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Published 23 April 2024
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Norwich Trust Loans Review: Bad Credit Loans Pros, Cons & Features

Norwich Trust offers unsecured personal loans, but you’ll only be able to apply if you’re a homeowner. Find out more about the features of a Norwich Trust loan to help you see if it could be an option for you.

Many or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.

Norwich Trust loans: at a glance

Norwich Trust (formerly known as UK Credit) is a sister company of UK Credit, which previously managed the group’s unsecured homeowner loan. In January 2024, UK Credit transferred its unsecured homeowner loan accounts to Norwich Trust. The terms and conditions of the loan remain the same for existing customers. 

Norwich Trust offers unsecured loans but, unlike most of the lenders we’ve reviewed, you can only apply if you’re a homeowner. You could borrow up to £20,000, but the minimum loan available is £3,000 which is higher than many other lenders.

It may take a couple of days to find out if your application for a loan from Norwich Trust is successful, so a different lender may be able to approve and transfer a loan quicker than this.

Nerdy tip: As with any loan, it’s sensible to only borrow what you need and pay it back as quickly as possible, based on what you can comfortably afford to repay each month. Before applying for a bad credit loan, you must consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example. Missing payments will make an already bad credit score worse.

» MORE: Compare best loans for bad credit

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Norwich Trust Personal Loan

3 NerdWallet's ratings

3 to 10 years

£3,000 to £20,000



Representative APR 31.9%. Based on a loan of £12,000 over 66 months at an interest rate of 28.01% p.a. (fixed). Monthly repayments of £358.22. Total amount payable £23,642.52. Maximum APR 34.9%.

  • Must be a homeowner.
  • Must be aged 21 or over and under 71 at the end of the loan.
  • Must have been a UK resident for at least 2 years.
  • Must have a net annual income of at least £15,600.

NerdWallet has partnered with Monevo who will check your eligibility.

Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. 

Important information: Neither the review or star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Loans for bad credit consumers can come with very high interest rates. Always check and compare a lender’s rates against others on the market when considering a bad credit loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.

Norwich Trust loans pros & cons


  • The maximum loan amount of £20,000 is higher than some bad credit lenders we’ve reviewed, but keep in mind that you should only borrow what you need.
  • You can choose to repay your loan over a term of 10 years, which is longer than most bad credit lenders that we’ve reviewed. However, a longer term means that you will pay more in interest overall.


  • You need to be a homeowner to apply, but your property won’t be used as security.
  • It could take two or three days to get a decision on your application.

The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the bad credit loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of bad credit loans that people feel are most important. They are not the only product features and restrictions that you should consider. You should align them to your personal circumstances. Information was correct at the time of publication but may have changed since. Rates have NOT been considered in our review of this product.

Norwich Trust loans overview

Norwich Trust is a lender that may be able to offer loans to people with less-than-perfect credit histories. However, you need to own your own home to apply, so tenants won’t be eligible for a loan from this lender.

Even though you need to be a homeowner, the loans from Norwich Trust are unsecured and don’t use your home as security. Norwich Trust will decide whether to lend to you based on your credit history and overall financial situation, not the value of your property. 

The application process for a Norwich Trust loan could take a couple of days, so it may not be suitable if you need the money more urgently.

Once you have a Norwich Trust loan, you can make overpayments and pay the loan off in full. But there are limits to the amount you can overpay and interest charges may apply if you clear your debt before the end of the term.

Amount borrowable£3,000 to £20,000
Term lengthThree to five years (ten years for larger amounts)
Time to get a decisionOne to three working days
Time to receive funds once approvedSame day
Customer supportPhone, email, post

Before you apply for a loan, it’s worth using a loan eligibility service. This can help you to see how likely you are to get a loan from different lenders, without affecting your credit score. Make sure you check that it only uses soft searches and see how many lenders it compares.

Where Norwich Trust loans stand out

You could borrow up to £20,000

With Norwich Trust, you can apply to borrow up to £20,000. This is more than many other bad credit lenders. But, even if you can borrow a larger sum, you should only ever borrow what you need and you can comfortably afford to repay.

You could repay larger loans over 10 years

The maximum term of a Norwich Trust loan is 10 years, which is significantly longer than terms offered by other bad credit lenders. If you choose a longer repayment term, your monthly payments would be lower than if you had a shorter term. But, because this means you take longer to pay off the loan, you would pay more in interest overall. As a result, it makes sense to choose the shortest term that you can afford.

Where Norwich Trust loans fall short

You need to be a homeowner to apply

To apply for a loan from Norwich Trust, you need to be a homeowner. Most lenders we’ve reviewed don’t have this requirement and their loans are available to homeowners and tenants alike. But, even though Norwich Trust requires you to be a homeowner, its loans are unsecured and don’t use your property as security.

