Important information about our loans

Key information for our Bank of Scotland unsecured loans

Information about our unsecured loans

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

A Bank of Scotland Personal Loan is 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. There is no early settlement adjustment made on our Flexible Loan. An early settlement adjustment may be made on our other loan products including the Personal Loan. Please note that the Flexible Loan is no longer available to apply for.

Written quotations are available on request. All lending is subject to appraisal by the Bank of the applicant's financial status.

To apply for a loan, you must:

  • Be an existing Bank of Scotland customer
  • Be over 18 years old
  • Be in paid employment or have a regular income
  • Not be in full time education
  • Have a bank/building society account
  • 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

Certain purposes of loan may be excluded; please visit Loans FAQs.

The rate you are offered will depend on credit assessment procedures, your personal circumstances and other related factors.

We charge interest for the complete duration of the loan including the period between the start of your loan and your first monthly repayment.

If you are in breach of your Bank of Scotland loan agreement we may take any money you owe us from any other Bank of Scotland accounts which have a credit balance, including a joint account providing the conditions allow and there are sufficient funds.

Products and offers are subject to conditions and can be withdrawn without notice.

Loans are provided by Bank of Scotland plc. 
Registered Office: The Mound, Edinburgh EH1 1YZ.