Conister Bank

Conister Bank personal loans review May 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.

If you are approved for a personal loan with Conister Bank, it will act as a lender not a broker.

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.

Looking for a loan?

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.

Key features of Conister Bank personal loans

  • Spread your loan over 12 to 60 months. The interest you pay may differ according to how much you borrow and your loan term.
  • Borrow £500 to £25,000. The amount you can borrow will be determined by your credit score and the rate at which you can afford to repay.
  • Local service. With no call centres or phone menu systems, it’s easy to get in touch with a Conister Bank advisor.
  • No arrangement fee. Conister Bank will not charge you for taking out your loan.
  • Quick payment. Once you have been approved, you can expect the money in your account within 24 hours.
  • 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 with no additional fee.

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.

How do Conister Bank’s personal loans compare against the competition’s?

Comparison ordered by representative APR with affiliated products shown first. Rates updated 27 May 2019.

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.

Name Product Total Payable Monthly Repayment Representative APR
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.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.3% p.a. (fixed). Representative APR 3.3% and total payable £10,509.12 in monthly repayments of £291.92.
Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
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.
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 up to 4 providers

Important information:
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

warning icon Warning: late repayments can cause you serious money problems. See our debt help guides.

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:

  • Be aged 18 or over
  • Be an Isle of Man resident
  • Have a good credit history
  • Have a UK bank account
  • Have a regular income

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.

*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

Was this content helpful to you? No  Yes
Go to site