Danske Bank Fixed Rate Personal Loan

2 reviews

5.5% Representative

Will lend between: £1,000 - £25,000

Over: 12 - 64 Months

Representative example: If you borrow £6,500 over 36 months at a Representative rate of 5.5% APR and an annual interest rate of 5.50% (fixed), you would pay 36 monthly instalments of £195.88. The total charge for credit will be £551.67 and the total amount payable will be £7,051.67.

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Danske Bank Fixed Rate Personal Loan customer reviews.

2 reviews

3.0 out of 5 stars

Our review of Danske Bank Fixed Rate Personal Loan

One of my first thoughts about Danske is that their website is lacking information that would be vital to customers looking to apply for a loan with them. There’s very little information on their application criteria and there are no FAQs which are somewhat of a standard feature on competitor websites. The website also mentions that indemnity may be required, however they don’t provide details of the circumstance in which that would arise – nor how much the fee is.

It also seems a bit archaic that the application cannot be completed online and that customers will either need to call or visit a branch in order to make an application. This feels like it’s adding a level of inconvenience to the process and I wouldn’t be surprised if it put people off.

It’s not surprising, considering the lack of online application, that their OPTIOSCORE for simplicity brings their overall total right down. Their customer sentiment is high and looking at reviews online they do get a positive reception from their customers. At the time of writing this they have a very good 8.6 out of 10 on TrustPilot, so it is a shame that the application process has such an effect on Danske’s total score.

Overall verdict: Fixed repayments are a great way for customers to budget and keep on top of their loan without encountering surprise payments. I wish that Danske would give their website an overhaul to make life easier for customers – more information and an online application would be very welcome.

 

Written by: Alex

Highlights

  • 0.5% discount on standard fixed rate loans
  • Fixed monthly repayments make budgeting easier
  • Available to both new and existing customers
  • Single and joint applications accepted

Minimum criteria

  • You will need to have good credit history
  • You must be over 18 years old
  • You must open a personal current account with Danske

Fees

  • Maximum APR 19.9%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £0

About Danske Bank Fixed Rate Personal Loan

Danske, a trading name of Northern Bank, offer fixed or variable rate loans from £1,000 to £25,000 to pay back over a period of one to five years. Their fixed option has an advertised representative APR of 5.5%, however for larger or smaller amounts this will differ. Although they are not advertised as secured loans, the website does state that indemnity may be required (and a fee for that may be payable).

The loans are available for both new and existing Danske Bank customers and if you’re one of the Danske Freedom, Choice Plus or Prestige customers then you can benefit from a 0.5% discount on all standard fixed rate personal loans. However, if you are new to the bank then you will need to open a personal current account with them to service the loan.

Applications cannot be made online and will instead need to be done either over the phone or in a branch, you can request an appointment with a form on their website and Danske will get in touch to confirm that appointment with you.

Company information

Registration number: R0000568

www.danskebank.co.uk

03456002882

Donegall Square West, Belfast BT1 6JS

FCA registration

Reference No: 122261

Trading names: Dankse Bank,

Place of business: Donegall Square West, Belfast BT1 6JS

Data protection registration

Registration No: Z5808949

Data controller: Northern Bank Ltd

Address: Donegall Square West, Belfast BT1 6JS

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk