Let's be clear.

Transparency is our promise, personal loans without the confusion.

Have you noticed some banks advertise very attractive low rates in their advertising? The report we commissioned in 2018 uncovered that UK borrowers surveyed feel misled by how Representative APRs (Annual Percentage Rates) in personal loans advertising is used. By applying for a loan based on the Representative APR advertised which is not always the rate they’ll end up getting, it’s cost them an estimated £204 million a year more than initially expected.

At Shawbrook, we’ve chosen to do things differently. What you see is what you get. It is important to us that you have all the information you need when you’re thinking of applying for a loan and that you do not just make your decision to apply based on an advertised headline rate because not everybody will be offered that rate and we understand that can be very frustrating. When you come to us for a personal loan, we’ll always give you a quote for your guaranteed personalised rate right from the start. This means you’ll have a clear idea of how much the loan will cost you before you decide to apply.

* 1,500 personal loan customers surveyed by the Cebr, 2018

Introduction
63%*
Proportion of surveyed loan applicants that are dissatisfied with how Representative APRs are used in loan advertising.
51%
The minimum percentage of successful loan applicants that a provider has to offer their Representative APR to.
83%*
The proportion of customers that expect to be offered the advertised APR if their loan application is successful.






Are consumers being misled by Representative APRs?

The survey conducted by Cebr has revealed that in recent years, there has been a widening gap between Representative APRs advertised by lenders and the actual interest rates lenders offer successful applicants. The Average APR offered to a borrower for a fixed rate personal loan is currently 7.3%, whereas the Representative APR1 advertised by leading UK lenders for the average loan value (of £9,000) ranges from 2.8% to 4.9%.

The survey of 1,500 personal loan applicants indicated that borrowers are frustrated and want more transparency before applying:

  • 63% of surveyed loan applicants in the past two years feel dissatisfied with the way that representative APRs are currently being used in advertising.
  • 57% of customers surveyed were not aware of the specific rule that the Representative APR has be offered to a minimum of 51% of successful applicants.
  • 13% of consumers who apply for a personal loan go on to take out a loan that is more expensive than initially advertised.

Download the research report

Keeping things clear and simple

With a Shawbrook personal loan, there is clarity from the outset. We’ll give you an instant quote and offer you a guaranteed, personalised rate with no impact on your credit score.

You can apply for a Shawbrook Bank Personal Loan for a variety of reasons.

  • Borrow from £1,000 to £35,000.
  • Loan terms available from 1 to 7 years.
  • Get a fixed rate and fixed monthly payments over the whole term.

Get my personalised quote

Customers are our top priority

We’re committed to being fair and transparent with everyone that applies for a personal loan, so this is our promise:

Honest: What you see is what you get.

Open: We want you to get the rate that’s right for you.

Fair: Don’t pay more for someone else.

Upfront: If it’s not good for you, it’s not good for us.

Clear: We won’t waffle.

Read our transparency charter

Confused by personal loans jargon?

Our videos will uncover the key information you need to know.

What is an APR & interest rate?
What is the loan amount, term & monthly repayment?
What is a soft credit search?
What is a quotation?
What is a credit score?
What is debt consolidation?

Representative Example

The rate you are offered will depend on your individual circumstances.

All loans are subject to status. The interest rate offered will vary depending on our assessment of your financial circumstances and your chosen loan amount.

Representative Example: for comparison purposes 12.9% APR Representative Fixed based on a loan of £10,000 repayable over 60 Months. Monthly payment of £223.43 total amount repayable £13,405.80.

Need help?

We’re standing by to help with your application.

Call us on 0345 600 6260

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Mon - Fri 9am - 9pm
Sat 9am - 5pm