Metro Bank UK offers personal loans of 2,000 GBP minimum to 25,000 GBP maximum. Repayment period can be spread from 1 to 5 years with a monthly payment arrangement.
You can apply for Metro Bank personal loans through bank branches. The customer can be informed of the application approval decision within the same day of the application submittal. To be eligible, a customer should be at least 18 years of age and is a resident of the UK. The bank also requires proof of residency for all applicants. Borrowers should also have an existing savings or current account with Metro Bank UK. Upon application, customers should also present their credit history reports.
One of the important considerations required by Metro Bank UK is credit scoring. This is a crucial part of the assessment process done for the loan to qualify for approval. Credit scoring is based on the customer’s ability to repay the loan, his past credits, and the length of his residency in the UK. A high credit score usually warrants the approval of the Personal loan.
Metro Bank UK also considers the borrower’s living status before loan approval. Living status includes employment status, working hours, and living costs like rent and mortgage costs.
Metro Bank UK boasts of their fixed annual percentage rate or APR of 5.9%. This rate the same for any amount loaned. Most banks and lenders offer varied interest rates for different kinds of loans. Interest rates are usually higher for lower loan amounts. Therefore, if the Metro Bank UK personal loan application has been approved, the customer can enjoy a fixed rate for whatever loan amount he has borrowed.