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
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:
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.
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.
Our videos will uncover the key information you need to know.
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The rate we offer you will depend on your circumstances.
Representative Example: for comparison purposes, 16.9% APR Representative based on a loan of £10,000 repayable over 60 months (five years) with an interest rate of 16.9% p.a. (fixed). Monthly payment of £241.68 total amount repayable £14,500.74.
All personal loans are subject to status. The interest rate offered will vary depending on our assessment of your financial circumstances and your chosen loan amount. That's why you won't find a loan calculator on our website. To find out more about this as well as our commitment to transparency, visit our guide on Why Shawbrook Bank doesn't use loan calculators.
We offer loans from £1,000 to £50,000 with loan terms from one to seven years. The maximum APR rate you could be offered is 34.9%.
We’re standing by to help with your application.
Call us on 0345 600 6260
|Opening Hours||(Exc. Bank Holidays)|
|Mon - Fri||9am - 7pm|
|Sat||10am - 2pm|