Clydesdale Bank personal loans review September 2020

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”.

How do Clydesdale’s personal loans compare against the competition’s?

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.

How much do you need to borrow? £

8000

How long do you need to borrow for?

3

years

Sort by:

Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
Lloyds Bank Existing Customer Personal Loan					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.	Compare	loading Fetching your data...
Barclays Bank Existing Current Account Customer Barclayloan					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.5% p.a. (fixed). Representative APR 5.5% and total payable £10,848.60 in monthly repayments of £301.35.	Compare	loading Fetching your data...
Creation Financial Services Argos Unsecured Personal Loan					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 9.9% p.a. (fixed). Representative APR 9.9% and total payable £11,527.92 in monthly repayments of £320.22.	Compare	loading Fetching your data...
Zopa Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 5 years at a rate of 8.8% p.a. (fixed) with an application fee of £240.00. Representative APR 9.9% and total payable £12,602.87 in monthly repayments of £210.05.	Compare	loading Fetching your data...
My Community Bank Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 23.9% p.a. (fixed). Representative APR 23.9% and total payable £13,678.20 in monthly repayments of £379.95.	Compare	loading Fetching your data...
Lending Works Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.8% p.a. (fixed) with an application fee of £0.00. Representative APR 10.0% and total payable £11,543.40 in monthly repayments of £320.65.	Compare	loading Fetching your data...
Virgin Money Virgin Money Personal Loan					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.	Compare	loading Fetching your data...
Hitachi Personal Finance Hitachi Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 3.5% p.a. (fixed). Representative APR 3.5% and total payable £10,539.72 in monthly repayments of £292.77.	Compare	loading Fetching your data...

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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

• When will I get a decision on my application?

  If your application is submitted between 8am and 10pm Monday to Saturday, and 8am to 9pm on Sundays, Clydesdale Bank aims to provide you with a quick online decision. If your application is submitted outside of these times, you will usually receive a decision within 2 working days.

• Can I repay my loan early?

  Yes, you can repay your loan in full or part at any time. Clydesdale Bank will reduce the total charge for credit payable under your agreement. However, it will charge up to an additional 58 days’ interest on the amount you pay. You will need to call the customer service team each time you wish to make an additional payment. You will be given an up to date settlement figure and details on how to make this payment.

• How quickly will I get my money?

  Your loan will be credited to your bank within 5 working days of the bank receiving and checking the required documentation. If you have chosen to print your documents online, your account will be credited within 5 working days of them being approved and the activation code being successfully entered.

• How will Clydesdale Bank decide if I get my loan?

  Like most personal loan providers, Clydesdale Bank uses a credit scoring system to assess the information you have provided in your application. The system, which is statistically based, allocates a series of points to details about your application.

  Information about your bank account and details obtained from a credit reference agency is also taken into account. Your credit score is then assessed against a pre-determined level to establish whether your application should be accepted.

• What happens if I miss a payment?

  In the unfortunate situation that you miss a payment, you’ll then carry on paying interest on the overdue amount. It’s very important that if you find yourself in this situation, you contact Clydesdale directly for advice.

• Can I top up my existing personal loan?

  As long as you’re applying for at least £1,000 in new funds, you can include your existing personal loan in a new application.