Everyone knows Yorkshire make the best tea, but what about Yorkshire loans?
It’s hard to believe that this mainstay of the northern highstreet has been around since 1859. It’s repeatedly been on the cutting edge of socially-minded banking, but do its personal loans live up to its history? A lender that became a trading style of Clydesdale Bank in 2005, Yorkshire Bank isn’t the non-profit it used to be, but its mid-range loans are still competitive.
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
- No set-up/product fees.
- Borrow £1,000-£35,000 over 1-5 years. Occasional longer terms (up to 7 years) can be arranged for larger loans.
- Fixed interest rate. With set monthly repayment amounts you can budget with confidence, and you’ll know in advance exactly how much the loan is going to cost you overall.
- Quick decision. A quick response is available online until 10pm, Monday to Friday, and until 6pm at weekends.
- Access fund within 5 working days. Funds will be in your account within 5 working days of Yorkshire Bank receiving the required documentation.
- Repay your loan early, or overpay, at any time. You may be eligible for a reduction in your overall interest, depending on how early you repay/overpay.
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.
How do Yorkshire Bank personal loans 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:
Compare personal loans
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Warning: late repayments can cause you serious money problems. See our debt help guides.
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 5 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
Frequently asked questions
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 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £10,478.16 in monthly repayments of £291.06.
Representative example: Borrow £10,000 over 5 years with representative APR 12.9% (fixed) and total payable £13,405.80 in monthly repayments of £223.43.