Ikano Bank

24 reviews

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.

Ikano Bank customer reviews.

24 reviews

2.1 out of 5 stars

Clueless amateurs . I wouldn't even use them as a last resort.
13:47 16-03-2018
ImageSmart Money People

These guys should not be given a license to operate - absolutely clueless. I applied for a loan. I have good credit. Not perfect but still good. Got my Loan documents to esign - which I did. Next day I got two texts from them confirming everything was approved and funds would be in my bank within two hours. Next day nothing in my bank so I phoned them and they told me Id been rejected. I asked them why they told me they were paying money into my account and they told me that that was sent out before they had got approval from the underwriters. Bizarre. But I moved on. 10 days later I got letter in the post confirming that I now had the loan and that the direct debit was now set up and detailing exactly when the payments would start being taken. Strange I thought. I checked with my bank . They confirmed that no funds had been received. I called ikano again and after 20 minutes of customer services checking with another department was told that yet again they had sent out the letter before they had done their "checks". I asked why this happened twice and was told that sometimes they just skip through the net. So that's twice I was told that the loan was approved and was either on my bank or on the way. They even set up a direct debit to collects the payments. And twice they later said that they had done this in error. They seemed to think this was normal and didn't understand why I requested them to send a copy me their formal complaints procedures. Just to be clear - I have no problem with my application being rejected. That is their right of course. But to twice tell me it was fine and then telling me they were errors and that they were now rejecting me is, at the very least, very poor practice. I would advise everyone to not bother with these guys ever. Because you can't trust anything they say.

Jed the Humanoid

What the hell? - zero communication in a world of endless options
09:39 10-01-2018
ImageSmart Money People

I applied for a Loan online. "... On Approval, your Loan Amount will be paid directly into your Bank Account....." I completed their Online Forms providing them with full information and disclosure. The Loan was Approved the following Day. I received 2 online PDF Forms to Date/Sign with a 'consented electronic signature' - both were duly signed and completed straight-away. 3 days later, I received a Letter from Ikano Bank in the Post requesting that I provide Original Documents to verify my Address. Again, I duly complied without delay. 7 days have since passed, and no Loan has been paid into my Bank Account. No phone call from them requesting further information, no email from them updating me on the progress of this Application. A TERRIBLE CUSTOMER EXPERIENCE

cham_001

Easy to apply
21:39 29-06-2017
ImageSmart Money People

Easy to apply, genuine company, paid the money on time, would recommend to anyone for their fantastic rate.

Jade Rawlings

Communication very poor!
15:56 23-06-2017
ImageSmart Money People

Applied for a loan and it was approved on line in minutes. Prompt email sent requiring electronic signature and this was returned immediately. I then received an email saying they would be in touch soon! 24 hours later no communication!! I rang customer services only to be told the standard overnight checks hadn't been done last night as promised with a decision today!!! They would be done tonight. When I asked why? the response abruptly came back that that was the way it was!! I put the phone down very disappointed so rang back with the intention of cancelling this and going elsewhere as my credit rating is 999/999. Luckily the 2nd member of staff was helpful and told me there was a technical issue with the computers and it would go through the system tonight. I was going to cancel but as I have been promised a phone call tomorrow I will reserve my judgement for now. If I have a positive ending I will be publishing another review.

Anonymous

Communication very poor!
15:35 23-06-2017
ImageSmart Money People

Applied for a loan and it was approved on line in minutes. Prompt email sent requiring electronic signature and this was returned immediately. I then received an email saying they would be in touch soon! 24 hours later no communication!! I rang customer services only to be told the standard overnight checks hadn't been done last night as promised with a decision today!!! They would be done tonight. When I asked why? the response abruptly came back that that was the way it was!! I put the phone down very disappointed so rang back with the intention of cancelling this and going elsewhere as my credit rating is 999/999. Luckily the 2nd member of staff was helpful and told me there was a technical issue with the computers and it would go through the system tonight. I was going to cancel but as I have been promised a phone call tomorrow I will reserve my judgement for now. If I have a positive ending I will be publishing another review.

Anonymous

Great. Quick and a big help!
16:21 30-05-2017
ImageSmart Money People

Great for quick money, low rates and let you pay off extra amounts

Michael Wardlaw

hopeless
09:41 21-04-2017
ImageSmart Money People

I wanted to arrange a quick small loan, whilst I was away from home. They sent me a letter asking or bank statements, no email comms to tell me this. When I phoned them the customer services could not tell me what was in the letter. When I returned home they were asking for original bank statements, I bank online and do not have statements. I printed out the issued pdf statements I have and a week later these are returned as non original / certified. I have never had this before from previous loans, bank clearly not set up for either internet comms or proper credit tracking. I have good credit and have now arranged loan with M&S which took approx 10 mins to fill in forms and have had a confirmation email, better rate too now I've had to wait for 3 weeks. Would not use Ikano again and advise others not too unless you want a lot of hassle.

matt

Too much hassle
15:04 17-03-2017
ImageSmart Money People

Was borrowing the minimum amount to cover some work being carried out at home. I earn a good income and have a good credit rating and Ikano advertised as being a quick and easy personal loan solution with a fast decision and payment. Application online was relatively simple but all further communication with them was carried out by post which took days. They asked for copies of passports and three months of bank statements signed and stamped by the bank. Four days later another letter arrived claiming the needed further information and asking me to call them. This resulted in two 20 minute phone calls going over the bank statements. Three days after that a letter arrived claiming the loan was accepted... Quick and easy... No

William Cinderbum

Loan that say's they will help in dire needs but then tell you no way!!
18:41 22-02-2017
ImageSmart Money People

Got a loan quite easily and was in my account the same day - all good I have had the loan for 2 years with no trouble - all good Then i changed my job and had to wait for 2 months to get paid next so called Ikano as they said there is no problem to move the loan repayment to another month and the month you missed will be added to the end of the loan. I called them back 7 days after and they told me this is not the case and was told wrongly by the agent. I then went through Ombudsman service to get this sorted for me as they knew they were in the wrong. This service sorted everything out for me. Now I'm back on my feet I will pay off the loan in full so I can get out from Ikano. They should stick to card and bonds and not loans as people to get in dire straits but they don't care. Better off going to a bank to get a loan as they do help and manage your loan from start to finish.

chris C

SCAMMERS, STAY AWAY
09:57 03-01-2017
ImageSmart Money People

I applied for a personal loan, was accepted and told the money would be in my account within 2 hours. I was on holiday at the time so I stupidly didn't check my bank and continued spending the money I thought I had. When I got home and checked my bank, I realised I hadn't received the loan and was broke. I contacted Ikano, and was told after further checks they withdrew the loan. They did not contact me to let me know this, so I'd been assuming I had the money all along and spending money I didn't have. Fast forward to a month later (today), I received a text from my regular bank saying I'm overdrawn by £230 and have been charged an unplanned overdraft fee. I immediately checked online banking and found that Ikano had charged my first payment (£400) FOR A LOAN I NEVER RECEIVED BECAUSE THEY WITHDREW IT WITHOUT TELLING ME. I called Ikano and when they finally answered, they told me to call my bank and work it out with them. Outrageously rubbish service DO NOT USE THIS COMPANY

Laura Jones

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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