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Ikano Bank: Personal Loan reviews

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1.97
Based on 36 reviews, last reviewed 11th Jul 2023
No new 5 star reviews
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Latest highest rating:

5

Again and again I've used Ikano bank for several personal loans and always found them to be spot on. Rates are low and Repayments are flexible. I've always paid my ... Read more Reviewed on: 11th July 2023
J H's avatar
J H

Latest lowest rating:

1

The worst bank to deal with Ikano bank just do not care about they client they just focus on make money out of them. I have been trying to get in touch for about 4 weeks and ... Read more Reviewed on: 10th May 2022
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Lima
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About this product

Ikano Bank personal loan reviews on Smart Money People are honest reviews. If you're trying to determine whether this is the right personal loan for you, reading our Ikano Bank personal loan reviews can help you to find out what other people have to say. Smart Money People launched in October 2014 to help people like you to find the best personal loans. If you have used a Ikano Bank personal loan, we'd love you to write a quick review too.

Ikano Bank Personal Loan reviews (36)

Review of the Ikano Bank, Personal Loan:

Horrific

1
I want to advise everyone to stay away from this company as I do not think anyone should have to go through the stress and upset I am currently experiencing with them now! I took out a 4 year loan with in 2014, I paid the agreed amount every month without fail. My contract was finished in 2018 and my final payment was made. I then moved the later received a letter from a debt collection company (Lowell) stating I was still owing £124! This was incorrect! I gathered all my bank statements and I had actually over paid! After years being messed around trying to contact someone who would help me clear my name I eventually spoke to someone in 2020 (please note the time scale here!) Who confirmed the debt had been reported wrongly and it would be corrected and I would receive confirmation of this in writing and a manager would phone me directly. Obviously this NEVER materialised, I phoned again in Febuary and was advised once again confirmed this was the case even though my credit score was still showing the same problem. I was told it would be updated and corrected at the end of Feb, once again surprise surprise this never happened. I called on the 18th of March and was told by Esme this should have been sorted and she would chase it up - telling me AGAIN I was not a fault! I phoned today as I had still not received the call from a manager or a written confirmation only to be told by Zigara my file would not be updated and the debt was correct WHICH IT IS NOT! WHAT AM I MEANT TO DO NOW! I have all the evidence to prove I am the victim here although Ikano seems to have no intention of admitting and correcting this! I only write this here today as a last resort as this problem is now affecting my life as I cannot get a mortgage because of Ikanos incompetence! Ikano get this sorted!!! I am waiting on a severe apology, and believe I should be refunded the money I have had to pay out checking to see if you had actually done your job which you did not!!! Ansolute sham of a company DO NOT GO NEAR THEM WITH A BARGE POLE! Reviewed on: 23rd March 2021
Nicola Hutchison's avatar
Nicola Hutchison

Crippling charges!

1
Have been put into a difficult and unexpected financial situation due to my partner being diagnosed with Cancer and having to give up his job so occasionally  I cannot meet monthly payment. However, when I try to call company to make the payment I can never get through and then get charged extortionate charges for the missed payment. £25.00 Missed payment fee £12.00 Unpaid fee How can they justify these unrealistic charges??! This only leads to more financial difficulties at a very difficult time. Reviewed on: 11th April 2018
Anon's avatar
Anon

Clueless amateurs . I wouldn't even use them as a last resort.

1
These guys should not be given a license to operate - absolutely clueless. I applied for a loan. I have good credit. Not perfect but still good. Got my Loan documents to esign - which I did. Next day I got two texts from them confirming everything was approved and funds would be in my bank within two hours. Next day nothing in my bank so I phoned them and they told me Id been rejected. I asked them why they told me they were paying money into my account and they told me that that was sent out before they had got approval from the underwriters. Bizarre. But I moved on. 10 days later I got letter in the post confirming that I now had the loan and that the direct debit was now set up and detailing exactly when the payments would start being taken. Strange I thought. I checked with my bank . They confirmed that no funds had been received. I called ikano again and after 20 minutes of customer services checking with another department was told that yet again they had sent out the letter before they had done their "checks". I asked why this happened twice and was told that sometimes they just skip through the net. So that's twice I was told that the loan was approved and was either on my bank or on the way. They even set up a direct debit to collects the payments. And twice they later said that they had done this in error. They seemed to think this was normal and didn't understand why I requested them to send a copy me their formal complaints procedures. Just to be clear - I have no problem with my application being rejected. That is their right of course. But to twice tell me it was fine and then telling me they were errors and that they were now rejecting me is, at the very least, very poor practice. I would advise everyone to not bother with these guys ever. Because you can't trust anything they say. Reviewed on: 16th March 2018
Jed the Humanoid's avatar
Jed the Humanoid

