Conister Bank

You can arrange a personal loan for just about anything you'd like such as new furniture, a car, decorating your bathroom or to pay for a wedding. Conister Bank, which prides itself on being at the heart of the community of the Isle of Man, is a long-established provider. The bank was first opened on the island back 1935 with a focus on loaning money for people to buy cars. It now provides many personal loans, only to residents of the Isle of Man.

Conister Bank offers a personal service, with local branches and no outsourced call centres and they are committed to providing a simple, transparent application process. In fact, the bank places considerable emphasis on supporting the community of people living on the Isle of Man, helping local schools, charities and businesses.

It's easy to fill in an online application form and you will also need to go into the Conister Bank branch in Douglas or talk to an advisor over the phone in order to complete your application. You may be asked as to the reason for the loan, but this is not a major assessment factor. Conister bank will, however, check that you have the ability to pay back the loan and that you are comfortable with all the terms of the loan. For some borrowers, this may prove to be a relatively inexpensive way for you to access much needed funds and is almost certainly cheaper than borrowing money on a credit card.

The following are some of the things you should think about when considering loan from Conister bank:

• You can use the personal loan for just about any purpose, up to £25,000.
• The bank won't ask you to put up collateral for a personal loan, such as your home or car. That means, in the worst-case scenario, your home and other assets are safe.
• The bank will help you to manage your repayments by setting out a clear schedule of repayments, over a fixed period of time.
• You won't need to worry about changes in your repayments because the bank will agree a fixed interest rate.

Here are some key features of Conister Bank personal loans:

• You can spread your loan over 12 to 60 months. The interest you pay may be affected by the amount you borrow and the term of your loan.
• You can arrange any amount between £100 and £25,000, depending on your credit score and the time you'll need to repay.
• Conister bank is a local bank for people living on the Isle of Man. There are no call centres and no computer-controlled phone menus. It's very easy to get in touch with a Conister Bank advisor.
• The bank does not charge an arrangement fee.
• You can expect the money in your account within 24 hours, once your loan is approved.
• You'll pay the same amount each month, helping you to budget. But you can also repay your loan at any time, with no additional fee.

Conister Bank fixes the interest rate for your repayment period, but it depends on a number of factors, including the amount you apply for, your income, the duration of the loan and your credit rating. They may offer you a different rate than the advertised Representative APR.

There are a number of criteria you'll need to meet before applying. The main one is that you have a clear plan for repaying the loan. You must also be at least 18 years old, with Isle of Man residency, a healthy credit rating and a regular income.

You don't have to have a bank account with Conister, but you do need a UK bank account.

Here are some reasons why people on the Isle of Man have taken a personal loan with Conister Bank:

It's usually expensive to borrow money on credit cards and some people owe a large amount on one or several credit cards with high interest rates. They use a personal loan, with much lower interest rates, to pay off their expensive credit card debts.

Payday loans in particular are expensive, so some people on the Isle of Man are using personal loans to pay off loans of this type. Some were saddled with older loans that carried a far higher interest rate.

Many people on the Isle of Man need help with major life events. This may involve help with emergency travel to loved ones abroad, paying for a wedding or funding to cover some other form of milestone event. Interest rates on personal loans from reputable providers are almost always lower than those of a credit card.