Yorkshire Bank (YBonline.co.uk) offer one of the most flexible personal loans from any high street bank. They claim their personal loan, which has a representative APR of just 4.9%, is available for “any purpose”. This makes it ideal for circumstances that might turn up the noses of more picky lenders. With instant online decisions available, as well as the ability to go into a branch if you prefer a more personal approach, this is a good option no matter how you prefer banking. The loan can be paid into any bank account, so you don’t even need to be a Yorkshire bank customer.
Loans are available up to £25,000, but loans are more frequently made in the £7500 to £15,000 range. Typically loans are made for periods of between one and five years, although loans of £15,000 or more can be made over six or seven years when used to repay existing loans from Yorkshire Bank. Flexibility is a key factor when deciding on a lender, and thankfully Yorkshire Bank offer early repayment options should your financial circumstances improve with a early repayment charge of just 58 days interest or less.
Interest rates are fixed for the duration of the loan, so you won’t be a victim of changes to the Bank of England base rate or the whims of the bank. With most borrowers able to achieve a relatively low 4.9% APR interest rate this could be a great option for those needing a loan to make an investment in themselves or their property, or simply needing a way of reducing the interest they’re paying on other debts.
Eligibility requirements limit the loan to those between the ages of 23 and 74 – with the exception of existing Yorkshire Bank customers who can take the loan out from age 18 – and require the borrower to have a minimum annual income of £15,000 or greater. Interest rates will vary based on circumstances, as is the case with the vast majority of financial products, so ensuring your credit score is as good as it’s going to get before applying is always a good idea.
