Personal loans

Unsecured personal loans are loans that are not secured against any of your assets, such as your home or car.

These loans are typically for smaller amounts when compared to the amount you could borrow with a secured loan and can be more expensive because of the risk attached to unsecured lending.

However, at Shawbrook, we will give you a clear picture of your guaranteed rate when you apply for a quote so you can decide whether this is the right option for you.

Of course — you have the right to pay a personal loan back early or make an additional monthly repayment under the Consumer Credit Act. But it’s important to know that this may be subject to an early repayment charge.

To discuss your options with a member of our team, please contact us. If you have taken out a loan with us on or after 13th December 2021, you can also log in to your customer portal to contact us: https://myloan.shawbrook.co.uk/.

Payments on your loan are calculated by considering how much you want to borrow, how long you want to borrow it, and how much it will cost you including any fees. A lender will use the annual percentage rate (APR) on this sum to give you a fixed monthly payment over the duration of your loan.

Some lenders offer an online calculator to help you see what your repayments could look like if you chose to borrow with that specific lender.

At Shawbrook, we believe that personal loan calculators might not accurately reflect what interest rate you’ll get when you apply for a loan. When you use a calculator, this may not be the actual rate you receive, so you won’t have a clear picture of the rate you’ll get and the associated repayments until you apply.

Instead of using loan calculators, we offer you a guaranteed rate through our quote tool, which provides you with a breakdown of your repayment costs based on the actual APR that you’re eligible for. And don’t worry; applying for a quote will not affect your credit score.

For more information, read our guide on why we don’t use loan calculators.

If you get approved for a loan from Shawbrook, you'll need to sign a loan agreement. For most new loan accounts, this will be a Fixed Sum Loan Agreement, which means it allows you to borrow a fixed amount over a fixed term at a fixed rate of interest.

The agreement sets out the terms and conditions which relate to your loan, so it's really important to read and and ask us any questions if there is anything you don’t understand before signing the agreement. You'll also get a document called Written Adequate Explanations that will highlight the key features of your agreement and help you understand the agreement in a bit more detail.

If you want to see what these documents look like, you can click the links below. Just keep in mind that the actual documents you receive might look different based on your type of loan and when you applied. If you already have a loan with Shawbrook but can't find your agreement, just reach out to us and we can send you another copy.

• View an example of our Fixed Sum Loan Agreement
• View an example of our Written Adequate Explanation

The loan agreement you'll get after you apply will have all the details that are unique to your loan. The examples above are just to give you an idea of what these documents might look like.