What is a

Sometimes, a loan can help you to finance life's more costly outgoings. Whether it's for a holiday, home improvements or a life-changing moment like a new baby, our personal loans can help you pay for it.

Alternatively, if you are looking to consolidate your existing credit cards, overdrafts and other loans, you could take out a loan and use this to pay back all your debts. This will allow you to simplify your finances and could cut your interest payments. If you refinance existing debts, you may pay a higher rate of interest or make repayments for a longer term which could mean you pay more interest overall.

As long as you can make regular repayments, this type of finance could be an option for you.

Representative Example

You could borrow £15,000 over 5 years with 60 payments of £341.91. Total amount repayable will be £20,514.60. Representative 13.9% APR, annual interest rate (fixed) 13.9%.

The representative APR applies to loans of £15,000 over 1 to 5 years. Other terms and loans amounts are available at different rates. The Maximum APR you could be offered is 18.9%. Minimum repayment period is 1 year. Maximum repayment period is 5 years for non-home owners and 7 years for home owners.

How does it work?

Start by asking yourself how much money you need. Our loans can be for any amount up to £50,000 depending on your circumstances. We offer repayment terms of up to 5 years, and for homeowners we can offer terms up to 7 years.

One of our Relationship Manager’s will help you work out what you can afford to pay back on a monthly basis and will be on hand to guide you through the application process. And once approved, the funds could be in your account within 24 hours.

What you pay

Your monthly repayment

Your loan will be worked out based on a fixed interest rate. The rate we offer you will depend on the amount you borrow and our assessment of your circumstances. You may not receive our lowest available interest rate.

Initial payment

Your first payment will be made a month after the loan has been agreed (unless you have opted for a deferred start - of up to 90 days). Interest will be charged if you choose to defer your first payment, so you’ll pay more interest overall and your original term will be extended.

What else do I need to know?

A Personal Loan can give you the freedom to fund life’s big moments when you want to. And with monthly repayments over a fixed term of up to 7 years, you can help spread the cost over a time to suit you.

Here's what else you need to think about:

  • You'll always know exactly what you have to pay each month, so there are no surprises, so make sure you choose an amount that's comfortable and affordable.
  • A payment break may be included in your loan terms if you meet certain conditions. Interest will be charged if you take a payment break, so you’ll pay more interest overall and it will extend the term if you choose to keep the repayment amount the same.
  • You can make loan overpayments at any time, with no extra charge. This may reduce the amount of interest you pay.

Local loan decisions

When you apply for a loan, you'll be talking directly to your local branch so you'll have one point of contact while your loan is being determined.

To find out more, get in touch with your local Black Horse branch today.