Have you noticed some banks advertise very attractive low rates? The report we recently commissioned has uncovered that UK borrowers surveyed feel misled by advertised ‘Representative’ APRs on personal loans, costing them an estimated £204 million a year more than initially expected.
At Shawbrook, we’ve chosen to do things differently. We don’t use teaser rates in our advertising and when you get a quote from Shawbrook, we offer a guaranteed personalised rate right from the start.
* 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 interest rates advertised by lenders and the interest rates paid by UK customers. The Average APR paid by a borrower for a fixed rate personal loan is currently 7.3%, whereas the representative rates 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 when they apply:
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: We won’t use teaser rates, they are misleading.
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 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.
We’re standing by to help with your application.
Call us on 0345 600 6260
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