Yorkshire Bank Personal Loans

Yorkshire Bank has been part of the UK’s banking sector for over 150 years. It merged with Clydesdale Bank in 2005 after acquisition by National Australia Bank( NAB). In 2018, the Bank later joined forces with Virgin Money after its parent company, NAB, acquired Virgin Money. The holding company plans to phase out the name Yorkshire Bank by 2021. Let’s talk Yorkshire Bank personal loans; how it works and what they offer.  

What Yorkshire Bank Personal Loans Offer

Yorkshire Bank, soon Virgin Money offers loans from £1,000 to up £35,000. However, this amount only applies to existing customers. New customers can borrow from £3,000 to up to £25,000. Depending on the loan agreement, you’ll have up to 5 years to repay your loan. 

When it comes to APR charges, a number of factors come into play and not just your credit rating. The APR refers to the loan’s yearly cost, that is, the interest rate plus any additional charges. The lender will look into your income, expenditure, risk profile, among other factors. Lower risk borrowers get better rates than the ones the lender considers as high risk.  

However, the Bank offers a minimum rate of 3% APR and a maximum rate of 28.9% APR.

The best thing about Yorkshire Bank personal loans is that the rates are fixed. This means you’ll pay the same amount every month until the end of the loan term. What’s more, the Bank does not charge any arrangement fees.

If you wish to repay your loan early, you can do so, but you’ll incur a maximum of 58 days’ worth interest rate on the amount repaid.

Eligibility Requirements

Since new loan applications will be under Virgin Money, you have to meet the specified eligibility threshold requirements. These include;

  • Be at least 18 years
  • Have a UK bank account
  • Be a UK resident
  • Have a good credit rating
  • Must have a debit and or/ credit card
  • Have a source of income

Loan Application 

When applying, the Bank will ask you for some basic information such as your monthly expenses, addresses for the last 3 years, mobile number, employer name, and so forth before giving you an immediate decision. Self-employed individuals must produce 3 years of full accounts or 2 years plus a projected 3rd year from an accountant. 

You can either apply online, via app or by visiting the nearest branch. If your application is approved, you can receive funds within 2 hours. If you want an estimate of the total cost, check out the 0online loan calculator provided by the Bank. 

 

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