If you borrowed £35,000 over a 14-year term at 8.95% p.a. (variable), you would make 168 monthly payments of £418.88 and pay £70,371.84 overall, which includes interest of £30,326.84, a broker fee of £3,550.00 and a lender fee of £995.00. The overall cost for comparison is 11.8% APRC representative.
What is Shawbrook Bank?
Established in 2011, Shawbrook Bank is a specialist bank offering an alternative to traditional high-street lenders, working both directly with consumers and through a broker network.
Although a young company, it describes itself as offering “the old-fashioned quality of good sense”, combined with a focus on providing a personalised service to customers. Shawbrook Bank offers personal loans of up to £35,000, guaranteeing fixed rates and fixed monthly repayments over the term of the loan. What sets it apart from other lenders is the case-by-case approach to rates, amounts and terms – Shabrook Bank says it looks at every customer individually.
Shawbrook offers both secured and unsecured personal loans, so whether you’re consolidating debt, improving your home, upgrading your car, or planning some other major expenditure, a personal loan from Shawbrook Bank could be an option.
Am I eligible for a Shawbrook Bank personal loan?
You should only apply for a Shawbrook Bank loan if you are certain you can meet the repayment schedule, and you meet the following criteria:
- You must have been a UK resident for at least 3 years.
- You must be aged between 21 and 75.
- You must have an annual income of £15,000 or more.
- You must have a UK based personal bank account.
How do I apply?
If you think that a Shawbrook Bank personal loan is the right choice for you, there are four simple steps to the online application process.
- Apply for a personalised quotation at www.shawbrook.co.uk. Shawbrook Bank will then ask you to provide more information, such as your bank account details and your residential address for the last three years.
- You will need to accept the quotation and agree to a full credit search to proceed with the application.
- If the credit search is satisfactory, Shawbrook Bank will send you an e-signature pack, with loan documents for you to review and sign.
- Once you return your signed documents, the money will be in your account within 3 working days.
Shawbrook Bank customer reviews
Online customer reviews are for Shawbrook as a Bank, but include its loans service.
On Trustpilot, Shawbrook Bank has 3.5 out of 5 stars and a rating of “Average”, based on more than 1,000 reviews. Things are a little better on similar review platform Feefo, where the bank has 4.6 out of 5 stars, based on more than 2,300 reviews (updated 14 May 2020).
More guides on Finder
Business bank accounts for contractors
Contractors usually need a business bank account, so we’ve put together a guide on how to find one that works for you.
Business bank accounts with overdrafts
Business overdrafts can be a useful safety net, but be aware of fees and charges.
Abarth 595 insurance group
Find out which insurance group the Abarth 595 falls under and how much it costs to insure.
Ford Ecosport insurance group
Find out which insurance group the Ford Ecosport falls under and how much it costs to insure.
Hyundai i40 insurance group
Find out which insurance group the Hyundai i40 falls under and how much it costs to insure.
Accident and sickness insurance
Learn what accident and sickness insurance means, what it includes and whether it’s worth taking out.
Loan protection insurance
If you find yourself unable to work, a loan protection insurance policy will pay out monthly benefits straight to your bank account.
Hyundai ix35 insurance group
Find out the average cost of car insurance for the Hyundai ix35.
Online business accounts
Opening a business bank account can seem like a stressful process, but in fact there are now a number of banks and providers that will let you do it quickly and easily online. Here’s where to look and what to expect.
Premium bank accounts
Premium bank accounts offer additional perks for people who hold significant sums with the bank providing them, and can be good value for money. We take a look at how they work, what features they offer and what the eligibility criteria can look like.