Loans
Personal Loan
Log in to Internet Banking to see how much you could borrow and if you’re likely to be approved. This won’t affect your credit score. Personal Loan rate of 3.9% APR representative on loans from £7,500 to £25,000 over 1 to 5 years.
Features and benefits of our Personal Loan:
- Apply for and manage your loan online
- Instant decision when you apply online
- In the majority of cases we’ll tell you how much you could borrow and if you’re likely to be approved when you get your quote. This wont impact your credit score
- Flexibility to make additional payments and apply for a repayment holiday*
* Repayment holidays are available if you meet certain conditions. Interest will be charged if you take a repayment holiday, so you will pay more interest overall and your original term will be extended.
Your personal rate will depend on the loan amount, term you request and your personal circumstances.
To apply for a loan, you must:
- Be an existing Bank of Scotland customer with a Bank of Scotland bank account (excluding Easycash) held for at least 1 month
- Be over 18 years old
- Be in paid employment or have a regular income
- Not be in full time education
- Be a UK resident with a permanent UK address (excluding the Channel Islands and the Isle of Man)
- Not have been declined for credit in the last month
- Not have a history of bad credit such as arrears, county court judgements (CCJs), default or bankruptcy.
In order to get your personal rate, please log in to Internet Banking.
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Key information for our Bank of Scotland Unsecured Personal Loan
Key information for our Bank of Scotland Unsecured Personal Loan
Interest charging information
The interest rate is fixed and guaranteed for the life of the loan. Interest is charged and added to your loan account each month. We charge interest for the complete duration of the loan including the period between the start of your loan and your first repayment.
Repayment information
Payment is by direct debit. The payments are monthly until the loan is repaid.
Repayment period
You can choose to repay your loan over 1 to 7 years.
Amount of loan available
Loans are available to existing customers from £1,000 to £50,000.
Arrangement fee
There is no arrangement fee.
Default fees
If you miss a monthly repayment, your loan will be transferred to our Collections department and we will charge you £25. If you continue to break the agreement you may be subject to further charges.
Early settlement
You can repay your loan in full or in part at any time during the repayment period. If you make an early settlement on the Personal Loan, we will charge up to 58 days' interest.
Written quotations are available on request. All lending is subject to appraisal by the Bank of the applicant's financial status.
We charge interest for the complete duration of the loan including the period between the start of your loan and your first monthly repayment.
Products and offers are subject to conditions and can be withdrawn without notice.
Personal Loan calculator
Our Personal Loan calculator will help you gain a better understanding of how much you could borrow and how much your repayments might be. Whilst this calculator will give an indication of monthly payments and APR, you can find out your personalised rate by logging in to Internet Banking.
The rate you're offered may differ from the illustrative APR shown – and will be based on your personal circumstances, the loan amount and the repayment term.
Representative Example:
You could borrow £10,000 over 48 months with 48 monthly repayments of £225.04. The total amount repayable will be £10,801.92. Representative 3.9% APR, Annual interest rate (fixed) 3.83%.
This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years. Other terms and loan amounts are available at different rates. The maximum APR you could be offered is 29.9% APR.
The representative APR is the rate that at least 51% of people are expected to receive when taking out a loan within the stated amount and term range.