Yorkshire Bank has been through some changes in its time. It very nearly wasn’t a bank at all – its founder Edward Ackroyd originally intended to set up a provident society. But instead, in 1859, he founded the West Riding Penny Savings Bank.
One hundred years later in 1959, it changed its name to Yorkshire Bank – and while many of its branches are still in Yorkshire, you can get Yorkshire Bank services as far afield from God’s Own Country as Gloucester, London or Newcastle.
Yorkshire Bank will soon be rebranded again: at some point in 2020, it will start trading under the name Virgin Money. But while the branding might change, you should still be able to get the same high-quality loans.
So, could a personal loan from Yorkshire Bank suit your needs? Here’s everything you need to know about the loans they provide.
What’s on offer from a Yorkshire Bank loan?
Yorkshire Bank offers fixed-rate, unsecured personal loans with the following features:
- You can borrow anything from £1,000 to £35,000 – giving you a bigger potential loan than the £25,000 offered by many other lenders
- If you’re borrowing under £7,500, the loan can last from one to five years. For anything between £7,500 and £35,000, you could also choose to repay over six or seven years
- Yorkshire Bank’s representative APR is a very competitive 2.9% for loans between £7,500 and £15,000. Representative APRs might vary a little for loans outside that range, but the maximum APR for anything under £25,000 is 29.9%
- There are no extra fees when you take out your loan
Frequently asked questions about Yorkshire Bank’s loans
What determines my APR?
With a Yorkshire Bank loan, your APR isn’t only determined by your personal financial circumstances – the amount you’re borrowing will also be taken into account. Yorkshire Bank has six different representative APRs for differently sized loans:
- £1,000-£2,900: representative APR of 20.9%
- £3,000-£4,900: representative APR of 17.9%
- £5,000-£7,400: representative APR of 3.5%
- £7,500-£14,900: representative APR of 2.9%
- £15,000-£25,000: representative APR of 3%
- £25,100-£35,000: representative APR of 6.9%
How soon will my loan be approved?
With Yorkshire Bank, you can complete and file a loan application online in just 15 minutes. Approval should be instant if you’re accepted, and if you’ve applied during working hours, the money could be in your account within two hours, though it might not arrive until the next day if your application is approved towards the end of the working day.
Can I repay my loan early?
Yes – but there’s a fee. If you pay off your loan in full or in part outside of the repayment plan, up to 58 days’ extra interest will be added to the amount you need to repay.
Can I extend my loan?
If you need to borrow additional money, you can top up your loan. There are two ways you can do this. Firstly, you could take out a separate loan in addition to the one you already have. Secondly, you could take out a larger loan, and use it to pay off your existing debt – although this means you’ll incur an early resettlement fee.
Am I eligible for a Yorkshire Bank loan?
Your eligibility for a Yorkshire Bank loan will depend on a range of factors – most importantly your credit score, which you can check for free with MoneySuperMarket’s Credit Monitor tool. You’ll also need to be at least 18 years old.
How do I apply for a Yorkshire Bank loan?
You can find a loan deal personalised go you when you compare your options using MoneySuperMarket. Just give us a few details about what you want from your loan, including what it’s for and how much you need, and you’ll see a list of quotes tailored for your needs.
You can compare deals by their APR, any fees or charges, and the likelihood you will be accepted. As soon as you’ve found the loan you want, simply click through to the provider’s website to finalise your application.