Shawbrook Bank Personal Loan (UK)

Shawbrook Bank Personal Loan (UK)

Shawbrook Bank Personal Loan – an applicant can get a loan from GBP1,000 to GBP35,000. The bank allows customers to apply for loan online all across the UK.

Shawbrook bank was started back in 2011.  Shawbrook Personal loans will help applicants to pay off their debts.

The bank works with its customers directly and with the help of a network of brokers. Customers can also get financial advisors from the online bank. Shawbrook is an online bank. So in order to reach them, you need to call or email them. The bank is solely based online and in the UK.

Shawbrook Bank Personal Loan Application Process

35,000 pounds is the maximum amount of personal loans Shawbrook offers its customers. These loans are both secure which are loans that a customer has to offer something up as collateral in case they fail to pay the loan off and unsecured loans where the applicant does not give up anything, their credit does the talking. This means that the applicant is able to make improvements on their homes, go on holiday. The bank, however, does not give loans for businesses to startups or things like that this is because the stability of a starting business is not known thus they avoid the risk.

Eligibility for the loan

For Shawbrook customers to be eligible for loans there are some criteria they must meet. The bank looks at each customer individually before they apply for a loan online this includes;.

  • An applicant should be between 21 to 25 years
  • Should also be a resident of UK
  • They should have lived in the UK for more than 3 years
  • Borrower should have an annual income of €15000
  • Lastly, they should have a Personal Loan account in the UK

Loan amount

With Shawbrook Bank personal loan, an applicant can get a loan from €1000 to €35,000 this is how a personal loan calculator works. The applicant can then pay the loan within 1 to 7 years at fixed interest rates and monthly payments until the loan is completely clear.

For example, if an applicant decide to take a loan of €7,000 pounds with a fixed rate of 13.9% for a period of 5 years, that is 60 months, the monthly payments will be of €202.7. This is the personal loan calculator.

Shawbrook Bank Personal Loan – How to apply

The bank will ask the customer for their credentials just to make sure that they are eligible for the loan

The applicant needs to allow the bank to access their credentials as well. Allowing them to a go-ahead before any transactions are starting. This is to make sure in case of anything they can trace the person they lent the money to.

After the application has been processed and accepted, the applicant now needs to sign the paper which will be sent to them via email. When signed and sent via email again to the bank, the money will be sent to the applicant within 3 working days.

Terms and conditions following, to ensure that the whole process runs smoothly. This is one bank that a customer can get a loan easily if they present what is expecting of them. The customer services are good and so to the interest rate with are a bit lower comparing to other banks.