Danske Bank

Danske Bank Personal Loans

If you’re a Danske Bank current account holder, you could take out a personal loan of £1,000 to £25,000 to be repaid over 1 to 5 years.

Danske Bank, a trading name of Northern Bank, is one of the major banks in Northern Ireland. With headquarters in Copenhagen, it is the largest bank in Denmark and one of the leading financial enterprises in northern Europe.

Contemplating the holiday of a lifetime, or perhaps a new car? A flexible, fixed-rate loan from Danske Bank allows you to spread the cost. It’s straightforward to start an application online at the Danske Bank site, but you will need to go into a branch or speak to an advisor on the phone to complete the process.

Danske Bank stipulates that personal loan repayments must be made from a Danske Bank current account. If you’re a Danske Freedom, Choice or Prestige account customer, you may get a better rate. Unlike many personal loan providers, Danske Bank allows you to make a single or joint application with a partner or family member.

Key features of Danske Bank personal loans

  • Spread your loan over 1 to 5 years. The interest you pay may vary according to how much you borrow and your loan term.
  • Borrow £1,000-£25,000. The amount you can borrow will be determined by your credit score and what you can afford to repay.
  • No arrangement fee. Danske Bank will not charge you for taking out a personal 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.
  • Early repayment. You can pay back your loan early, in part or in full, at any time. However you may still be charged a month’s interest on the amount you’re overpaying (as well as any other interest that’s due). If you want to make any payments above and beyond your scheduled repayments, you can contact Danske Bank for an early settlement figure.

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 Danske Bank personal loans compare against the competition’s?

Comparison ordered by representative APR with affiliated products shown first. Rates updated 16 Jul 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 the loan you have in mind.

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 3.4% 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 3.9% 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 Danske Bank personal loan?

You should only apply for a Danske Bank personal loan if you’re certain you can meet the repayment terms. You must also:

  • Be aged over 18
  • Have a Danske Bank account
  • Have a regular income

Although Danske Bank personal loans are not advertised as being secured, the website does suggest that an indemnity or guarantee may be required, for which you will also be charged a fee.

How do I apply?

You will need to log in to your Danske Bank online banking account to fill out an application form. Select how much you would like to borrow and over what term.

You will also be required to provide personal, banking, income and expenditure details. To complete the application, you will need to either go into a branch or speak to an advisor on the phone. You can request an appointment or a callback using a form on the bank’s website.

Frequently asked questions

*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.

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