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Metro Bank revamps unsecured personal loans offered via its store network

11th April 2021
  • Latest step in enhancing the range of products and services offered by Metro Bank
  • In-store launch follows strong growth of personal loan volumes via digital channels

Metro Bank has launched a new low-rate unsecured personal loan product available across its network of 77 stores. The launch comes just as UK coronavirus restrictions begin to ease and the economy starts to re-open.

The loans are powered by RateSetter, a specialist in unsecured personal lending acquired by Metro Bank in September 2020. As reported at Metro Bank's full year results on 24 February 2021, more than £120m of personal loans had already been written via digital channels including the Metro Bank app and website and the RateSetter website.

The features of the personal loan are:

  • Applicants may borrow between £1,000 and £25,000
  • Loan terms are one to five years
  • 4.9% representative APR
  • Available to people aged 21 or over and resident in the UK for a minimum of three years

Ian Walters, Managing Director, Distribution at Metro Bank, commented: “We are rapidly growing our unsecured personal lending offering in line with our strategic plan, initially via digital channels and now via our store network. We know that more than half (51%) of people and nearly two-thirds (62%) of over 55s like to speak to someone face-to-face about their finances[1]. This is why offering personal loans in-store, supported by our commitment to delivering exceptional customer service, is an important step as we meet the needs of our customers and further strengthen our position as the UK’s best community bank.”

Rhydian Lewis, CEO at RateSetter, added: “Pairing Metro Bank’s deposit base with RateSetter’s lending capability was always exciting and in the space of just a few months the combination is already delivering results. Our aim is to offer a first-class borrowing experience for customers and I am delighted that we are now doing so through the stores, as well as online. We have established strong momentum and I look forward to continuing to expand our presence in the personal lending market.”

The in-store launch follows the purchase by Metro Bank of RateSetter’s back book of loans on 2 April 2021. The purchase demonstrates Metro Bank’s strategy of increasing its exposure to unsecured personal lending. 

You can find out more about Metro Bank's range of lending options by clicking here.