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Clydesdale Bank personal loans review July 2020
Clydesdale Bank (soon to become part of the Virgin Money brand) offers flexible and competitive personal loans of £1,000 to £35,000 to be repaid over 1-5 years.
Updated
What's in this guide?
What is Clydesdale Bank?
Established in Glasgow in 1836, Clydesdale Bank is one of Scotland’s largest banks with 67 branches and a network of private banking centres. Along with Yorkshire Bank, it is part of the independent banking group CYBG PLC.
Both Clydesdale Bank and Yorkshire Bank will soon cease to be a fixture of British high streets, following the announcement in June 2018 that CYBG PLC had taken over Virgin Money and would merge its operations under the Virgin Money brand.
Clydesdale Bank personal loans are available to new and existing customers, although you’ll need to have a good credit rating to be considered. If you’re approved for a personal loan with Clydesdale Bank, it will act as a lender not a broker – you’re borrowing from it directly.
What can a Clydesdale Bank loan be used for?
An extra financial boost could help you pay for home improvements, a wedding or the holiday of a lifetime. Paying a large amount at one time can be difficult, but Clydesdale Bank can help you pay the money back over a set period with a competitive and flexible fixed-rate personal loan. It’s quick and simple to apply online at the Clydesdale Bank website.
Key features of Clydesdale Bank personal loans
- Spread your loan over 1 to 5 years. The interest you pay may differ according to how much you borrow and your loan term.
- Borrow £1,000 to £35,000. The amount you can borrow will be determined by your credit score and affordability.
- No arrangement fee. Clydesdale Bank will not charge you for taking out your loan.
- Fixed monthly repayments. You’ll pay the same amount each month, helping you to budget. This also means that the overall cost of the loan will be clear from the start.
- Repay your loan early at any time. You can choose to repay your loan early, however Clydesdale Bank will charge a fee of up to 58 days’ additional interest.
Terms of 6 or 7 years may be offered on loans over £7,500 depending on your credit rating. Interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors such as the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
What is APR?
If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
How do Clydesdale’s personal loans compare against the competition’s?
Table: sorted by representative APR, promoted deals first
Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much you’d be likely to pay for your loan each month and overall.
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Am I eligible for a Clydesdale Bank personal loan?
You should only apply for a Clydesdale Bank personal loan if you’re certain you can meet the repayment terms. You must also:
- Be aged 18 or over.
- Have a permanent UK address.
- Have a good credit history.
- Have a UK bank account.
- Have a debit and/or credit card.
How can I apply?
Fill in the simple application form online, or call a Clydesdale Bank advisor.
You will need to provide:
- Permission from any joint party to enter information on their behalf.
- Address details for the last 5 years.
- Current employer details, including telephone numbers.
- Bank account details.
- Monthly income details (after tax).
- Monthly outgoings – (mortgage, finance agreements, other debts).
- Credit/debit card details – these will be used to verify your identity.
If you are self-employed, you will be asked to provide 3 years of accounts (or 2 years with a 3rd year projected by an accountant).
Clydesdale Bank will perform a credit check and provide you with a quick decision, usually within 2 working days.
Once the signed documents have been received and checked, the funds should be in your account within 5 working days.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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