Clydesdale Bank Loans Review | www.cbonline.co.uk
Address: 1st Floor, Guildhall, 57 Queen Street, Glasgow, G1 3ER.
Branding: Clydesdale Bank Loans. AKA: CBOnline Loans.
FCA Licence: 006347.
From: Clydesdale Bank Plc (part of National Australia Bank Group).
Related: Yorkshire Bank.
Available: Monday to Friday (8am/8pm), Saturday (9am/5pm), Sunday (10am/4pm).
Bad Credit Considered: Fair-to-good score required.
Manage: No Clydesdale Bank login at www.cbonline.co.uk.
Offers: Personal loans.
Sums: £1000 to £25,000 (new and returning).
Terms: 12 to 60 months (84 months by branch or phone).
£123.80 /£1000 (12) £246.44 (24)
£182.28 /£10,000 (12) £352.49 (24)
Notes: Yorkshire is attached to Clydesdale’s licence. The owner (NAB) has matched the financial products across each and so there are few differences. As the case on each side, the product may be accessed by non-banking customers, but anyone new must be aged above 23 and have a pay packet of £15,000. From the cost breakdown you pay 24.5% for the £1000 examples and a competitive 3.4% rate for the large £10,000 examples. Current account holders receive fast funding. If you aren’t a banking customer then they request signature on documents. You can print these off and the process should then take around 4 working days. The CBOnline login is devised for current account management and so no loan control is available. For the bulk of applications the repayment term would be 1 to 5 years. You can access extended terms, but this is for £7500+ loans by branch or phone.
– Amounts: A potential £25k unsecured loan can be accessed.
– Branches: There has been around 140 branches on this side and 180 at Yorkshire, but there has been 30 closures over the past year and so 125 and 165 would be more likely today. A news article also indicated that a further 20 closures are to follow that looks to be Scottish outlets. Trimming down has at least enabled NAB to expand the growth of each brand on the web.
– Experience: Clydesdale was formed in Glasgow back in the year 1838 (Yorkshire was 1859). CB was acquired by the Midland Bank in 1920 and NAB would eventually take control in 1987 that cost them close to £420 million. Their current Australian owner was established in 1893 that highlights the collective experience to hand.
– Operations: Lending enquiries are taken on both Saturdays and Sundays.
– Ownership: Spain’s Santander has brought a serious challenge to British banks and TSB is now controlled by Spanish owners. Long before this, Australia’s NAB had moved here to take control of Clydesdale in 1987 and then Yorkshire in 1990. Progression has been seen between then and now, but expensive compensation claims and fines has now made Britain a troubled location for NAB who are now looking for a swift exit. They have a worldwide market cap close to 20 and are closer to the rank of 40 through assets. With just below 1800 branches worldwide and around 13 million customers, this will remain a key international player, but it just may not be possible for Britain to remain on their map.
– Pricing: The rate was 3.8% APR on larger loan agreements, but this has dropped to 3.4%. For smaller options, 24.5% doesn’t compare quite so well across the market. They do ask for a lot when it comes to new customers with £15,000 being a high required income bracket, as well as the age requirement of 23. It may be a better idea to try and switch across to them before making an application where there are no restrictions in place.
– Profile: Clydesdale is the smallest of the 3 Scottish banks. They have always been appreciated for their healthy support of local communities and industry. They haven’t historically brought a major challenge on to BOS and RBS up North though. The web popularity of CBOnline is however continually growing and it is on the web where they’ll have the best opportunity to take on RBS in the years ahead.
– Terms: If it happens that you are looking for £7500 or more and can apply at branch or phone then you can head as high as 7 years. Otherwise you will be restricted to 5 years on your agreement.
– 3.8% rate has been reduced to 3.5%. Update, now 3.4%.