1. PAYMENT
We agree to lend and you agree to repay the amount of the Loan and interest on the terms of this Loan Agreement and by the installments and on the dates as shown overleaf. Where the payment date is shown as 31st of each month, if there is no such date in a particular month the payment will be the last day of that month. The amount of the loan will be debited to your Loan Account. We do not accept part or lump sum payments unless it is in accordance with your right to settle the loan early in accordance with the Consumer Credit Act 1974
2. INTEREST
Interest at the rate shown in the Loan Agreement will accrue on the daily outstanding balance of the Loan and be debited to the Loan Account half yearly and immediately before repayment except in the case of Career Development Loans where interest will accrue on the daily outstanding account balance commencing one calendar month before the first instalment is due and will be debited to that account at each of the Bank’s quarter-year ends and immediately before repayment. The loan advances will be debited to your Career Development Loan account as they are paid by us to the Institute providing the tuition to you. If you are late paying the whole or part of an instalment you will pay us interest on the instalment from when it is due, whether before or after any judgment, at the annual percentage rate shown in this Loan Agreement until its actual payment.
3. CHARGES
So far as permitted by law, you agree to repay;
1. All our expenses and legal costs (including collection and tracing expenses) incurred by us or incurred on our behalf in recovery of any overdue payment.
2. Administration in connection with any special request made by you under this Loan Agreement to which you are not legally entitled.
4. JOINT ACCOUNT
If two or more people are named as the Customer, the liability of each shall be joint and several. This means that each of you is fully responsible for all the obligations set out in this Loan Agreement.
5. GENERAL
1. If you wish to take up the Loan you must sign and return this Loan Agreement to us within 21 days of receiving it.
2. We may make changes to this agreement at any time to comply with regulatory requirements.
3. We can relax the terms of this Loan Agreement and we may at any time strictly enforce the terms again. We will not lose any of our rights under the Loan Agreement by doing this. We can also accept later payments or part payments without losing our rights under this Loan Agreement.
4. We will give you 30 days notice by secure message, e-mail or letter before we make changes to this loan agreement.
5. We may assign our rights and benefits under this Loan Agreement at any time, without giving you notice.
6. We will not be liable to you if we are unable to perform our obligations under this agreement due to (whether directly or indirectly) to:
* The failure of any machine, data processing system or transmission link
* Any period of essential maintenance, critical change, repair, alteration to or failure to computer systems
* Any industrial dispute
* Anything outside our reasonable control or that of our agents or sub-contractors
7. We may monitor and/or record telephone calls between you and us for security and/or training purposes.
8. You will write to us at the address set out in the Loan Agreement immediately on any change of name or address. If you do not do this, we may charge the Loan Account with the cost of locating you.
9. This agreement is in English, is governed by English Law and we will communicate with you in English.
Loan Interest Rates
Rates correct as at 07/08/08 but are subject to variation unless otherwise stated.
Personal Loan
With/without Payment Protection
£5,000 - £50,000,000
3.5% APR Typical
