Yorkshire Bank Loans Review | www.ybonline.co.uk
Address: 1st Floor, Guildhall, 57 Queen Street, Glasgow, G1 3ER.
Branding: Yorkshire Bank Loans. AKA: YBOnline Loans.
FCA Licence: 006347.
From: Clydesdale Bank Plc (part of National Australia Bank Group).
Related: Clydesdale Bank.
Available: Monday to Friday (8am/8pm), Saturday (9am/5pm), Sunday (10am/4pm).
Bad Credit Considered: Fair-to-good score required.
Manage: No Yorkshire Bank login at www.ybonline.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: YB operates on Clydesdale’s licence and shares matched loan specs. The APR comes in at 24.5% (1k) and 3.4% (10k). Anyone can apply for a loan, but if you are new then you will need to be at least 23 years old and have a minimum income of £15,000. This barrier is not placed on existing banking customers. Current account holders receive quick funding, but otherwise documents must be posted to them, but you can print these off that helps to speed up the process. The noted wait is 4 working days. Whilst there is a YBOnline login, this internet banking facility covers current accounts with changes to the loan needing to be arranged over the phone. Most applicants will qualify for between 12 and 60 months. Up to 84 months would only be granted when applying in-branch or by phone and the sum must also be greater than £7500.
– Amounts: As with many banks studied on the site, we see the same potential £25k sum limit here.
– Branches: The number of known branches has stood just above 180. This network is spread across England (especially in their local region) and Wales. Their sister-brand has had in the region of 140 branches up in Scotland. Whilst this network tally stands at 320, a recent report headed the figure being closer to 290 now. The reason being that 30 or so outlets were closed down in the past year. Another 20 are due to be axed. Current estimate is 165.
– Experience: Colonel Edward Akroyd was the creator back in May 1859. The name at the time was the West Riding Penny Savings Bank. NAB went ahead with the acquisition in 1990 for the sum of £900 million. Clydesdale dates back further to 1838 and they were acquired a few years earlier in 1987 (this time for £420 million). The owner was established in 1893 and so there is certainly plenty of heritage and valued experience across all parties.
– Operations: Across both brands you can get hold of their support on any day of the week.
– Ownership: This Australian financial organisation has faced the challenge of controlling 2 prominent British banks each with proud heritages. To keep things simple, you always get the same rates, terms etc across each. NAB is a strong performer in their home country where 74% of their revenue is generated. They also operate closeby in New Zealand and outside in Asia and USA. On the global stage they rank around the 20th position for market cap. Unfortunately, the news came in late 2014 that a planned exit of the UK was on the cards. Their UK divisions have been causing big losses for the Group through compensation payouts and fines. Business has been improving recently, but there is certainly confusion on how the future will play out.
– Pricing: When you access larger loan sums you can benefit from a competitive interest rate of 3.4%. This is available across either brand, although the spread of branches across England makes this choice in focus the most popular of the pair. One of the issues for first time applicants is the minimum age requirement of 23 and the £15,000 minimum income. You may wish to try switching first.
– Profile: The web popularity of CBOnline and YBOnline is very high. Whilst many branches are closing, there have been investments in these web properties, alongside advertising and switch incentives. The combined CB/YB user base is 2.7 million (the split is unknown). The customer and network size isn’t significant in comparison to the Big 4, but there has been notable progress in recent years.
– Terms: It is possible to spread the cost over 7 years, but as was discussed in the notes section most applicants are stopped at 5 years.
– APR has been lowered on the larger amount. 3.8% became 3.5%. In 2016 this became 3.4%.