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The minimum loan size is £1,000 and the maximum is £25,000.
The minimum loan term is 12 months and the maximum is 10 years.
The interest rate is fixed for the term of the loan and agreed at the outset. Interest is charged throughout the full loan and any month when a repayment is not made.
A competitive arrangement fee of £100 is payable at the start of the loan.
3-month payment holiday
A 3-month repayment holiday is available at the start of the loan. If this option is taken, interest is charged throughout the 3-month period, meaning the amount of interest you pay will be higher.
Early repayment charge
Under the Consumer Credit (Early Settlement) Regulations, if the loan is repaid early the bank is entitled to deduct interest of 1 calendar month and 28 days. This is automatically included in the calculation of the rebate of interest to give the loan settlement figure.