Metro Loans Review | www.metrobankonline.co.uk
Address: One Southampton Row, London, WC1B 5HA.
Branding: Metro Bank Personal Loan. AKA: Metro Loans.
FCA Licence: 629922.
From: Metro Bank Plc.
Related: No companies.
Bad Credit Considered: Fair-to-good score required.
Manage: Metro Bank login provided via www.metrobankonline.co.uk.
Offers: Personal loans.
Sums: £2000 to £25,000 (new and returning).
Terms: 12 to 60 months.
£417.96 /£10,000 (12)
£813.83 /£10,000 (24)
Notes: APR is fixed at 7.9% across all amounts. Applications aren’t currently processed online. You must visit a branch not just to apply, yet also to open a current account. Money will be paid on the same day. Logins are provided, but loan control is not confirmed.
– Amounts: Can access £25k although you’ll need to open an account.
– Branches: Has opened 39 stores since 2010 (the first was opened in Holborn on July 29th). Unfortunately, these are only spread across the London and surrounding area. Their mission is to expand their network to 150 by 2020 and so hopefully we’ll see nationwide outlets.
– Operations: Telephones are manned 24/7. All stores are notably open 7 days a week as well. The same times are always set from Monday to Friday (8am to 8pm), Saturday (8am to 6pm) and Sunday (11am to 5pm). On seasonal holidays they only close on Christmas Day, Easter Sunday and New Year’s Day. Not being able to apply online is a limitation, but on the other side you can head to them on a Sunday.
– Pricing: Paying 7.9% on small sums is a highly competitive rate. It is just a shame that they don’t offer £1000 sums, as this would have ranked them as the 2nd cheapest banking solution behind First Direct (@7.5%). Their fixed rate doesn’t compare quite as well at 10k.
– Profile: Whilst being a retail newcomer, their web popularity has grown rapidly over the years. Media attention would have naturally helped their growth through the headline that they were the first high street banking chain registered in over 100 years. Trading on Sundays helps to distinguish them as well as their quirky nature. A good example of this is their pet-friendly policy in-branch whereby they supply dog biscuits, water etc. There are also ongoing campaigns with leading pet organisations. They’re big on pets as a result of their American founder Vernon Hill. The current customer base sits at around 500,000.