Existing Loan Customers

As an existing Bank of Scotland Loan customer, you can apply for more money at any time.

Want to borrow more?

With Bank of Scotland, you can simply replace your current loan agreement with a new one or apply for a second loan.

You’ll need to meet our lending criteria and have a Bank of Scotland Loan in your name only.

We can’t accept an application to borrow more if the existing loan is a loan in joint names. 

How much we lend and the rate available is based on our assessment of your circumstances.

You can borrow from £1,000 to £50,000 and extend your loan term to keep your repayments similar. Or increase your repayments and keep the loan term the same.

Personal loans are available from 1-7 years. Ideal if you’re looking at home improvements, a new car or if you just want to tidy up your finances.

Why not make your plans a reality and apply today.

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Is a personal loan the right option for you?

When borrowing money, you need to make the right choice for you and your circumstances. Other borrowing options may be more suitable.

Other borrowing options

Representative Example

You could borrow £10,000 over 48 months with 48 monthly repayments of £237.16. Total amount repayable will be £11,383.68. Representative 6.7% APR, annual interest rate (fixed) 6.5%.

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.

Options for borrowing more

1 - Replace your existing loan with us

You can combine an existing loan and new borrowing into one manageable loan. 

How combining a loan works:

  • Request a loan amount from £1,000 up to a maximum of £50,000.
  • Select a repayment term between 1 – 7 years.
  • We’ll automatically close your old loan as part of the application process.
  • We’ll move any outstanding balance to the new loan.
  • We’ll set up a Direct Debit for the new monthly payment.

2 - Open a new loan

You can borrow more by taking out a completely new loan.

How it works:

  • Request a new loan amount from £1,000 up to a maximum of £50,000.
  • Select a repayment term from 1 – 7 years.
  • The new loan will run alongside your current loan.
  • Each loan will have its own term and monthly repayment amount.
  • Your personalised quote will depend on the loan amount, term you request and your personal circumstances. 

Things to consider

Your new loan could be charged at a higher interest rate over the new loan term you’ve selected. This means you could pay more interest overall. 

There may be an early settlement charge when you close your existing loan. It won’t be more than 58 days’ interest. We’ll tell you how much will be charged when you apply for the new loan.

Visit your nearest branch or call us on 0345 604 7291 to discuss your borrowing needs. 

Lines are open Mon - Fri 8am - 8pm, Sat - Sun 9am - 6pm.

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Paying it back - what you need to know

Managing your loan - it's easy to keep track of your loan using Internet Banking or the Mobile Banking app. You can also phone us or visit us in branch.

Repayment holidays - you can apply for up to two repayment holidays of 1 month in a rolling 12-month period, if approved. Interest will still be charged for the months that you don’t make any payments, so you'll pay more interest overall and your original term will be extended.

Make further payments with no extra charge.

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Making sure you get a fair deal

We want you to find a product that's right for your circumstances which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

To find out more you can read the statement of responsibilities, which details what's expected of us, the lender and you the borrower.

Support with the cost of living

With the current rising cost of living impacting many of us, keeping on top of your money might be worrying. Our tools and support can help you stay on top of your spending.