Loans All you need to know

All Loans All you need to know FAQ's

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.

Do my payments change with the change in the bank of England rates?

No, your loan is a fixed monthly repayment, which means that the interest rate is fixed for the term of your loan and your monthly repayments will not change.

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

No, the personal loan product is also available to private tenants over the age of 21.

How do you assess what rate to charge me?

When you apply to borrow money, we will use a credit score to help make a decision on whether to lend the money or not. When you apply to borrow from us, your score will be based on information from credit reference agencies.

How is my interest rate calculated?

Interest is calculated daily but applied monthly.

How much can I borrow?

You can borrow between £1,000 - £50,000

How quickly can I get a decision?

In most cases you could get a decision immediately after you have applied. However in some cases we may need further information from you.

How soon will I get my money?

If your loan application is successful, funds will be transferred into your account within 3 working days after we have received your signed loan documents.

I recently requested a quote for a Shawbrook loan. Why is a credit search appearing on my credit report when you stated you would only complete a soft search?

If you request a quote for Shawbrook loan we do complete what is known as a “soft” or “quotation” search. This search helps us check if you’re eligible for one of our products and provide you with a personalised quote. While this search is visible to you on your credit report, it is not visible to other lenders and will not affect your credit score.

Is there an early repayment charge?

If you wish to repay the outstanding balance early you should contact us by using the details below. We will then provide you with a settlement figure and details of how to settle the account.

If you have taken out a loan with us on or after 13th December 2021, you can also log in to your customer portal to contact us:

The settlement figure we calculate for you will be the total of all sums (including the outstanding balance of the Amount of Credit, interest, any charges and arrears) which would have been payable by you if you had not settled early less a reduction. This reduction includes the interest and other charges that you will not have to pay because you have chosen to settle early. We will calculate this in accordance with the Consumer Credit (Early Settlement) Regulations 2004.

While the calculations are complex, the settlement figure you will have to pay will include no more than 58 days’ worth of interest calculated on the balance outstanding at the time when we provide you with the settlement figure. The settlement figure provided will be valid for 30 days.

How does getting a quote from you not affect my Credit rating?

We use a "Soft Credit Search", also known as a "Quotation search" to take a look at an individual's credit report without leaving any footprints visible to other lenders when they look at your credit report (however you can still see them).

What do I do if I am in financial difficulty?

If you're concerned about debt or meeting repayments, the important thing is not to hide or ignore it. The earlier you address a potential problem, the sooner you can take action to solve it, reducing stress and potentially saving money in the long run.

What does Representative APR mean?

The "Representative APR" is the rate that most of our customers applying as a result of an advertisement are likely to receive. It's a way to compare the interest rates for different providers.

What happens after I have a decision?

After you get a decision you will have the choice whether or not to accept it. You have 30 days to decide.

What if I do not have an email address?

If you do not have an email address or would not like to correspond by email we can send you the pack in the post.

What is a personal loan cooling off period?

A cooling off period allows you to cancel or withdraw from your loan agreement for a period of time after you’ve signed. At Shawbrook, the cooling off period on an unsecured loan starts from when you sign the Credit Agreement and ends 14 days from the day after the date we inform you in writing that we have executed (signed) the agreement.
In this time, you’re free to cancel or withdraw without any fee. If you choose to cancel or withdraw you must pay the full funds back within 30 days.

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 £50,000, which is set at a fixed interest rate across a fixed term.

What is e-Signature?

E-Signature is a way to sign your loan documents online.

What is Open Banking?

To put it simply, Open Banking is a secure way to give providers access to your financial information. They will only access this information once you have given your permission.

It should encourage innovation and improve competition, by making it easier and more straightforward for you to hold multiple accounts and compare or switch financial products.

At Shawbrook, if you apply for a personal loan and we do not have enough information about whether you can afford it, we may ask you for more details about your current financial circumstances to make a decision. To do this in the most efficient way, we can use Open Banking. By teaming up with they can access your banking transactional data and pass this data back to us once you give them your permission. We can then assess your application with the additional information and give you a final decision, in a way that is quick and easy for both you and us.

Who can apply for a Personal Loan?

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

  • Aged between 21-75
  • 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.

Why have I been declined?

There could be a number of reasons why you have been declined as each decision is based on your personal circumstances and by reference to a credit reference agency. The most common reasons for a decline decision are:

Why is a Shawbrook credit search appearing on my credit report when I haven’t applied for a loan?

If you have searched for loans on a website such as ClearScore, Totally Money, or many others, they will have looked for suitable offers for you. To do this, they will send your data to us and other lenders to check if you are eligible for one of our products.