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Ulster Bank loan calculator and 2023 review
Existing customers can apply to borrow between £1,000 and £50,000 starting from 7.1% APR.
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Ulster Bank loan calculator
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
How do Ulster Bank loans compare?
Table: sorted by representative APR, promoted deals first
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Ulster Bank loan rates at a glance
The Ulster Bank Existing Customer Personal Loan charges 7.1% APR representative on loans between £7,500 and £14,950. Ulster Bank offers the loan with repayment terms between 1 and 8 years, and applicants can apply to borrow from £1,000 to £50,000.
Quick overview of Ulster Bank personal loans
| Representative APR | 7.1% |
|---|---|
| Loan terms | From 1 year to 8 years |
| Loan amounts | From £1,000 to £50,000 |
| Age eligibility | 18 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
Key features
Ulster Bank additionally considers 10-year loan terms for home improvement loans.
With pre-filled answers for their online banking customers and instant decisions, you could apply in minutes. If you're unconditionally accepted and sign your loan documents before 5:45pm Mon-Fri, Ulster guarantees next-day funds.
Payments are taken directly from your Ulster account. You’ll know in advance exactly how much the loan will cost you each month and overall.
There is no penalty for making overpayments, or you can request a settlement figure and clear your loan ahead of time. However, sums paid early may be subject to up to 58 days’ interest beyond the date of payment.
The interest rate you’re offered depends on factors like the amount you apply for, 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 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.
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £50,000.00 |
| Loan terms | 1 Year to 8 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same-day funding available | |
| Same-day funding note | If you're unconditionally accepted and sign your loan documents before 5:45pm Mon-Fri |
| 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 |
Am I eligible for an Ulster Bank personal loan?
You should only apply for an Ulster Bank personal loan if you’re certain you can meet the repayment terms and you meet the following criteria:
- You are an existing Ulster Bank customer, having held an account for at least 3 months.
- You are a UK resident.
- You are over 18 years old.
- You haven’t been declared bankrupt in the last 6 years.
- You haven’t applied for a personal loan with Ulster Bank in the last 28 days.
Ulster Bank also states that their personal loans should never be used for:
- Property purchase
- Deposit for property purchase
- Purchase of land
- Any business purpose
- Any payment in arrears
- Any tax avoidance arrangements
- Court or solicitors fees
- Gambling
- Household bills, rent or a mortgage payment
- Purchase of shares or other investment funds
- Car tax
How can I apply?
Being only for existing customers, Ulster Bank personal loans are very simple to apply for.
- Go to the Ulster Bank site.
- We recommend getting a personalised quick quote, which shows you what your loan offer will be and whether you are likely, highly likely or unlikely to be approved with no impact on your credit rating.
- If you’re happy with the quote, you can then apply online (you can also apply in your local branch if you live in Ireland).
- Get a quick decision and access to your funds within days.
What credit score do I need to get an Ulster Bank loan?
Ulster Bank typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Ulster Bank considers. However, if you don't have a high credit score, you're very unlikely to get approved for an Ulster Bank loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Do Ulster Bank loans give an instant decision?
Yes, Ulster Bank offers instant decisions online in most cases. (Occasionally, more information may be required.) First, you can use the soft-search eligibility checker to find out your chances of getting approved. (This won't affect your credit score.) Then, if you opt to go ahead and apply, you'll get an instant answer. Ulster Bank can also offer same-day funding of your loan.
Can I get a second Ulster Bank loan?
Yes, Ulster Bank allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, Ulster Bank also allows you to effectively "top up" your loan by closing your current loan and starting a new, larger loan.
What is Ulster Bank?
One of Ireland’s “Big Four” banks, Ulster Bank traces its roots back over 150 years. It became part of the RBS group in 2000. Ulster Banks refers to itself as a bank with Ireland at its heart. As well as printing Northern Irish sterling bank notes, it has sponsored a festival in Belfast, an agricultural show in Lisburn and even an all-Irish senior football league.
Customer reviews
Ulster Bank has been rated “bad” on Trustpilot with a score of 1.5 out of 5, based on over 250 reviews (updated July 2023). Customers reported poor customer service and poor online banking service.
Customer support
For queries about loans and overdrafts, you can call Ulster on 0345 742 4365. Lines are open 24/7. Alternatively, you can use “Ask Cora”, Ulster’s in-app chatbox.
Our verdict
If you’re looking for speed, then you can apply for an Ulster personal loan online in minutes. However, their online banking service has received negative reviews from customers about their experiences regarding customer service and the process of taking out loans, which is worth taking into consideration.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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