In June 2005 Moneyback Bank was launched as a trading name of Alliance and Leicester Plc, one of the most well known organisations in the UK financial services sector. Moneyback Bank was originally launched as a new and exclusive online personal loans provider. In 2007 the Moneyback Bank was given the prestigious Best Personal Loans Provider Award.

Moneyback Bank Services

Moneyback Bank offers good market rates on personal loans of between £7,500 – £15,000 with repayments spread over a one to five year period. Moneyback Bank also offers personal loan protection (which is optional) and up to £200 money back on all personal loan applications. This is paid on the first anniversary of the loan being taken out and is paid into the account from which direct debits are taken. For those who have taken out personal loan protection and who don’t claim, moneyback is paid for each annual period when no claims have been made and no monthly payments have been missed. While the Moneyback Bank is fairly new to the loans market it is receiving a consistently favourable response in the market.

Moneyback Bank Loans

Moneyback bank loans are quite straightforward and offer up to £1,200 money back if all the requirements regarding personal protection and missed payments are adhered to. Repayment plans can be over one to five years which makes this a flexible way of borrowing money. Moneyback Bank loans are not secured on your home. The APR rate may vary depending on the applicant’s past credit history. This could mean that in some cases the interest rates may be higher than stated on the Moneyback Bank website. Along with its own rates and conditions the Moneyback Bank also offers a price comparison page for applicants to search for loans that might be more appropriate to their needs.

For those who choose to take out Moneyback’s personal loan protection, there is an annual money back payment based on the size of the loan and whether there have been any claims made against the loan protection. Moneyback Bank’s loan protection scheme is designed to give the borrower greater peace of mind when there may be circumstances where the applicant is unable to meet their monthly payments. If you have taken out a loan to purchase a vehicle then the loan protection plan also contains asset protection so that if your vehicle is written off as the result of an accident you will not be out of pocket. Full cover on the loan may also be offered to applicants who might be self-employed – something which is not available on other similar loan offers.

A range of additional benefits are open to existing customers who have had a Moneyback Bank loan. Apart from being able to top up their loan without having to pay extra on their monthly payments may be able to borrow up to £20,000 on a new loan and switch to a different loan arrangement if you want your repayments to be more flexible.