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Metro Bank Personal Loans

Metro Bank is saying “no more” to APR guesswork, with a single fixed interest rate for all its personal loans. Interested?

Metro Bank opened in 2010 – the first new bank on the UK high street in 150 years. It prides itself on being a new kind of high street bank: simple services with the personal in-store touch, and you can bring your dog too! As the official bank of the pet-lover (its stores give out dog biscuits and it’s a friend of the Kennel Club and Battersea Cats and Dogs Home), this bank has figured out the way to Britain’s heart, but is Metro Bank barking mad or practically purr-fect?

Metro Bank is especially proud of its “single fixed-rate APR”, but what does that mean exactly?

Most lenders have different interest rates for different loan durations, or for different loan amounts. Additionally, most lenders will also tailor the rate that they offer to the individual who has applied. In other words, if you have a poor credit rating, or low income vs. expenditure, a lender might deem your loan to be higher risk, and offer you a higher rate than that advertised.

Metro Bank, however, says that if your loan application is successful, the interest rate you pay will not be affected by your personal circumstances or by the amount of the loan or the period over which it is to be repaid. Provided they’re approved for a loan, borrowers needn’t feel like they’re being discriminated against.

So is there a catch? Well, you do have to hold a Metro Bank current account. That’s not unusual from a high street bank, but it will turn some potential borrowers off.

Fast, flexible loans from Post Office Money

  • Borrow from £1,000 to £25,000
  • Instant decision in most cases
  • Fixed rate and fixed monthly payments over the whole term
  • Your rate will depend on the amount, term and your personal circumstances.

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.

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How do Metro Bank loans hold up against the competition?

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

If you’ve been to the Metro Bank site and had a quote on a loan, it’s a smart idea to shop around before you sign on the line. Use the table below to compare costs for the loan that 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 3.3% 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.

Key features of Metro Bank personal loans at a glance

  • Available to Metro Bank current account holders.
  • Borrow £2,000-£25,000 over 1-5 years.
  • Personalised quick quote with no impact on your credit rating. Find out how much your loan would cost without affecting your credit score.
  • Fixed APR. No matter what your situation, how much you borrow or how long you borrow it for, Metro Bank has a single, fixed-rate APR.
  • Fixed monthly repayments. Metro Bank will take a fixed amount out of your Metro Bank current account each month, so you never need to worry about forgetting a payment.
  • Quick access to funds. If you’re accepted, you could have the money the same day.
  • No hidden fees. Metro Bank personal loans don’t come with the “set-up” or “arrangement” fees that you might see elsewhere.
  • Repay your loan early at any time. Whilst this will not necessarily save you any money, it means you can be free from the loan at any point.
  • No-gimmicks approach. Metro Bank don’t suggest payment holidays or extras that will just cost you more money in the long run, just a simple, straightforward loan.

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.

Lenders are only obliged to award their advertised APR to 51% of people 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 Metro Bank personal loan?

You should only apply for a Metro Bank personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

  • You’re aged 18 or over.
  • You’re resident in the UK. You’ll also need to provide proof of your identity and address. If you’re not a UK, EU, EEA, or Swiss national you’ll need a valid visa/residence permit.
  • You have a Metro Bank Current Account.

Metro Bank loans are decided based on credit rating, so a good credit score is a must too.

How can I apply?

Metro Bank prides itself on being a new kind of bank – one which is open when you need it and can get you what you want right then and there.

You can only apply for a Metro Bank personal loan if you already hold a Metro Bank current account, and you have to apply in-store. Simply visit your local Metro Bank and speak to an advisor. You’ll need to bring with you:

  • Your ID
  • Your address details and proof of address
  • Proof of your personal circumstances (payslips, employment details)

Metro Bank stores are open 7 days a week and from 8am-8pm on weekends.

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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