Loans

All Loans FAQ's

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 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.
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 £35,000, which is set at a fixed interest rate across a fixed term.

How much can I borrow?

You can borrow between £1,000 - £35,000

How can I contact you?

For enquiries regarding a new loan or application, please call 0345 600 6260. We are open from 9m – 7pm Monday to Friday and 10am – 2pm on Saturdays (excluding bank holidays). 

For existing customers, please call 0345 650 6290 8am – 8pm Monday to Thursday, 8am - 6pm on Friday and 9am – 2pm on Saturdays (excluding bank holidays). 

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 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.

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 is e-Signature?

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

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.

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 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.

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.

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.

Is there an early repayment charge?

If you wish to repay the outstanding balance early you should contact us on 0345 650 6290. We will then provide you with a settlement figure and details of how to settle the account. 

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.

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:

Which Credit Reference Agencies do you use?

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

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).

How is my interest rate calculated?

Interest is calculated daily but applied monthly.

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 0345 650 6290 8am - 8pm Monday to Thursday, 8am - 6pm on Friday and 9am - 2pm on Saturdays (excluding bank holidays).

 

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.

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.

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.