An increasing number of people are now applying for personal loans for their purchase especially for debt consolidation and house renovation and many more. A personal loan helps the people in their household needs to overcome any financial shortfall they experience during buying a car, ceremonial functions, vocations, higher education, medical contingencies, or many more. There are many lenders in the market that offer easy loans with competitive interest rates. Yorkshire Bank is one of the best lenders that offer instant cash like Yorkshire Bank Personal Loan to top up your finance.
How much money can you borrow from Yorkshire Bank?
Applicants can borrow money from £1,000 to £35,000 with repayments terms of 1 to 5 years. Their advertised APR rates start from 2.9%. However final rates depend on the financial circumstances, amount of loan, your borrow, and credit score. Moreover, they offer fixed-rate loans, so your monthly payments remain the same throughout the loan terms. You know exactly what you have to repay every month. Yorkshire also allows top-up of your loan if you are borrowing at least £1,000 in new funds. You can repay your loan full at once and they will reduce the total charge of credit for sure.
Representative Example: If you want to borrow £25,000 pounds with a loan term of 36 months. Your fixed Annual Percentage Rate or APR interest rate will be 3.1%. The interest for the £25,000 pounds is £1,195.63 pounds. Your fixed monthly payment will be £727.66 and the total repayable amount will be £26,195.63 pounds.
What are the requirements to apply for a personal loan at Yorkshire Bank?
Financial banks want proof of customer creditworthiness for securing loans. There are some requirements of Yorkshire bank that customers need to fulfill to get a personal loan.
- The customer must be age 18 or over
- Be either a new customer or already have a bank account
- Must be a permanent resident of UK or resident of UK for over three years
- Must have an annual income of £15,000
- Customers must have good to excellent credit scores. In case if you have a bad credit history you may not be able to get a loan
- Have a United Kingdom bank account
How to Apply?
Customers can apply for a loan at Yorkshire Bank within just 15 minutes online between 8 am and 10 pm Monday to Saturday and 8 am to 9 pm on Sunday. They provide instant approval if you are creditworthy. But if you apply outside these hours you might get an answer over to you within two working days. Once your application gets approved they will transfer the funds to your account within five or fewer working days.
You can see how effortless and beneficial it is to get a loan from Yorkshire as they offer an interest rate as low as 2.9% with flexible loan terms. But before you take a loan make sure it is really the best suitable option for you. If you have any savings it would be more beneficial if you use them instead.