Shawbrook Personal Loans

Shawbrook, an award-winning specialist bank, is known for expertly catering to real estate professionals, SMEs, and a wide range of consumers. They offer an extensive variety of lending products and reliable options for savings. Boasting over 425,000 customers, a loan book worth £10.5bn, and customer savings amounting to £10.9bn, Shawbrook is experiencing robust growth, driven by technology.

Among its comprehensive range of financial products and services, personal loans play a key role, offering individuals flexible borrowing options to meet their specific financial needs and goals.

Here's a snapshot of the key details for Shawbrook Bank's personal loans:

Parameter	Value
Loan Range	£1,000 - £50,000
Loan Term	1 - 7 years
Representative APR	16.9%

 

Personal Loan Overview

Shawbrook Bank’s personal loans are repaid in fixed monthly installments over a set term, with the inclusion of interest and associated fees. These loans can be used for various purposes, such as:

• Cars/Vehicles
• Weddings
• Home Improvements
• Debt Consolidation
• Property Finance

However, Shawbrook does have restrictions on certain loan purposes.

What Shawbrook Can Lend For

• Boat
• Touring caravan or motorhome
• Computer
• School/university fees
• Repay an overdraft
• Funeral
• Gift
• Hobby
• Top-up an existing loan
• Horse
• Medical bill
• Motorbike

What Shawbrook Cannot Lend For

• Plastic surgery
• Investment in static caravan or mobile home
• Christmas related expenses
• Gambling related expenses
• Repaying CCJs
• Loan intended for use by another individual

The application process is straightforward, with funds typically available within 3 days post-approval. Loan terms are flexible, subject to individual circumstances and loan amount.

 

Representative Loan Example

Imagine you need to borrow £9,000 from Shawbrook, planning to repay it over 5 years. Here’s an example of what your loan could look like:

Representative APR	16.9% (fixed)
Loan Amount	£9,000
Loan Term	5 years (60 months)
Annual Interest Rate	16.9% p.a. (fixed)
Monthly Payment	£217.51
Total to Repay	£13,050.66

 

Loan Features

Additional details about Shawbrook Bank's personal loans include:

• Joint Loans: Options for both single and joint applications.
• Early Repayment: Option to pay off loans early or make additional payments, possibly with an early repayment charge.
• Payment Holidays: Not available for personal loans, but support is offered to customers affected by Coronavirus.

 

Application Steps

To apply for a loan at Shawbrook Bank:

1. Get a personalized rate quote, which won't impact your credit score.
2. Provide the required personal and financial details.
3. Accept the loan offer and meet the credit check criteria.

 

Eligibility Criteria

Understanding the eligibility criteria is crucial for a successful application. 

Here’s what you need to know:

• Be aged 21 to 75
• Must have lived in the UK for a minimum of 3 years.
• Should earn at least £15,000 per year.
• Need to hold a personal bank account in the UK.
• Required to have a solid credit record with no unresolved County Court Judgements (CCJs).

 

Overall Impression

Shawbrook Bank is a trusted and well-known bank that's won awards and gets good reviews from its customers. They offer lots of different financial products to meet various needs.

The bank's strength is its extensive customer base and the integration of modern technology. But when thinking about taking a loan from them, it's important to look closely at the interest rate and loan terms and compare these with other options out there.

Applying for a loan with Shawbrook is straightforward, and they even accommodate joint applications. As with any financial decision, it's wise to explore your options and reflect on your personal financial situation. Shawbrook provides ample information to guide you in making an informed choice.

Note: This article is based on information available as of January 2024 and is subject to change. Prospective borrowers should consult Shawbrook latest offerings for the most current information.