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Rates and charges

Information within this page:

Rates and charges for

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 Missed Payment fee of 6 each time a payment is missed.
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

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