APR: 3.5% Representative
Loan amount: £1,000 - £15,000
Repayment duration: 12 - 60 Months
OPTIOSCORE 75.6/100 
Time to apply: 05m 00s
Ikano Bank customer reviews

2.2 out of 5 from 22 customer reviews

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Provider last seen: 9:46am 30/3/2017
Product data last updated: 12:35pm 14/8/2017
Customer questions answered: 0
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Representative Example: If you borrow £10,000 over 48 months at a Representative rate of 3.4% APR and an annual interest rate of 3.4% (fixed), you would pay 48 monthly instalments of £223.32. The total charge for credit will be £719.36 and the total amount payable will be £10,719.36.

Ikano Bank customer reviews

2.2 out of 5 from 22 reviews

Easy to apply

21:39 29-06-2017

via Smart 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

via Smart 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

via Smart 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

via Smart Money People

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

Michael Wardlaw

hopeless

09:41 21-04-2017

via Smart 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

via Smart 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

via Smart 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

via Smart 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

think these guys need to rethink going into personal, finance

23:50 20-11-2016

via Smart Money People

rubbish , should stick to making furniture

Nigel Matthews

Loan

14:49 17-11-2016

via Smart Money People

Excellent service !!!! Easy to apply for a loan!!

Claudia Benedek

Our review of Ikano Bank

Our review by Alex
Written by: Alex
Simplicity
55.8
Features
81.8
Consumer sentiment
83.4

Total OPTIOSCORE
75.6/100

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 decent credit history to apply – if you think you have something which 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.

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 16.9%
  • 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 3.0%, however this is based on personal financial circumstance 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 know 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 allow 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.

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Provider last seen: 9:46am 30/3/2017
Product data last updated: 12:35pm 14/8/2017