3.5% APR Representative

Read our simple personal loans guide to find what a personal loan is.

When you apply for credit (either with Ikano Bank or with any other lenders), a credit search is carried out. Credit searches help lenders make informed, fair decisions about lending money, as they can see what financial products you have and how well you've managed them in the past.

The 'search' is where lenders request information about you from credit reference agencies. There are 3 main credit reference agencies in the UK (Experian, Call Credit and Equifax). These agencies hold lots of information about adults living in the UK - including whether you're on the electoral roll, financial products you have, how much you currently owe and how well you've managed any financial products you've had (for example – have you missed any payments, any county court judgments etc).

You can make overpayments or additional payments at any time with no fees or charges.

When you overpay, your monthly payment amount stays the same but your overall amount will reduce. So, depending on the amount you overpay you will either have fewer monthly payments or a reduced final payment amount.  

For example, if you only make a small overpayment - your final payment will be less than your usual monthly Direct Debit payments. For larger overpayments - your final payment will happen sooner (reducing the length of your loan).

If you would like to pay back the full amount you owe, call us on 0371 781 3058* or write to us - Ikano Bank, PO Box 10081, Nottingham, NG2 9LX

We'll let you know:

• how much you need to pay ('settlement balance')
• when you need to pay us by (the ‘settlement date’)
• how much interest you will save by paying back early

Your settlement figure will include up to 58 days interest, in line with the Consumer Credit (Early Settlement) Regulations 2004.

*Calls to this number cost the same as a call to a standard '01' or '02' landline number, even when calling from a mobile. Calls to this number are also included in any bundled minutes or free talk time that covers landline calls. Where calls are made outside of a bundle you will be charged at the national rate. Calls may be recorded for training purposes.

A personal quote is where we show you what APR (Annual Percentage Rate) you would be offered and exactly how much your monthly payments would be if your application is accepted.

Most lenders show you the representative APR - the rate most customers are offered but not necessarily the one you will get.

To give you a quote, we carry out a credit search. Don’t worry, other lenders are not able to see this on your credit file. This means that getting a quote from us won’t affect your ability to get credit in the future.