Ulster Bank Personal Loan
Good:
Ulster Bank customers can get very quick payouts at low interest rates
Bad:
You cannot apply to this loan if you have any forms of bad credit on your file (i.e. late payments, defaults)
Verdict:
Do not need to be an Ulster Bank account holder - you may be able to get a better rate with your own bank, check before applying
You can apply for this loan even if you aren't an Ulster Bank account holder. If you are an Ulster Bank account holder you may be offered a better interest rate on your loan. This is especially true if you are one of their better customers as rewards are available such as discounts on your loan if you are signed up to one of their Gold accounts. You can borrow anything from £1,000 to £25,000.
You can apply online or over the phone with Ulster Bank. If you apply online you will receive an application pack in the post within 3 - 7 days. You will need to fill this in and send it back. Once they have received this, they will fully review your documents and your application. When they are happy that you can afford the loan, the funds should be available to you within 48 hours. You may be asked to send in supporting documentation. (ID, Bank Statements etc)
Ulster Bank offer a range of flexible repayment terms ranging from 1 year to 10 year periods. The Ulster Bank's personal loans are available to people living in the United Kingdom including Northern Ireland. You will be credit checked so this is not the option for you if you have poor or no credit history. Interest is calculated daily and the rate given at the start will be fixed for the life of the loan. Early settlement is available but you will have to pay up to 58 days interest on your outstanding balance.
Loan Calculator (Representative 9.8%APR)
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I was quite impressed with what Ulster had to offer when one of their long standing customers (ie me) decided to apply for one of the unsecured personal loan packages. I was given a no fee quote and was not given any “Hard Sell” from the very pleasant young lady I was dealing with in store. As I understand it you can also apply online but felt more comfortable with speaking with someone face to face. I decided to take the loan with the funds being made available to me a few days later. I have not looked back since.
I would definitely recommend this institution for your borrowing needs, many of my friends have now transferred their credit cards to Ulster as well which can all be sorted out online and, like the loan I have taken off them, offer excellent packages and good rates of interest.
Loans up to £10,000 - 5 years
Loans between £10,000 and £25,000 - 7 years
Loans for home improvements - 10 years
Not an Ulster account holder - 3-7 working days
- You must have a good credit history
- They accept any employment status other than people currently on Job Seeker's Allowance
- You must have been a UK resident for 3 years or longer
- You must have a bank account with direct debit facilities
- You must be 18 years of age or older to apply
- If you hold a current account with Ulster Bank, you may not need to provide any documents - if you don't, you may need to provide proof of income
- Charge if you default on a payment - £10.00
- Late charge - £12.00
- Balance of the loan plus 58 days interest
