UK Credit, the sister brand of Norwich Trust, used to handle 2 types of loans. To better cater to customer needs, the company has transferred its unsecured homeowner loan accounts to Norwich Trust. UK Credit will still oversee its guarantor loan accounts.
Norwich Trust is a direct lender (not a broker) serving people who may have struggled with finances before. Its loans are designed for people who may find it hard to get a loan from high street lenders but don’t want to put forward their home as collateral.
What is an unsecured loan?
An unsecured loan is a loan that doesn’t require you to put any assets at risk should you default on the loan. A better credit score is often required to take out an unsecured loan, as there is no collateral protecting the lender.
How does a Norwich Trust unsecured loan work?
Norwich Trust’s rates are tailored to you and may vary from the advertised representative APR. You can apply in as little as a few minutes with no impact on your credit rating. Your credit rating will only be impacted when the loan is paid out. You must be a homeowner to apply for the loan.
You won’t be hit with any upfront fees, and because the interest rates are fixed, you’ll always pay the same each month. You can request an early settlement figure, which includes an early settlement interest of approximately 2 months interest and is valid for 28 days.
Key features of a Norwich Trust loan
Loan type
Unsecured Personal Loan
Loan amounts
£3,000.00 to £20,000.00
Loan terms
3 Years to 10 Years
Loan rate type
Fixed
Product fee
0%
Same-day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methods
Direct Debit
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) throughout 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.
Am I eligible for a Norwich Trust loan?
To apply for a Norwich Trust loan, you must meet the following eligibility criteria:
Available to
New or Existing Customers
Age
21 to 70
Residency
UK resident
Income
£1300.00 Per Month
Credit profiles
Fair, Poor
Acceptance note
Minimum Applicant Income £1,300 Per Month, £1,800 Per Month if under 30.
Additional requirements
Must not have been bankrupt in the last 3 years. Must not have been in an Individual Voluntary Arrangement (IVA), subject to a Trust Deed or in a Debt Management Plan (DMP) in the past 12 months. Must be a homeowner.
How do I apply for a Norwich Trust loan?
Once you have checked your eligibility and have compared all borrowing options available to you, you can apply for a Norwich Trust loan by following the below steps:
Enter the amount you want to borrow and for how long on the Norwich Trust website.
Fill out the application form.
After running a few checks, Norwich Trust calls you to run through some of the final details.
Once approved, the loan is paid directly into your bank account.
Pros and cons
Pros
No collateral required
No guarantor needed
Early repayment allowed
Poor credit history considered
Cons
You must be a homeowner
Lower borrow amount than secured loans
UK Credit customer reviews
UK Credit received positive reviews from customers, according to review platform Trustpilot. It currently has an “excellent” rating of 4.8 out of 5, based on more than 1,700 reviews (updated January 2024). Many customers were quick to praise their customer service and the straightforward process.
Customer support information
You can contact the Norwich Trust customer care team by phone on or by email at myloan@ukcredit.co.uk with any queries.
Our verdict
If you have had credit problems in the past, then Norwich Trust could be a good option for taking out a loan that doesn’t require you to put up your house or car as collateral or sign a guarantor. As with any loan, you should only borrow within your means. If you can’t make the repayments, you run the risk of damaging your credit score.
Frequently asked questions
Yes, you can request a settlement figure using the online loan manager or by calling Norwich Trust. There is a charge of approximately 2 months’ interest, but depending on where you are on the loan, this can result in a dramatically reduced cost overall.
No, payments are fixed for the duration of the loan.
You’ll need to provide your proof of address, proof of income and proof of identification.
Yes, Norwich Trust doesn’t charge anything for overpayments of up to 3 times the regular payment. Overpayments can be made through the online loan manager or by amending your direct debit.
If you’re struggling to make payments, call Norwich Trust as soon as possible. The Norwich Trust team will try to come to an arrangement with you.
Yes, Norwich Trust is regulated by the Financial Conduct Authority and has excellent reviews on Trustpilot.
UK Credit stopped providing guarantor loans in December 2021.
No change should occur during the switch over, which means that the existing terms and conditions of your loan will remain the same. If you’re paying by Direct Debit then your details will have been passed to Norwich Trust as part of the transfer. If you have any queries or concerns, please contact Norwich Trust.
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Emily Herring is a Publisher at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has recently joined the Investments team. She has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media. See full bio
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