It could take a few days to receive your loan

Norwich Trust could take a few days to decide on your application, in contrast to other lenders we’ve reviewed that may be able to offer an instant or same-day decision. Once approved, you could get your money on the same day, but the overall application process may take longer than with other lenders.

The minimum amount you can borrow is £3,000

The smallest loan you can get from Norwich Trust is £3,000. By contrast, most other lenders we’ve reviewed allow you to borrow as little as £1,000. Because you should only ever borrow the amount you need, Norwich Trust may not be the best option if you want to borrow less than £3,000.

What type of loans does Norwich Trust offer?

Bad credit loans

Norwich Trust’s loans are unsecured, which means you don’t need to put any property forward as security.

However, you do need to own a residential home in England, Wales or Scotland to apply for a loan from Norwich Trust. But this doesn’t mean Norwich Trust can repossess your property if you fall behind on payments, which could happen if you take out a secured loan.

Norwich Trust will also use open banking to review your finances and call you to confirm details about your situation and your ability to repay the loan.

In certain cases, you may need to provide Norwich Trust with documents to prove your identity, address or income.

Norwich Trust considers applications from people without a good credit history but, if approved, you are likely to be charged a higher rate of interest than if you had a better credit score. 

So, even if you are eligible, it may be worth improving your credit score before you apply for a loan.

You should only apply for a loan if you are confident of being approved. Loan applications appear on your credit history and could affect your score, so it isn’t a good idea to make lots of applications in a short space of time.Always consider alternatives to borrowing money, as a loan may not be the best option for you. Depending on your situation, it may be better to get professional debt advice instead.

» MORE: Best bad credit loans

Joint loans

Norwich Trust doesn’t offer joint loans. To apply for a joint loan with another individual, you’ll need to look at other lenders.

Am I eligible for a Norwich Trust loan?

To be considered for a loan from Norwich Trust, you’ll need to:

  • be aged at least 21 years old, and no older than 71 by the end of the loan term
  • be a UK resident who has lived in England, Scotland or Wales for at least two years
  • own a home (outright or with a mortgage) in England, Scotland or Wales
  • have a monthly income of at least £1,300 after tax (or £1,800 if you’re under 30 years old).

Norwich Trust won’t be able to offer you a loan if you are currently, or in the last 12 months have been, in an individual voluntary arrangement (IVA), a debt management plan (DMP) or are subject to a trust deed (Scotland).

If you have been made bankrupt or you’ve been discharged from bankruptcy in the last three years, you also won’t be eligible for a Norwich Trust loan.

Norwich Trust loan features review

Many of the features of a Norwich Trust loan are fairly typical of other loans, although there are limits to the flexibility it can offer.

Making payments

You can repay a loan from Norwich Trust in monthly instalments via direct debit, but you can also make payments using the lender’s online portal, over the phone or even by cheque.


If you can afford it, you’re able to make an overpayment on your Norwich Trust loan to help you clear your debt faster.

However, you can only pay up to three times the amount of your regular monthly repayment without paying any fees. For example, if your regular monthly payment is £100, you can’t make an overpayment of more than £300 in a month without incurring a fee. 

To make an overpayment, you can go to your online account or change your direct debit amount.

Paying off a loan early

You can pay off your loan from Norwich Trust before the end of the agreed term. Paying off your loan early can help you save money on interest, even though Norwich Trust may apply some interest charges.

To clear your debt, you’ll need to get a settlement figure via your online account or by contacting Norwich Trust to see how much you need to pay. This includes around two months’ worth of interest charges. 

You have 28 days from when you request the settlement figure to pay it. If you don’t pay before this date, you will need to request a new settlement figure.

Customer support

You can contact Norwich Trust by phone or email if you have a general query or a question about your loan agreement.

You can’t ask for help from Norwich Trust in person as it doesn’t have any branches you can visit.

Customer ratings

Norwich Trust has a Trustpilot page, however at the time of writing there are very few reviews.

The independent review site Fairer Finance doesn’t provide a rating for Norwich Trust.

This information is correct as of 22 April 2024.

Help if you’re struggling with debt

Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. 

If you are struggling with debt, you can seek advice from a debt advice service, such as:

Norwich Trust loans frequently asked questions

Is Norwich Trust regulated?

Norwich Trust Limited is authorised and regulated by the Financial Conduct Authority (FCA). The lender’s sister company, UK Credit, previously warned that there had been reports of illegitimate businesses contacting individuals and impersonating them. Be wary if someone contacts you claiming to be from Norwich Trust and don’t tell them any personal information.

Are loans from Norwich Trust secured or unsecured?

Norwich Trust only offers unsecured loans. Even though all applicants need to be homeowners, the loan isn’t secured against your property. Read more about the difference between secured and unsecured loans.

WARNING: Be aware that there are unauthorised firms posing as UK Credit that ask for a fee before you can take out a loan. UK Credit says it will never ask for an upfront fee.

Review methodology

At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.

Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.

Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.

While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.

You can view our full review methodology here.

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