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Bank of Scotland is currently one of the lenders listed as part of the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS), and can therefore provide finance to businesses who have been affected by the coronavirus crisis.
Bank of Scotland is a direct lender, not a broker. Bank of Scotland is a member of the Lloyds Banking Group which includes Halifax, Lloyds Bank, Scottish Widows as well as other subsidiaries. The group has a strong nationwide presence; it has the largest network of branches in the UK and serves over 30 million customers.
Whether you’re just starting a business or you run a multinational company, Bank of Scotland could help with a fast and transparent business loan. It’s quick and straightforward to apply.
Bank of Scotland offers several types of business loans, depending on the turnover of your business.
The interest rate you are offered will depend on factors like the amount you want to borrow, the loan term, the performance of your business and its credit rating. This may differ from the advertised “Representative APR”.
All lenders must calculate the APR of their products in the same way, and they must tell you the APR before you sign an agreement, so for consumers, it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the “representative” APR.
You should only apply for a Bank of Scotland business loan if you’re certain you can meet the repayment terms. You must also:
You can get a quote for a business loan on the Bank of Scotland website without affecting your credit rating.
Once you have provisional approval, you can formally apply by calling the customer helpline. Bank of Scotland is likely to ask you for the following information:
Information about your business
Depending on your borrowing request, Bank of Scotland may also ask you to provide:
This straightforward option from Bank of Scotland has a lower bar for approval than the bank’s other cards.
Enjoy lengthy matched 0% introductory periods on both purchases and balance transfers with this versatile card.
Enjoy a lengthy 0% interest period on existing card debt that you transfer to Bank of Scotland.
Clear existing card debt faster with Bank of Scotland’s longest balance transfer deal.
Enjoy a low ongoing but variable rate on both purchases and balance transfers with Bank of Scotland.
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