Ikano Bank

No reviews for Ikano Bank

4.5% Representative

Will lend between: £1,000 - £15,000

Over: 12 - 60 Months

Representative example: Representative Example: If you borrow £10,000 over 48 months at a Representative rate of 4.5% APR and an annual interest rate of 4.4% (fixed), you would pay 48 monthly instalments of £227.63. The total charge for credit will be £926.24 and the total amount payable will be £10,926.24.

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Our review of Ikano Bank

Ikano, originally established in Sweden over 21 years ago, offer one of the cheapest representative APRs on Choose Wisely. It should come as no surprise that applicants will need to have a decent credit history to apply – if you think you have something that would hinder you, then avoid applying to Ikano, as you could get declined which could leave a blemish on your credit file.

There appears to be limited additional benefits from Ikano that are above and beyond what a lot of their competitors offer – you can make overpayments with no charge, you can pay the loan back early with a minimal charge and the online application seems to be a standard length. You can, however, sign all your paperwork online (which speeds up payment of the loan), there’s an online account management system and they have market leading rates.

Looking online for Ikano reviews draws a bit of a blank, both for their loans and their other financial services. This makes it difficult to see the type of experience that other customers have had, but their consumer sentiment OPTIOSCORE has the decent figure of 82.3 and their website boasts a ‘Best Buy’ award from moneyfacts.co.uk for their personal loan – so they must be doing something right.

Overall verdict: Ikano have one of the best representative APRs on the market and if you’ve got the appropriate credit history then they could well be the option for you. Their online management system makes the loan process smooth and you can benefit from overpayments (if you have the funds) which will shorten the loan term, or lessen the monthly repayments, benefitting you in the long term.

Written by: Alex

Highlights

  • You can apply online in less than 10 minutes
  • Market leading interest rate
  • No fees for early repayments
  • No impact on credit file for online quote

Minimum criteria

  • You will need to be a UK resident
  • Aged 18 years or over
  • You must earn at least £10,000 per year
  • You will need to have good credit history
  • No CCJs, debt relief orders or IVAs
  • You must have a UK bank account with Direct Debit facilities

Fees

  • Maximum APR 29%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £37

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About Ikano Bank

Ikano Bank offer personal loans from £1,000 to £15,000 to be repaid over one to five years. Their representative APR is 4.5%, however this is based on personal financial circumstances and may change during the application process. You’ll also need to have good credit to apply which means no CCJs, no Debt Relief Orders and you mustn’t be under an IVA. Applicants will also need to have an annual income of at least £10,000 so Ikano knows that you can afford the repayments.

The online application takes around ten minutes to complete and will provide you with a personalised quote in less than two minutes. This application will not leave a footprint on your credit file. If successful, the funds could appear in your account the next working day.

Ikano allows customers to make overpayments with no fees or charges and they will either adjust your loan term or monthly repayment depending on how much you have overpaid. Customers are also able to pay back the loan in full, however, this does come with a charge of 58 days’ interest.

Company information

Registration number: FC031187

ikano.co.uk

03448565743

Waterfront House, Waterfront Plaza, Station Street, Nottingham NG2 3DQ

FCA registration

Reference No: 409120

Trading names: Ikano Bank

Place of business: Waterfront House, Waterfront Plaza, Station Street, Nottingham NG2 3DQ

Data protection registration

Registration No: Z8703645

Data controller: FCA

Address: Waterfront House, Waterfront Plaza, Station Street, Nottingham NG2 3DQ

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