Conister Bank personal loans review September 2019
If you live on the Isle of Man, Conister Bank could provide you with a personal loan of £500 to £25,000 to be repaid over 12 to 60 months.
Conister Bank was founded on the Isle of Man in 1935 as a car loan provider. It now offers personal loans, exclusively to residents of the Isle of Man, of up to £25,000 for any purpose. Conister Bank offers a local and personal service, with no frustrating call centres or phone menus. It prides itself in being central to the Isle of Man community, helping to support local businesses, schools and charities. You can fill in an application form online, but will need to go into a branch or speak to an advisor on the phone to complete the process.
A personal loan can be used for anything from medical fees to home improvements or new furniture. Paying a large amount at one time can be difficult, but Conister Bank can help you pay the money back over a set period with a competitive and flexible fixed-rate loan. It’s quick and simple to apply online at the Conister Bank website, although you will need to speak to an advisor in a branch or over the phone before you are approved.
If you’re approved for a personal loan with Conister Bank, it’ll act as a direct lender, not a broker.
Warning: late repayments can cause you serious money problems. See our debt help guides.
Key features of Conister Bank personal loans
Interest rates are fixed for the duration of your repayment period, but 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.
Am I eligible for a Conister Bank personal loan?
You should only apply for a Conister Bank personal loan if you’re certain you can meet the repayment terms. You must also:
You do not need to have an existing account with Conister Bank.
How can I apply?
Complete the simple online application form with your address history, banking and employment details. An advisor will then call you to go through your application. A credit check will be performed and if you’re approved, you can expect the money in your account within 24 hours.
Frequently asked questions