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

Can I get a refund?

As the payment you have made is towards a financial commitment, we do not offer a refund. However should you need to discuss the payment, you can contact us on Monday to Thursday 8am to 8pm, Friday 8am – 6pm and Saturday 9am to 2pm.

Can I repay my loan early?

You have a right under the Consumer Credit Act to repay all or part of the outstanding balance early at any time.

Which Credit Reference Agencies do you use?

We use Equifax and TransUnion (formerly Callcredit) as our reference agencies. Their details are as below:

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.

View Loans All you need to know FAQ's

Car Loans

Are car loans classed as secured or unsecured loans?

A Shawbrook car loan is classed as an unsecured personal loan.

Are car loans classed as tax deductible?

For tax advice please contact the HMRC or a qualified accountant.

Are your car loans fixed or on a variable rate?

A Shawbrook car loan is based on a fixed rate of interest over the term of your loan.

Aside from APR are there any other hidden costs I need to know before taking out a car loan?

At Shawbrook, there are no hidden costs or arrangement fees included in taking out a car loan. Please note, an early redemption fee may be charged if you wish to repay your loan early.

View Car Loans FAQ's

Wedding Loans

Can I repay my wedding loan early?

You can repay all or part of the outstanding balance of your loan at any time. Please note that an early redemption fee may be charged. If you can't repay your car loan, please contact us immediately using the following details:

Do I need to have my wedding date set before applying for a wedding loan?

No, you do not need to have a wedding date set before you apply for a Shawbrook wedding loan.

How and when do I repay my wedding loan?

A Shawbrook wedding loan is repaid in monthly instalments by direct debit. The terms of your Shawbrook personal loan are set out in your credit agreement. Refer to this document to find out when you are due to make your first repayment.

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

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 8 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.

Do I have to be a home owner to apply for a debt consolidation loan?

No, at Shawbrook you do not have to be a home owner to apply for a debt consolidation loan, but we have some basic criteria which you’ll have to satisfy before we can consider your application. You must:

  • Be aged 21 to 75
  • Have been a UK resident for at least three years
  • Have an annual income of at least £15,000
  • Have a personal bank account in the UK

Do you charge any fees to setup a debt consolidation loan?

At Shawbrook, we do not charge any fees for setting up a debt consolidation loan.

How can I apply for a debt consolidation loan?

You can apply for a personal loan on our website 

View Debt Consolidation Loans FAQ's

Home Improvement Loans

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.

Can I borrow a portion of the amount of the home improvement product?

With a Shawbrook home improvement loan, you could borrow a portion of the amount to finance the home improvement product you would like to purchase.

View Home Improvement Loans FAQ's

Point of Sale Loans

Are loans secured on the property or the item purchased?

No, if you have a Point of Sale loan via one of our approved network of partners, these are classified as unsecured loans.

Can I change my bank details or payment date?

Yes, if you would like to change your bank details or payment date, please contact us using the following details:

Can I get a refund?

As the payment you have made is towards a financial commitment, we do not offer a refund. However should you need to discuss the payment, you can contact us using the following details:

Can I repay my loan early?

You have a right under the Consumer Credit Act to repay all or part of the outstanding balance of your POS loan early at any time. If you wish to make an additional repayment or repay the outstanding balance early you should contact us and we will then provide you with a settlement figure and details of how to settle the account. The settlement figure provided will be valid for 30 days.

View Point of Sale Loans FAQ's