee of £30. | |||
| Early Settlement | You have the right to repay the credit early at any time in full or partially. | |||
| Illustrative Example | Fixed rate examples: | ||||
|---|---|---|---|---|---|
| Loan amount | Indicative 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 (variable) | 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 existing customers information