Your Borrowing Options

If you are looking to borrow money it is important that you make the right choice for your circumstances. The information below will help you compare the options available to you.

We want to make sure you're comfortable with the amount you borrow and that you're confident about paying it back. So it's worth asking yourself a few questions before you decide;

  • What will my repayments be?
  • Can I afford to pay the money back?
  • Are my circumstances likely to change?
  • Will I be able to afford bigger repayments if interest rates go up?
  • What features or benefits will I get?
  • Are there any risks and what happens if I can't pay back what I borrow?


Understanding the options

Deciding to borrow may not just depend on how much you need to repay each month, or how long it will take to clear the debt. Using our online borrowing options tool could help you decide which type of borrowing may be right for you.

your borrowing options

Borrowing Option

How would this option help me?

How much could I borrow?

Repayment term / Payments

Learn more

Borrowing Option

Arranged overdraft

An overdraft is designed for short term borrowing and lets you borrow money through your bank account. It can be a convenient way of accessing extra money when you need it quickly.

How would this option help me?

An arranged overdraft is a simple and flexible way to borrow money through your bank account. This can help you:

  • Make a purchase
  • Budget between pay days
  •  Pay for an unexpected expense

How much could I borrow?

Up to £5,000

Repayment term / Payments

  • No fixed term but is designed for short term borrowing
  • Flexible payments, please remember we may charge you interest at the end of each day you use an arranged overdraft (depending on the amount you are overdrawn)

Learn more

Borrowing Option

Credit Card

These are payment cards, separate from your other accounts,  that could offer different benefits including protection on purchases, interest free periods or no fees when spending aboard.

How would this option help me?

A Credit Card helps you spread the cost, whether that is:

  • Day to day spending
  • One off purchase
  • Transferring a balance from another credit or store card

How much could I borrow?

Between £500 - £12,000

Repayment term / Payments

  • No fixed term. This could be either short or longer term
  • You must pay at least the minimum payment by the due date each month, you can also choose to pay the full or part of the balance at any time, a fixed ;percentage or a fixed amount.

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Borrowing Option

Personal Loan

With a Personal Loan you'd have a fixed monthly payment and term.

How would this option help me?

A Loan allows you to borrow a fixed sum of money to help you:

  • Pay for a large purchase like a car or new kitchen
  • Consolidate your debt into one place

How much could I borrow?

Between £1,000 - £50,000

Repayment term / Payments

  • 1 to 7 years. This term is fixed when you take out your loan
  • Fixed monthly repayment with the option to overpay

Learn more

Borrowing Option

Online Car Finance

This is a type of finance, secured against the vehicle, which allows you to purchase a car from a dealer.

How would this option help me?

Bank of Scotland Car Plan Extra gives you 2 options to choose from:

  • Fixed Car Plan, Hire Purchase (HP), where you make fixed monthly repayments and keep your car at the end of the term.
  • Flex Car Plan, Personal Contract Purchase (PCP), with low fixed monthly repayments and the choice to either own the car by paying a final lump sum, or just return it (return conditions apply)

How much could I borrow?

Between £3,000 - £60,000

Repayment term / Payments

  • HP term 1 to 5 years.
  • PCP term 1 year to 4 years 1 month
  • Fixed monthly payments with the option to repay early with no charges

The term is fixed when you take out the finance.

Learn more

Borrowing Option

Borrow more on your Mortgage

For larger amounts you could look to borrow more on your existing mortgage.

How would this option help me?

Additional Mortgage Lending allows you to borrow money on your existing Bank of Scotland or Halifax mortgage. This can help you:

  • Make home improvements or make a special purchase

How much could I borrow?

From £10,000 (minimum) up to 85% of the value of your property

Repayment term / Payments

  • Can be repaid on the same term, shorter or longer than your existing mortgage

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Learn more

  • Section 75 of The Consumer Credit Act 1974
    Section 75 of The Consumer Credit Act 1974 gives credit card customer’s legal rights if they’ve paid for goods or services using their credit card. It applies when the total price of the goods or services is more than £100 and up to £30,000 and all or part of the purchase price was made using a credit card.

    If you’ve bought something using your credit card, the credit card issuer and the merchant may be equally liable for compensating you if things go wrong. For example if there's a breach of contract or misrepresentation by the merchant against you, you may be able to successfully claim a refund through us.

    Credit scoring
    When you apply to borrow money, many lenders will use a credit score to help them make a decision on whether to lend the money or not. When you apply to borrow from us, your score might be based on what we know about your existing accounts with us, and information from other credit reference agencies. If you’re an existing Bank of Scotland customer, you can get a loan quote or check your credit card eligibility, which won’t affect your credit rating. With a good credit history and payment record you're likely to be given a good credit score. If you've had many credit cards and loans, have missed payments and made lots of lending applications you may get a lower score. A low score may mean you're lent less money, given a higher interest rate or your application is turned down.