Ulster Bank personal loans

Ulster Bank may not be the first bank that all Brits think of for loans, but it’s one of Ireland’s "Big Four", and is offering a little luck of the Irish to existing customers.

Last updated:

Ulster Bank

A lender that became part of the RBS group in 2000, Ulster has had its up and downs in its 150 year history, but is now going strong and offering competitive rates on personal loans.

Ulster is 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.

Whether it’s a new car that’s caught your eye, finally doing those home improvements or consolidating existing debt, going with Ulster Bank can offer existing customers a quick and simple way to get to where you want to be.

Key features of Ulster Bank personal loans at a glance

With the most competitive rates available on loans between £7,500 and £19,950, Ulster Bank personal loans are straightforward and easy to apply for.

  • Available to existing customers.
  • Borrow from £1,000 to £35,000.
  • Repay over 1 to 8 years. 10-year terms are also available for home improvement loans, while sums under £7,450 must be repaid within 5 years.
  • Get a personalised quick quote with no impact on your credit rating. There’s no charge and no change to your credit rating when you get a quote online.
  • Fixed monthly repayments. With payments being taken directly from your Ulster account, you can rest easy knowing you don’t have to do anything and the same amount will be removed from your account monthly. You’ll also know in advance exactly how much the loan will cost you overall.
  • Quick decision. With pre-filled answers for their online banking customers and instant decisions, you could apply in minutes.
  • Quick access to funds. Ulster guarantee next day funds if you get an unconditional loan offer before 5:55pm.
  • Early repayments. 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 will depend 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’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.

How do Ulster Bank personal loans compare against the competition?

Table: sorted by representative APR, promoted deals first

Before you take out a personal loan, it’s smart to read up and shop around. If you’ve been on the Ulster Bank site to get a quote on your loan, find out how much you’d be likely to pay for the same loan from some popular lenders:

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 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
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

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.

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 three months.
  • You are a UK resident.
  • You are over 18 years old.
  • You are not approaching retirement (if you want to apply online) – older borrowers will must apply in store.
  • You haven’t been declared bankrupt in the last 6 years.
  • You haven’t applied for a 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.

  1. Go to the Ulster Bank site.
  2. We recommend getting a personalised quick quote, which will show 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.
  3. 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).
  4. Get a quick decision access to your funds within days.

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.

Was this content helpful to you? No  Yes
Go to site