One rate, it's that simple
Personal loans
Our Personal Loan is clear, upfront, and based on your personal circumstances - so you always know exactly what you’re getting. Whatever you need that little bit extra for, we're here to help you reach your goals.
Simple rate and terms
Straightforward terms and 7.9% APR fixed for the duration of the loan – no matter how much you borrow.
No catches
It’s all up-front. No gimmicks. No confusing prices. No hidden charges. And no arrangement fees.
Money when you need it
Just pop into a store. You can apply to borrow between £2,000 and £25,000. You could even get your money the same day.
The annual interest rate is 7.9% APR representative for all of our personal loans
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Your results
Based on what you have told us your loan will cost
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Monthly repayments £85.71%
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Total amount payable £
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Total interest £85.71%
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Last payment
The calculator is for illustrative purposes only. We will undertake a full creditworthiness assessment during your application.
Representative Example
We show a Representative Example wherever we talk about the interest rate of a loan. The Representative Example does not reflect the input you have made to the calculator above but will help to show you the typical costs associated with a loan for a certain amount.
| Loan amount | Term | Representative APR | Fixed interest rate (p.a.) | Monthly repayments | Total amount payable |
|---|---|---|---|---|---|
| £3,000 | 60 months | 7.9% | 7.9% pa | £60.30 | £3,618.00 |
| £5,000 | 60 months | 7.9% | 7.9% pa | £100.49 | £6,029.40 |
| £10,000 | 60 months | 7.9% | 7.9% pa | £200.99 | £12,059.40 |
All loans are subject to status and subject to our eligibility criteria.
We will do a creditworthiness assessment of your circumstances when you apply to ensure you can afford to make your monthly repayments. We reserve the right to refuse any application and to refuse a loan for certain purposes.
Information and rate shown is correct as at September 2016. Rate may be withdrawn at any time.
Need help with your debt? The Money Advice Service can provide independent advice and information on dealing with your debt. Visit them at www.moneyadviceservice.org.uk
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The Nuts and Bolts
We’re up front with our customers about everything. We’ve created this handy summary of our Personal Loan's key features so you can see the important information from the get-go.
| Fixed rate | Amount available | Repayments | Payments |
|---|---|---|---|
| 7.9% APR Representative | £2K - £25K | 1 - 5 years | Monthly |
APR stands for annual percentage rate. It’s intended to give you a more accurate idea of how much you are being charged when you borrow money. It takes into account the interest on the loan and other charges you have to pay, for example any arrangement fee if applicable.
Eligibility
You can apply for a Personal Loan if :
- You’re aged 18 or over
- You’re resident in the UK. You’ll also need to provide proof of your identity and address. If you’re not a UK, EU, EEA or Swiss national you’ll need a valid visa/residence permit. Here’s a list of what you need.
- You have a Metro Bank Current Account
We’ll make a decision on whether to offer you a loan based on your personal circumstances.
What we consider
When you apply for a loan we use a process called 'credit scoring' to carry out a credit assessment of you. Your credit score is based on things like your ability to repay, your credit history and how long you’ve lived at your address in the UK. Your score tells us whether we can offer you a loan.
As a responsible bank, we work with you to make sure you can afford your borrowing. We won’t give you a loan that we think will be bad for your financial wellbeing, based on our understanding of your personal circumstances. We don’t want to leave you struggling to make your loan repayments.
Things for you to consider
You may want to think about what impact a change in your circumstances would have on your ability to pay back your loan. For example, consider what would happen if:
- Your employment situation changed – you lost your job or had to retire
- Your working hours were cut
- Your living costs – rent or mortgage repayments, for example – went up
Representative Example
These representative examples show how much you’d repay each month for a particular loan, and how much you’d repay in total.
| Loan Amount | Term | Representative APR | Fixed Interest Rate | Monthly Repayments | Total Payable |
|---|---|---|---|---|---|
| £3,000 | 60 months | 7.9% | 7.9% pa | £60.30 | £3,618.00 |
| £5,000 | 60 months | 7.9% | 7.9% pa | £100.49 | £6,029.40 |
| £10,000 | 60 months | 7.9% | 7.9% pa | £200.99 | £12,059.40 |
Get all the details to read at your leisure
Download our PDF to read when you like - it contains all the ins and outs of our Personal Loan.
Personal Loan Details (PDF) (189KB)
Our Service Relationship with Personal Customers (PDF)(1.2MB)
FAQs
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How much can I borrow?
The amount we can lend you depends on how much you’ll be able to comfortably repay based on our understanding of your personal circumstances. We assess this using a process called credit scoring. This looks at things like your credit history and how long you’ve lived at your current address to help us come to a decision.
Find out more in:
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How do I apply for a loan?
Just pop into a store. We’re open long hours, including after work and at weekends.
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What are the fees and charges?
There’s no arrangement fee, but you will pay interest on the loan. There is also no early repayment fee.
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Is my interest rate guaranteed?
Yes. You get the same interest rate no matter how much you borrow. So you’ll know what you’ll pay right from the start. Once you’ve signed the contract, your rate is guaranteed for the duration of your loan.
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I've already got a loan and want to borrow more. Can I do this?
It depends. As a responsible bank, we work with you to make sure you can afford your borrowing. We won’t give you another loan that we think will be bad for your financial wellbeing, based on our understanding of your personal circumstances. We don’t want to leave you struggling to make your monthly loan repayments because your total repayments are too big. If you think you can afford a second loan then we would consider it using credit scoring.
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Can I use a loan to consolidate my debts?
Yes, if it is affordable. If you've got lots of different debts and you are struggling to keep up with repayments, you can merge them altogether into one loan which can reduce your monthly payments. It can also help you if the loan is at a lower rate of interest than the ones you are currently paying – for example a loan compared with a credit card. But you could end up paying more overall in the end if you pay for longer.
Don't forget, you might need to pay fees and charges to your old lenders for switching your loan – so you need to be able to afford to do that too. If you do choose a debt consolidation loan then make sure you keep up the payments until the loan is repaid in full.
If debt is a problem for you, then you can get free confidential advice and help.
Ways to bank
Online
Metro Bank 24/7. Check balances, make payments, see transactions and open new accounts any time - all with internet banking.
Mobile
Control your money on the move with our mobile banking app. Check balances, move money, make payments and more wherever you are.
In-store
A friendly face and a quick answer. And all the usual payment services too. We're open 362 days a year
By phone
Talk to a real person in our always-open UK contact centre, 24 hours a day, 7 days a week, 365 days a year.
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How we can help
Types of borrowing
We offer three simple ways to borrow when you need a little extra cash. Choose the best option for you with our helpful guide.
Switching to us
7-day Switch Guarantee
Switching your current account to Metro Bank is simple and hassle-free. And we guarantee to have it all done and dusted for you in 7 days.
Banking with us
What I need to open an account
With our same-day account opening, you can apply in store and we'll print your card there and then. Having the right documents will help make the process go smoothly.
FSCS
Protecting your money
Your eligible deposits with Metro Bank are protected by the FSCS.