To make comparing even easier we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyPlease note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
To make comparing even easier we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyThe Ulster Bank Existing Customer Personal Loan charges 6.6% APR representative on loans between £7,500 and £14,950. Ulster Bank offers the loan with repayment terms between 1 and 8 years, and applicants can apply to borrow from £1,000 to £50,000.
| Loan amounts | From £1,000 to £50,000 |
|---|---|
| Loan terms | From 1 year to 8 years |
| Age eligibility | 18 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
Ulster Bank additionally considers 10-year loan terms for home improvement loans.
With pre-filled answers for their online banking customers and instant decisions, you could apply in minutes. If you're unconditionally accepted and sign your loan documents before 5:45pm Mon-Fri, Ulster guarantees next-day funds.
Payments are taken directly from your Ulster account. You’ll know in advance exactly how much the loan will cost you each month and overall.
There is no penalty for making overpayments, or you can request a settlement figure and clear your loan ahead of time. However, sums paid early may be subject to up to 58 days’ interest beyond the date of payment.
The interest rate you’re offered depends on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
If you’re comparing any credit-based products, it won’t be long before you come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example, an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way and must tell you the APR before you sign an agreement. So for consumers, it can be a handy tool for comparison.
Lenders are only obliged to award their advertised APR to 51% of people who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £50,000.00 |
| Loan terms | 1 year to 8 years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same-day funding available | |
| Same-day funding note | If you're unconditionally accepted and sign your loan documents before 5:45pm Mon-Fri |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct Debit |
You should only apply for an Ulster Bank personal loan if you’re certain you can meet the repayment terms and you meet the following criteria:
Ulster Bank also states that their personal loans should never be used for:
Being only for existing customers, Ulster Bank personal loans are very simple to apply for.
Ulster Bank typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Ulster Bank considers. However, if you don't have a high credit score, you're very unlikely to get approved for an Ulster Bank loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Yes, Ulster Bank offers instant decisions online in most cases. (Occasionally, more information may be required.) First, you can use the soft-search eligibility checker to find out your chances of getting approved. (This won't affect your credit score.) Then, if you opt to go ahead and apply, you'll get an instant answer. Ulster Bank can also offer same-day funding of your loan.
Yes, Ulster Bank allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, Ulster Bank also allows you to effectively "top up" your loan by closing your current loan and starting a new, larger loan.
One of Ireland’s “Big Four” banks, Ulster Bank traces its roots back over 150 years. It became part of the RBS group in 2000. Ulster Banks refers to itself as a bank with Ireland at its heart. As well as printing Northern Irish sterling bank notes, it has sponsored a festival in Belfast, an agricultural show in Lisburn and even an all-Irish senior football league.
Ulster Bank has been rated “bad” on Trustpilot with a score of 1.5 out of 5, based on over 250 reviews (updated July 2023). Customers reported poor customer service and poor online banking service.
For queries about loans and overdrafts, you can call Ulster on 0345 742 4365. Lines are open 24/7. Alternatively, you can use “Ask Cora”, Ulster’s in-app chatbox.
If you’re looking for speed, then you can apply for an Ulster personal loan online in minutes. However, their online banking service has received negative reviews from customers about their experiences regarding customer service and the process of taking out loans, which is worth taking into consideration.
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