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The information contained in this table summarises key product features and is not intended to replace any terms and conditions.
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Summary box: Key information for our Professional and Career Development Loan from £300 to £10,000
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| APR |
Typical 5.7% APR
The interest rate per annum shown below applies to all loans but the APR for your loan will depend upon the length of your training course and the length of your repayment period.
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| Interest rate ranges |
| Loan size range |
From % |
To % |
Representative APR |
| £300 - £10,000 |
5.7% |
5.7% |
5.7% |
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| Interest charging information |
No interest will be charged for the period from the start of your loan agreement until one month before the first monthly payment is due. From then on, interest at a rate of 9.9% per annum will be calculated daily on the balance outstanding and debited to your loan account quarterly in arrears until the loan is repaid in full. |
| Repayment information |
Payment is by monthly standing order.
First monthly repayment is due two months after the course of training is expected to end. If we receive notification from you or we become aware that you are no longer attending the course we may give you 30 days written notice to nominate a new date on which repayments shall begin.
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| Repayment period |
Loans are available for repayment over one to five years (12, 18, 24, 30, 36, 48, 54 or 60 monthly repayments).
By spreading your loan over a longer term, your monthly repayments may be lower, but the overall cost of borrowing may be higher.
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| Amount of loan available |
Loans are available from £300 to £10,000. |
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Application/
arrangement
fee
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No application or arrangement fees. |
| Other fees |
Not applicable. |
| Default fees |
We will charge you for any costs or losses we incur as a result of you breaking your loan agreement. |
| Early settlement |
No early settlement fee. |
| Illustrative example |
The example below is based on a 21 month course.
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Loan amount
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Representative APR
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Repayment term*
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Monthly repayment
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Total payable
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£3,000
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5.7%
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60 months
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£63.59
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£3,815.40
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£5,000
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5.7%
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60 months
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£105.99
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£6,539.40
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£8,000
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5.7%
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60 months
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£169.58
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£10,174.80
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* The repayment term shown above is the number of months the loan will be repaid over. The full term of the loan, including the length of the course and the 2 month repayment holiday that follows is 83 months.
These examples are based on loans generally available from us. They may not be available in your particular circumstances.
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If you run into difficulties with your repayments, please call us immediately and we will be happy to help.
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