Ikano Loans Review | www.ikano.co.uk
Address: PO Box 10081, Nottingham, NG2 9LX.
Branding: Ikano Loans. AKA: Ikano Bank UK Loans.
FCA Licence: No (EEA Authorised).
From: Ikano S.A.
Launched: 1994 (2013 as bank).
Related: No companies.
Available: Mon to Fri (8.30am/9pm), Sat (8.30am/8.30pm), Sun (10am/1pm).
Bad Credit Considered: Fair-to-good score required.
Manage: No Ikano Bank login at www.ikano.co.uk.
Offers: Personal loans.
Sums: £1000 to £15,000 (new and returning).
Terms: 12 to 60 months.
£62.24 /£1000 (12) £122 (24)
£182.24 /£10,000 (12) £352.40 (24)
Notes: The APR for the above examples are 11.9% (1k) and 3.4% (10k). There is no need for paperwork. Once approved you can sign online and the funds will then be released for clearance on the next working day. There is an Ikano login, but this is strictly for customers with savings or those who have a store card.
– Experience: The bank opened in 1995 starting out with a branch in Almhult, Sweden. They have no branches locally. The UK banking arm is relatively new, but they have been operating here since 1994. They had started in retail finance and loyalty cards, attracting more than 7 million customers in the process.
– Operations: Remains open 7 days a week although they are only active for a few hours on Sundays.
– Ownership: The larger Group operates in 14 countries and has progressed well in diverse markets outside of financial such as real estate. The company itself was founded by Ingvar Kamprad who was the man behind IKEA. They have the credentials to make great strides in Britain, but without advertising more they aren’t going to trouble the leading banks.
– Pricing: Attractive loan rates can be accessed here. They compare particularly well at £1000 where they charge just £62.24 over 12 months. The only rival that is cheaper at this sum is First Direct who drop down to just £39.93. Unlike there though you don’t need to hold an account. They don’t actually offer current accounts, but regardless of this there is no need to use their savings product.