Ulster Bank Loans Review | www.ulsterbank.co.uk

Ulster Bank Loans

Last Update: June 10th, 2016

About…
Address: George’s Quay Dublin 2, Ireland.
Branding: Ulster Bank Loans. AKA: Ulster Loans.
FCA Licence: 003926.
From: The Royal Bank of Scotland Group Plc.
Launched: 1836.
Memberships: Non.
Related: NatWest, RBS.
Website: www.ulsterbank.co.uk.

Product Details…
Bad Credit Ulster Loans Available?: No.
Manage: No Ulster Bank login at www.ulsterbank.co.uk.
Offers: Personal loans.
Opening Hours: Monday to Friday (8.30am/7.30pm), Saturday (9am/2pm).
Sums: £1000 to £25,000 (new and returning).
Terms: 12 to 84 months (120 for home improvement).

The Pricing…
£116.24 /£1000 (12).
£230.96 /£1000 (24).
£340.16 /£10,000 (12).
£660.80 /£10,000 (24).

Notes: APR stands at 22.9% (1k) and also 6.4% (10k). Important: This product is available to existing banking customers who have held an account for a minimum of 6 months. Must also be a resident of the UK. Residents of the Republic of Ireland see exclusivity at the alternative web address of www.ulsterbank.ie. The headed rate on that side is 12.3% APR and the amounts possible are €2500 to €40,000. Next working day turnarounds are possible when applying online between Monday and Thursday before the cut-off time of 5.55pm (no starting time is noted). For those that don’t use online banking, the application pack is sent out that triggers a delay of a week or so. There is an external login taken at www.ulsterbankanytimebanking.co.uk, but no loan control is provided. The Dublin head office is referenced above. There is no correspondence address listed, other than for complaints: Freepost, BEL4084, Belfast, BT1 5BR.

Noteworthy…
– Amounts: The top figure possible stands at £25,000.
– Branches: Wikipedia references a branch tally of 146 (ROI) and 90 (NI). These details have however become outdated now as there has been a number of closures and more are due soon. The ROI tally would likely sit closer to 130 whilst NI would be around 70.
– Experience: Established in 1836 as the Ulster Banking Company. Was later acquired by the Westminster Bank in 1917 who eventually morphed into NatWest. This brings them into the RBS family (formed in 1727).
– Operations: Loan queries are taken between Monday and Friday (8.30am to 7.30pm) and for a few hours on Saturdays (9am to 2pm). Payout delays should be expected since there is the Monday to Thursday reference for next working day funding.
– Ownership: Has been a subsidiary of NatWest for a long time now. The big RBS takeover came in the year 2000. Back in 2014 it was reported that the future of this grouping could come to an end. The 2013 annual results showed that this arm of the Group took on an operating loss of £1.5 billion and accounted for a 5th of the total bad debt charges. Recent results have however been positive and so the chance of a break-up is now less likely.
– Profile: Locally, RBS has 8 million customers, NatWest has 7.5 and there are 1.9 here. Whilst this tally may be much smaller, it is worth noting that this is the largest bank in Northern Ireland. Over in the Republic they are 3rd, edged out by BOI (#1) and AIB (#2). Out of all of the major Irish banks, it is clear that Bank of Ireland (BOI) are making the biggest impact in Britain although this is through the front of The Post Office. Few can dispute the impact that they pose with there being around 11,500 Post Office branches.
– Terms: A loan for home improvement purposes sees huge flexibility through the 1 to 10 year span. A 7 year repayment requires £10k+ sums and so most applicants will see a 5 year limit.

Updates…
– Non.

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