Shawbrook Bank was established in 2011 as a specialist institution to provide alternatives to traditional loans offered by mainstream leaders. Shawbrook Bank Personal Loan is offered directly to customers using a broker network.
One can borrow any amount from £1,000 to £35,000 that is repayable in one to seven years. Unlike many mainstream personal loan offers, Shawbrook guarantees one of fixed monthly repayments and rates of the entire term of the loan. Another thing that sets the lender apart from others offering similar products is that the Shawbrook Bank Personal Loan is tailored to individual needs. Therefore, terms and rates may change from one borrower to another.
The lender offers secured and unsecured loans. So, one can use it to improve his or her home, consolidate several debts and plan and execute a major expenditure.
Qualification for a Personal Loan
While Shawbrook Bank is very flexible on the kind of people it gives loans, one must have passed the basic criteria before one can be considered. Here are the basic eligibility requirements.
• One must be aged at least 21 years to a maximum age of 75 years
• One must have been a resident of the UK for at least three years before applying for a Shawborook Bank loan
• One must own a bank account in the UK
• One’s annual income must be at least £15,000. The higher the income, the larger the amount one can borrow when other conditions are held constant.
Unlike other banks that request one credit score from the credit bureau on making a loan request and leave a mark, this lender does a soft credit search when one requests a quote. Therefore, there is no footprint left in one’s credit score. A full credit search is only made when one applies for the loan.
Shawbrook Bank Personal Loan APR
Every loan request is subjected to assessments such as the annual income, monthly expenditure, credit score and the purpose of the loan before an award is made. The resulting rates are dependent on one’s financial circumstances and the level of the perceived risk by the lender. Therefore, the representative APR may differ from one person to another. The APR ranges from about 3% to 20%.
Here is a representative rate example; if one borrowed a £10,000 to be repaid in 60 months, the representative APR is about 13.9%. It means that by the end of the loan period, he or she will have paid about £13,678, an interest of about £3,678.00.
Shawbrook Bank Personal Loan Application Process
The Shawbrook Bank Personal Loan application process starts when the applicant decides to apply for loan online. Shawbrook responds within minutes of making the application with personalised loan terms. If the applicant accepts the loan terms, he or she will be asked to furnish the lender with some more information such as the bank account and employment details.
Then, the applicant will be required to accept the quotation after which the bank will do a full credit search. If it is satisfied with the score, it will send the applicant the loan documents with an e-signature pack. Once the applicant signs the documents, money is sent to his or her account in three days. The entire loan process is completed online.