Are you considering a loan with Ikano Loans? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about Ikano Loans for you in this loan guide.

About – Who are Ikano Loans?

Ikano Bank offers personal loans of up to £15,000 with up to five years to pay. They are an overseas company but their UK base is in Nottingham. They were established in the UK in 2012.

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What are the key features of Ikano’s loan?

Ikano are not currently taking loan applications. We will update these details once Ikano bring their loan back on the market.

Information correct as of 01/04/21 (Ikano)

How do I apply for an Ikano loan?

You can apply for an Ikano loan online via a 10 minute application.

You’ll receive a decision the next day, and receive your money the following working day.

Will I be accepted for an Ikano loan? 

Ikano will assess you based on certain criteria. See if you qualify:

  • Age: 18+
  • Residency: UK resident
  • Income: You must have a minimum annual income of £10,000
  • Credit History: Good credit history required, with no CCJs, defaults or insolvency applications
  • Bank Account: You must have a UK bank account in your name which accepts Direct Debits.

Information correct as of 01/04/21 (Ikano)

Ikano Loans reviews

It’s important to see how other customers have rated their experience with Ikano. Take a look at their up-to-date reviews here.

Trustpilot review

Information correct as of 14/06/21 (Trustpilot)

How to complain about Ikano Loans?

Should you need to make a complaint about Ikano, then you can use the details below to either write to them or call them.

Stacey Clark
Waterfront House
35 Station Street
Nottingham
Nottinghamshire
NG2 3DQ
UNITED KINGDOM
+44 7825862287
[email protected]

If Ikano does not respond to your complaint then you should contact the Financial Ombudsman Service. They might be able to handle your complaint.

Information correct as of 01/04/21 (FCA)

Ikano Loans and the law

The FCA has put new regulations in place for the lending industry.

Law #1: the loan must have been found to be affordable

One of the new regulations around lenders and laws is that they must have assessed affordability before approving the loan. This law has been the most successful with debtors getting refunds. According to the Financial Conduct Authority, who are the regulator for lenders in the UK, lenders are not permitted to allow borrowers to sign an agreement, unless they have carried out a proper in-depth assessment of affordability, and have taken proper time to assess affordability.

In addition, the law also states that the repayments should be “sustainable”. This means that borrowers should be in a position to make repayments on time, while also being able to stick to other commitments (including rent or mortgage, food, energy etc), without being in a position were they need to borrow more money to adhere to the repayment plan.

In summary, the repayments of the loan must have been affordable, while taking into account the other expenses you have, including rent, bills, food and your car.

 Law #2: price caps on interest and charges

There was a price cap introduced by The Financial which was created to try and provide protection to borrowers, so that they didn’t face excessive charges.

These price caps include:

  • 0.8% cost cap per day on the value of the loan you have borrowed, this also includes fees and charges.
  • Default fees cap of £15 – lenders are permitted to charge interest after they have issued a default, but it cannot be more than the daily cost cap.
  • A complete cost cap of 100% – Lenders cannot ask borrowers to repay more than 100% of the loan.

The cost cap limits apply to credit agreements with interest rates equating to 100% or more, and that will be fully or substantially paid back in the year.

Other laws were brought into force in 2017. With these lenders must offer details of their products on a price comparison website. This should be authorised by the FCA. Additionally, the new rules state that borrowers must be given a summary of their total borrowing.

Law #3: Continuous Payment Authority – key information

In most cases, loan companies will try to get you to pay back the debt using a Continuous Payment Authority (CPA). With a CPA, the lending company will have the authority to take money from your bank account.

New regulations relating to the CPA have been put in place, and according to these, the lender can only make two requests for the funds. if the funds are not available to cover the loan payment, they must contact the borrower instead of attempting it a third time.

Rules are also in place regarding the amount the lender is allowed to take via a CPA. They have no right to take partial payments anymore. They must take the full amount, or nothing at all. If you do not have sufficient funds in your bank account, they cannot take anything. However, you could reach an agreement to pay it off with partial payments. You should do this in advance, otherwise they are breaking the legislation.

Company information:

After researching Companies House and their website, we found the following information about Ikano Bank:

Date of incorporation: 9 November 2012
Company status: Active
Company number: FC031187
Company type: Overseas company
Website: https://ikano.co.uk/
Opening Hours: Monday – Friday: 9 A.M – 4 P.M
Phone number: +44 7825862287

Information correct as of 01/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: Yes
FCA status: Authorised
FCA reference number: 409120
Trading names: 
BLUPRINT
BLUPRINT LOAN
BLUPRINT PERSONAL LOAN
IKANO CARD
IKEA HOME CARD
IKEA HOME LOAN
LEEDS & HOLBECK BUILDING SOCIETY
LEEDS & HOLBECK PERSONAL FINANCE
LEEDS & HOLBECK PERSONAL LOAN
ORANGE SHOP
RUBICON
SELFRIDGES & CO
THE ALLDERS ACCOUNT CARD
THE ALLDERS BUDGET CARD
THE AR CARD
THE AUSTIN REED CARD
THE CC CARD
THE CC MINOSA CARD
THE COAST CARD
THE COUNTRY CASUALS CARD
THE EYEWEAR NOW IFC LOAN
THE FRIENDS OF LIBERTY ACCOUNT CARD
THE HABITAT CARD
THE HABITAT IFC
THE HABITAT INTEREST FREE LOAN
THE IKANO BNPL LOAN
THE IKANO IFC LOAN
THE IKANO PERSONAL LOAN
THE IKEA CARD
THE IKEA HOME LOAN
THE IKEA PERSONAL LOAN
THE JAEGER CARD
THE KAREN MILLEN CARD
THE LEEDS BUILDING SOCIETY
THE LEEDS PERSONAL FINANCE
THE LEEDS PERSONAL LOAN
THE LIBERTY ACCOUNT CARD
THE LIBERTY CLUB
THE LIBERTY CLUB CARD
THE MANGO CARD
THE MINOSA CARD
THE MOSAIC GROUP DISCOUNT CARD
THE MOSAIC STAFF CARD
THE NEW LOOK CARD
THE NEW NOW CARD
THE OASIS CARD
THE OASIS STAFF CARD
THE OASIS VIP CARD
THE PRINCIPLES CARD
THE PRINCIPLES PRIVILEGE CARD
THE PRIVILEGE CUSTOMER SCHEME
THE PRIVILEGE SCHEME
THE RUBICON CARD
THE SELFRIDGES CARD
THE WHISTLES CARD
WAREHOUSE
Place of business: 
Waterfront House
35 Station Street
Nottingham
Nottinghamshire
NG2 3DQ
UNITED KINGDOM

Information correct as of 01/04/21 (FCA)

Data protection registration:

Data protection registration means that this company is registered with ICO, the UK’s independent authority set up to uphold information rights in the public interest. The privacy of your data will be protected.

Registration No: Z8703645
Data controller: Ikano Bank AB (PUBL)
Address:
Waterfront House
35 Station Street
Nottingham
NG2 3DQ

Information correct as of 01/04/21 (ICO register)

Where are Ikano located?

You may want to speak with the loan company in person. If you do, it’s important to find a company whose offices are near your own address. Take a look at their office location on a map.

Address:
WaterFront House, Station St, Nottingham NG2 3DQ

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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