How do Yorkshire Bank personal loans (now part of the Virgin Money brand) compare against the competition?
Before you take out a personal loan, it’s smart to read up and shop around. If you’ve been on the Yorkshire 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:
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What's in this guide?
- How do Yorkshire Bank personal loans (now part of the Virgin Money brand) compare against the competition?
- What is Yorkshire Bank?
- Key features of Yorkshire Bank personal loans at a glance
- Am I eligible for a Yorkshire Bank personal loan?
- How can I apply?
- Pros and Cons of Yorkshire Bank personal loans
- Our verdict
- Frequently asked questions
What is Yorkshire Bank?
A lender that became a trading style of Clydesdale Bank in 2005, Yorkshire Bank was absorbed by Virgin Money in 2018 and is now part of the Virgin Money brand.
Yorkshire Bank has been there for the people of the North of England through thick and thin, and now Yorkshire Bank personal loans are available to people across the country through its online and telephone banking service.
Key features of Yorkshire Bank personal loans at a glance
|Loan type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £35,000.00|
|Loan terms||1 Year to 7 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Same day funding note||For existing current account customers only.|
|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|
Yorkshire Bank also states that occasional longer terms (up to seven years) can be arranged for loans over £7,500. That’s provided no more than half of the loan will go towards repaying existing debt held with Yorkshire Bank.
The loans have a fixed interest rate, so with set monthly repayment amounts you can budget with confidence, and know in advance exactly how much the loan is going to cost overall.
A quick response is available online until 10pm, Monday to Friday, and until 6pm at weekends. Funds will be in your account within 5 working days of Yorkshire Bank receiving the required documentation.
If your application for a personal loan is successful, the interest rate you’re offered will depend on factors like your credit rating, income and expenditure. 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.
You can repay your loan early, or overpay, at any time, and may be eligible for a reduction in your overall interest, depending on how early you repay/overpay.
Am I eligible for a Yorkshire Bank personal loan?
You should only apply for a Yorkshire Bank personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
- You are aged 18 or over
- You have a permanent UK address
- You have a good credit history
- You have a UK bank account
- You have a debit and/or credit card
- If you’re self employed, you’ll need to have been doing what you do for at least two years and have details of your earnings in that time.
How can I apply?
It shouldn’t take more than 20 minutes to apply online, and you can save your application to come back to later – handy if you’re just missing one crucial detail. You can also apply over the phone (0800 707 6471). You’ll need to have the following details in order to apply:
- Your address details for the past 3 years
- Your current employer’s details (if applicable)
- Your bank details
- Details of monthly income and outgoings including mortgage and tax
- If you’re self employed, you’ll need at least 2 years of audited accounts
Pros and Cons of Yorkshire Bank personal loans
- Unsecured personal loans available from £1,000 up to £35,000
- Fixed monthly payments
- Joint applications available
- Penalty applied for making overpayment
- No quick search tool available
- Those with a poor credit history are unlikely to be approved
There are lots of options available when it comes to personal loans so doing a little research beforehand is key.
Comparing your options above will help you find the best deal for you. If you decide on Yorkshire Bank personal loans, you’ll need to be confident you’re eligible for one of its loans as there’s no soft search available that can indicate whether you’ll be approved or not before you actually apply.
Frequently asked questions
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