Bank of Scotland personal loans
Existing customers of Bank of Scotland can apply to borrow as much as £50,000 at a competitive rate. And with smaller loans available too, you could finance anything from a holiday to a wedding, or even Glas-go and get yourself that new car you’ve been eyeing up.
A lender with over 400 years of banking experience, Bank of Scotland is a trusted name on the UK high street. Since being taken over by Lloyds in 2009, the bank has been paired with Halifax as “HBOS” and has been expanding its range of banking services. Not to be confused with the Royal Bank of Scotland (RBS), Bank of Scotland still have the power to issue Scottish banknotes and are responsible for those cool Scottish notes that are definitely legal tender!
Bank of Scotland’s mantra, to make payments easier, means that getting those home renovations done or consolidating previous debt needn’t mean having the extra burden of managing a complicated loan. The only catch? You need to be an existing customer to apply.
Key features of Bank of Scotland personal loans at a glance
Interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
What is APR?If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Lenders are only obliged to award their advertised APR to 51% of people who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
How do Bank of Scotland personal loans compare against the competition?
Before you take out a personal loan, it’s smart to read up and shop around. If you’ve been on the Bank of Scotland site to get a quote on your loan, find out how much you’d be likely to pay for the same loan from some popular lenders:
Am I eligible for a Bank of Scotland personal loan?
You should only apply for a Bank of Scotland personal loan if you meet the following criteria:
How can I apply?
For its personal loans, Bank of Scotland exclusively take applications online through their website. You have to be an existing online banking customer, so you may also need to set up your bank account with an online log in.
Frequently asked questions