Loans FAQs

We know that not everyone gets the best deal from their bank. That’s why we’ve chosen to do things differently.

Loans All you need to know

What is a personal loan cooling off period?

A cooling off period means that you have the right to cancel/withdraw from your loan agreement within 14 days from the date you receive the funds You will then have 30 days to repay the funds to Shawbrook.

Who can apply for a Personal Loan?

If you meet the below criteria, you can apply for a Shawbrook personal loan:

  • Aged between 25-75
  • A UK resident for a minimum of 3 years
  • Minimum annual income of £15,000
  • Have a UK Personal Bank Account

For more information, visit the Shawbrook website.
https://personalloans.consumer.shawbrook.co.uk/apply

Do I need to go to a branch to get a loan?

Shawbrook do not have any branches, we have an online service and you can contact us by email or phone.

What is a Personal Loan?

A personal loan is an unsecured loan. It is a small borrowing of a fixed amount, usually between £1,000 and £30,000, which is set at a fixed interest rate across a fixed term.

View Loans All you need to know FAQ's

Car Loans

Can a car loan build your credit score and credit rating?

A credit score is a tool used by lenders to help determine whether you qualify for credit. Using the information on your credit report and any additional information you supplied as part of your application, lenders use a mathematical model to calculate a score that represents your credit history. 

What are car loans rates?

Car loan rates refer to either the interest rate or Annual Percentage Rate. This applies to the amount that a lender will charge for a loan to finance the purchase of a car.

What is a car loan APR?

An APR (Annual Percentage Rate) is a calculation that takes into account the interest rate of a loan and any other additional fees a lender may charge to repay the loan. A car loan APR is the rate you pay that accounts for the interest charged plus all other fees you have to pay to get your loan.

Will a car loan affect my mortgage or getting a new mortgage?

A car loan will not affect your current mortgage repayment but will be an additional monthly commitment to make. Before taking a loan, you should ensure you are comfortable that you can afford the repayments for both your mortgage and the loan. 

View Car Loans FAQ's

Wedding Loans

What is a wedding loan?

A Shawbrook wedding loan is an unsecured personal loan that can be put towards the cost of your wedding.

Where can you get a wedding loan?

Shawbrook bank provide wedding loans. Loans are available from £1,000 - £30,000 over a 1-7-year term.

How does a wedding loan work?

A Shawbrook wedding loan is a type of personal loan which is an unsecured form of credit.

How do I get a wedding loan?

You can apply for a wedding loan on our website.

 

View Wedding Loans FAQ's

Debt Consolidation Loans

What is a debt consolidation loan?

A Shawbrook debt consolidation loan is an unsecured personal loan that could be taken out to repay other debts and have one monthly payment. However, the terms may be different, and the overall cost could increase so read the terms carefully before entering into an agreement.

How does a debt consolidation loan work?

A debt consolidation loan works by taking out one single loan to repay other loans so that you only have one fixed monthly repayment. Depending on your situation, this could be a more cost-effective option, however, the terms may be different, and the overall cost could increase so read the terms carefully before entering into an agreement.

Can you get a debt consolidation loan with bad credit?

Although it is possible to get a loan if you have bad credit, it is unlikely that you will be accepted for a loan with Shawbrook Bank.

We take our responsibilities seriously. When you apply for a loan with us, we’ll look at your personal circumstances and will only lend to you if we are comfortable that you can afford the loan. When considering your suitability for a loan, we’ll use your credit history along with other information you provide to decide if we can lend to you. If you have a history of missing payments or a poor credit history, you’re unlikely to be offered a loan by Shawbrook Bank.

There are also other reasons why you may not be offered a loan, even if you have a good credit history. More information can be found in our guide about being turned down for a loan despite having good credit.

However, there are lenders who may still offer loans to those with bad credit. Beware of high fees and read your terms and conditions carefully. If you are offered a loan despite bad credit, make sure you’re able to comfortably afford the monthly repayments and check whether your new loan cost (the amount borrowed and the total interest you will repay) is not greater than your existing debt.

A debt consolidation loan can help you to merge some or all of your existing debts into one which can make managing your payments easier. If your credit score is worse than it was when you took out your previous credit, it may not be a suitable option for you. If you want to understand more about your credit score and why you might be classed as having ‘bad credit’, visit our guide on 7 reasons your credit score goes down.

If you are struggling with debt and would like support, we recommend speaking to StepChange. The debt charity helps over 650,000 people a year with debt-related problems and offers free, confidential, and expert advice and money guidance online or over the phone.

If you’re a Shawbrook customer and are having financial difficulties, visit our help page.

What loans and debts can be consolidated?

A range of different debts and loans can be consolidated. The use of a debt consolidation loan can differ from providers so contact your provider to understand more about their debt consolidation loans.

View Debt Consolidation Loans FAQ's

Home Improvement Loans

What are home improvement loans?

A Shawbrook home improvement loan is an unsecured personal loan which can be used to finance home improvements.

Are home improvement loans interest tax deductible?

For tax advice please contact HMRC or a qualified accountant.

Are home improvement loans secured?

There are usually two types of home improvement loans, secured and unsecured.

Can a home improvement loan be added to a mortgage?

Shawbrook offers unsecured personal loans for home improvement purposes. For more information on additional borrowing on your existing mortgage you should contact your mortgage provider.

View Home Improvement Loans FAQ's

Point of Sale Loans

Will loan documentation be sent to me by post?

If you have applied online with one of our partners we will send an e-signature pack instead.

If you have signed a paper agreement you will be given a copy of the Credit Agreement at the point of sale and will receive a welcome letter in the post.

Can I change my bank details or payment date?

To change your bank details or payment date, contact our customer services team on 0345 650 6290, Monday to Thursday 8am to 8pm, Friday 8am – 6pm and Saturday 9am to 2pm.

How is my interest rate calculated?

If you have an interest-bearing loan for the product you’ve bought through one of our partners, interest is calculated daily but applied monthly.

What is Shawbrook point of sale finance?

As well as our personal loans and mortgages, Shawbrook offers finance products through an approved network of partners from retailers, home improvement companies and holiday ownership sectors. These finance products help customers spread the cost of larger purchases and make the finance arrangements at the point of purchase. We offer a variety of products including interest free and interest-bearing finance.

View Point of Sale Loans FAQ's