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Shawbrook Bank personal loans

You won’t find Shawbrook Bank when you’re picking up a latte on the high street, but online it offers tailored personal loans that are worth a detour.

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.

So if you are looking to consolidate debt, improve your home or upgrade your car, a personal loan from Shawbrook Bank could be what you need. Read the full review to find out if Shawbrook Bank loans are right for you.

Shawbrook bank personal loans

  • Borrow from £1,000 to £35,000
  • Loan terms available from 1 to 7 years
  • Fixed rate and fixed monthly payments over the whole term

Representative example: Borrow £10,000 over 5 years with representative APR 12.9% (fixed) and total payable £13,405.80 in monthly repayments of £223.43.

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Key features at a glance

Shawbrook Bank offers unsecured personal loans, which means that the loan is based on your individual circumstances rather than secured on an asset such as your home. Here are some of the key features of the loans:

  • Borrow from £1,000 to £35,000. The amount you can borrow via Shawbrook Bank will depend on your individual circumstances and on your ability to afford the loan.
  • Borrow over 1 to 7 years. Spread payments to suit your budget.
  • Instant “soft” quotes. Get an instant, no-obligation quote online without affecting your credit rating.
  • Fixed interest rates. Shawbrook Bank guarantees fixed rates and fixed monthly repayments over the term of the loan.
  • Early repayment option. You can repay all or part of a Shawbrook Bank loan at any time, but an early repayment charge will apply.

Interest rates are fixed for the duration of your repayments, however the rate you are offered will depend on factors like the loan value, 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.

Compare personal loans for fair credit

Comparison ordered by representative APR with affiliated products shown first. Rates updated 25 May 2019.
Name Product Total Payable Monthly Repayment Representative APR
Representative example: Borrow £2,000.00 over 2 years at a rate of 35.9% p.a. (fixed). Representative APR 35.9% and total payable £2,710.32 in monthly repayments of £112.93.
Representative example: Borrow £5,000.00 over 2 years at a rate of 16.6% p.a. (fixed) with an application fee of £20,000.00. Representative APR 22.9% and total payable £6,154.32 in monthly repayments of £256.43.
Representative example: Borrow £10,000.00 over 3 years at a rate of 34.4% p.a. (fixed). Representative APR 34.4% and total payable £15,269.04 in monthly repayments of £424.14.
Representative example: Borrow £7,500.00 over 5 years at a rate of 18.9% p.a. (fixed) with an application fee of £45,000.00. Representative APR 22.9% and total payable £12,123.00 in monthly repayments of £202.05.
Representative example: Borrow £7,500.00 over 3 years at a rate of 18.0% p.a. (fixed) with an application fee of £37,500.00. Representative APR 22.9% and total payable £10,144.08 in monthly repayments of £281.78.
Representative example: Borrow £3,000.00 over 1 years at a rate of 13.5% p.a. (fixed) with an application fee of £9,000.00. Representative APR 22.9% and total payable £3,348.60 in monthly repayments of £279.05.
Representative example: Borrow £10,000.00 over 3 years at a rate of 31.9% p.a. (fixed) with an application fee of £-12,500.00. Representative APR 42.5% and total payable £16,477.92 in monthly repayments of £457.72.
Representative example: Borrow £10,000.00 over 3 years at a rate of 49.7% p.a. (fixed). Representative APR 49.7% and total payable £17,537.04 in monthly repayments of £487.14.
Representative example: Borrow £7,500.00 over 4 years at a rate of 18.4% p.a. (fixed) with an application fee of £45,000.00. Representative APR 22.9% and total payable £11,108.16 in monthly repayments of £231.42.

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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.

  1. 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.
  2. You will need to accept the quotation and agree to a full credit search to proceed with the application.
  3. If the credit search is satisfactory, Shawbrook Bank will send you an e-signature pack, with loan documents for you to review and sign.
  4. Once you return your signed documents, the money will be in your account within 3 working days.

Some typical questions about Shawbrook Bank personal loans

*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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