What the hell? - zero communication in a world of endless options

1
I applied for a Loan online. "... On Approval, your Loan Amount will be paid directly into your Bank Account....." I completed their Online Forms providing them with full information and disclosure. The Loan was Approved the following Day. I received 2 online PDF Forms to Date/Sign with a 'consented electronic signature' - both were duly signed and completed straight-away. 3 days later, I received a Letter from Ikano Bank in the Post requesting that I provide Original Documents to verify my Address. Again, I duly complied without delay. 7 days have since passed, and no Loan has been paid into my Bank Account. No phone call from them requesting further information, no email from them updating me on the progress of this Application. A TERRIBLE CUSTOMER EXPERIENCE Reviewed on: 10th January 2018
cham_001's avatar
cham_001

Easy to apply

5
Easy to apply, genuine company, paid the money on time, would recommend to anyone for their fantastic rate. Reviewed on: 29th June 2017
Jade Rawlings's avatar
Jade Rawlings

Communication very poor!

1
Applied for a loan and it was approved on line in minutes. Prompt email sent requiring electronic signature and this was returned immediately. I then received an email saying they would be in touch soon! 24 hours later no communication!! I rang customer services only to be told the standard overnight checks hadn't been done last night as promised with a decision today!!! They would be done tonight. When I asked why? the response abruptly came back that that was the way it was!! I put the phone down very disappointed so rang back with the intention of cancelling this and going elsewhere as my credit rating is 999/999. Luckily the 2nd member of staff was helpful and told me there was a technical issue with the computers and it would go through the system tonight. I was going to cancel but as I have been promised a phone call tomorrow I will reserve my judgement for now. If I have a positive ending I will be publishing another review. Reviewed on: 23rd June 2017
Anonymous's avatar
Anonymous

Communication very poor!

1
Applied for a loan and it was approved on line in minutes. Prompt email sent requiring electronic signature and this was returned immediately. I then received an email saying they would be in touch soon! 24 hours later no communication!! I rang customer services only to be told the standard overnight checks hadn't been done last night as promised with a decision today!!! They would be done tonight. When I asked why? the response abruptly came back that that was the way it was!! I put the phone down very disappointed so rang back with the intention of cancelling this and going elsewhere as my credit rating is 999/999. Luckily the 2nd member of staff was helpful and told me there was a technical issue with the computers and it would go through the system tonight. I was going to cancel but as I have been promised a phone call tomorrow I will reserve my judgement for now. If I have a positive ending I will be publishing another review. Reviewed on: 23rd June 2017
Anonymous's avatar
Anonymous

Great. Quick and a big help!

5
Great for quick money, low rates and let you pay off extra amounts Reviewed on: 30th May 2017
Michael Wardlaw's avatar
Michael Wardlaw

hopeless

1
I wanted to arrange a quick small loan, whilst I was away from home. They sent me a letter asking or bank statements, no email comms to tell me this. When I phoned them the customer services could not tell me what was in the letter. When I returned home they were asking for original bank statements, I bank online and do not have statements. I printed out the issued pdf statements I have and a week later these are returned as non original / certified. I have never had this before from previous loans, bank clearly not set up for either internet comms or proper credit tracking. I have good credit and have now arranged loan with M&S which took approx 10 mins to fill in forms and have had a confirmation email, better rate too now I've had to wait for 3 weeks. Would not use Ikano again and advise others not too unless you want a lot of hassle. Reviewed on: 21st April 2017
matt's avatar
matt

Too much hassle

1
Was borrowing the minimum amount to cover some work being carried out at home. I earn a good income and have a good credit rating and Ikano advertised as being a quick and easy personal loan solution with a fast decision and payment. Application online was relatively simple but all further communication with them was carried out by post which took days. They asked for copies of passports and three months of bank statements signed and stamped by the bank. Four days later another letter arrived claiming the needed further information and asking me to call them. This resulted in two 20 minute phone calls going over the bank statements. Three days after that a letter arrived claiming the loan was accepted... Quick and easy... No Reviewed on: 17th March 2017
William Cinderbum's avatar
William Cinderbum

Loan that say's they will help in dire needs but then tell you no way!!

1
Got a loan quite easily and was in my account the same day - all good I have had the loan for 2 years with no trouble - all good Then i changed my job and had to wait for 2 months to get paid next so called Ikano as they said there is no problem to move the loan repayment to another month and the month you missed will be added to the end of the loan. I called them back 7 days after and they told me this is not the case and was told wrongly by the agent. I then went through Ombudsman service to get this sorted for me as they knew they were in the wrong. This service sorted everything out for me. Now I'm back on my feet I will pay off the loan in full so I can get out from Ikano. They should stick to card and bonds and not loans as people to get in dire straits but they don't care. Better off going to a bank to get a loan as they do help and manage your loan from start to finish. Reviewed on: 22nd February 2017
chris C's avatar
chris C

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