Moneyback Loan

Apply for a Moneyback loan via the internet and you may borrow any amount from £3,000 - £20,000 over a repayment period between 12 months and five years. Your monthly repayments are fixed for the period of the loan. You must be at least 18 years of age to borrow money from Moneyback Bank.

Search for the cheapest loans and apply online.

The loan is designed to appeal to a young, online audience who are happy to transact completely online and adopt a 'self-service' approach to their finances. However, what makes the Moneyback loan different is, as the name suggests, the prospect of getting some of your money back.

Customers who take out the optional loan protection insurance are eligible for a no claims bonus totalling up to £350. The amount of the no claims bonus increases on a sliding scale dependant on the size and term of the loan. Those borrowing £1,000 - £4,999 would receive £10 a year while those borrowing £20,001 - £25,000 would receive £50 a year no claims bonus.

The Moneyback payment will be paid on the anniversary of the loan into the account from which your monthly direct debit repayment is taken. It will be paid each year providing you have not cancelled or claimed on the loan protection and have not missed a monthly payment on your loan.

The Moneyback loan does not offer the option of any repayment holidays and if you repay the loan early, you may face an interest penalty for doing so.

The Moneyback loan is a low rate personal loan from Moneyback Bank, which was launched as a trading name of Alliance & Leicester in June 2005. Moneyback Bank offers internet-only products to customers who know what they want and who are happy to complete all their transactions online without help, advice or phone support.

Alliance & Leicester has been around in one guise or another since 1852. in 1990 it purchased Girobank and thus became the first building society to run a clearing bank. Alliance & Leicester itself became a bank, listing shares on the stock market in April 1997.

Would the Moneyback loan suit you? Are you part of the young, online audience that Alliance & Leicester is seeking to attract? To make sure you that select the right loan for your circumstances you should use a comparison tool like Moneyextra's Personal Loan Search.

 

Last updated May 2008

Nothing in this article constitutes investment advice or a recommendation by Moneyextra to invest in any product, or employ any service, mentioned or advertised.