Ikano Bank reveals its lowest APR product

Customers can expect an instant, personalised quote telling them what APR they would get and exactly how much their monthly payments would be before they apply. 

Simon Ripton, Head of UK Banking at Ikano Bank, stated: “Our new personal loan is simple, low cost and can be applied for online in less than 10 minutes. Once approved, money is in the customer’s account the next working day.

“Not everyone is able to get the best rate available, but whatever your credit rating doing your homework and shopping around will always pay off.”

New research from the challenger bank showed that borrowers who failed to shop around for the best finance deals or competitive loans were adding an average of £320 to major purchases.

Ikano Bank found more than two-thirds of people who borrowed money for major purchases were not checking for better deals and instead choose options which seemed quicker.

“When it comes to finding suitable finance it’s important that people aren’t rushing to the point where they’re getting a terrible deal and that they’re not dazzled by the first or easiest options such as sticking with their own bank and wasting lots of money,” Simon added.

“Equally, we know that researching can be overwhelming, overcomplicated, or let’s face it, a bit boring and people want to get on with the fun stuff like choosing a car or planning a wedding.”