Ulster Bank loan calculator
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How do Ulster Bank loans compare?
Ulster Bank loan rates at a glance
The Ulster Bank Existing Customer Personal Loan charges 3.9% APR representative on loans between £7,500 and £19,950. Ulster Bank offers the loan with repayment terms between 2 and 8 years and applicants can apply to borrow from £1,000 to £35,000.
Overview of features
|Loan type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £35,000.00|
|Loan terms||2 Years to 8 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Instant decisions in most cases|
|Soft-search facility available|
|Overpay without penalty|
|Concurrent loans allowed|
|Topping-up pays off existing loan and initiates a new loan|
|Repayment methods||Direct Debit|
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. Ulster guarantees next day funds if you get an unconditional loan offer before 5:55pm.
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 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.
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:
Ulster Bank also states that their personal loans should never be used for:
How can I apply?
Being only for existing customers, Ulster Bank personal loans are very simple to apply for.
What credit score do I need to get a 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 will consider, however if you don't have a high credit score, you're very unlikely to get approved for a 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, 420 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 info 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.
Frequently asked questions
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