Use our Bank of Scotland loan calculator to evaluate how much you'd pay back on a fixed-rate, unsecured Bank of Scotland personal loan as an existing customer (which you'll need to be, in order to apply). Loan amounts between £1,000 and £50,000 with rates starting from 6.4%.
Table: sorted by representative APR, promoted deals first
1 of 1 result
Compare other products
We currently don't have that product, but here are others to consider:
How we picked these
Finder Score for unsecured loans
To make it even easier to compare and evaluate unsecured loans we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Our calculator lets you pick how much you want to borrow over a time frame that suits you, so you can estimate how much you would pay back each month and pay back overall. We base our calculations on Bank of Scotland’s representative APR, but it’s important to note that your circumstances can affect the rate you’re offered.
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
How do Bank of Scotland loans compare against the competition?
See today's rates from across the personal loan market.
The Bank of Scotland Personal Loan charges 6.4%APR representative on loans between £7,500 and £25,000. Bank of Scotland offers the unsecured personal loan with repayment terms between 1year and 7years, and applicants can apply to borrow from £1,000 to £50,000.
Key features of a Bank of Scotland loan
Loan type
Unsecured Personal Loan
Loan amounts
£1,000 to £50,000
Loan terms
1 year to 7 years
Loan rate type
fixed
Fee
0%
Same-day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methods
Direct debit
APR and Representative APR explained
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan. Because Bank of Scotland doesn't charge an arrangement fee, its APR comprises just the interest rate – and so they're one and the same.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what Bank of Scotland gives to at least 51% of those who take out the loan. The other 49% could pay more. Bank of Scotland must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
Bank of Scotland advertises a representative APR of 6.4% on loans between £7,500 and £25,000 on the Bank of Scotland Personal Loan.
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:
You’re an existing Bank of Scotland customer
You’re over 18 years old
You’re in paid employment or have a regular income
You’re not in full time education
You have a bank/building society account
You’re a UK resident with a permanent UK address (excluding the Channel Islands and the Isle of Man)
You haven’t been declined for credit in the last month
You have no history of bad credit – such as arrears, county court judgements (CCJs), default or bankruptcy
You must also ensure that you can meet the repayments, as missed payments incur a charge of £25 and could have consequences on your ability to obtain credit in the future. It also retains the right to remove money owing from any Bank of Scotland account that you hold, including joint accounts.
How do I get a loan from the Bank of Scotland?
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.
Customer support
For any queries regarding personal loans, you can call Bank of Scotland on 0345 604 7291. Lines are open Mon – Fri from 8am to 8pm, and Sat – Sun from 9am to 6pm. Alternatively, you can message customer support through the Bank of Scotland app.
Who owns the Bank of Scotland?
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!
Is the Bank of Scotland a good bank?
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.
Bank of Scotland customer reviews
In terms of customer reviews, the Bank of Scotland currently has a “bad” rating of 1.7 out of 5, based on over 6800 reviews, according to TrustPilot (updated May 2024). Many customers cited poor customer service and issues with their online services.
Frequently asked questions
Bank of Scotland is happy to consider extra financing for existing loan customers, and it gives you the option to add to your current loan or take out a second one.
Yes, but you need to have held a Bank of Scotland bank account for at least 1 month before you can apply.
You can use a personal loan for almost any purpose, such as home improvements, buying a car or to consolidate your existing borrowings.
Provided you use online banking, you can view your current loan balance online, however please be aware that this may not be your final settlement figure. Alternatively you can call Bank of Scotland on 0345 604 7291.
If you’re an existing Bank of Scotland customer, then you’ll be able to top up your loan. To do this, you can either take out a second loan to be repaid separately to the first, or you can close your current loan and open a larger one.
Bank of Scotland will not not charge a fee for arranging your loan.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
See full bio
Chris's expertise
Chris
has written
528
Finder guides across topics including:
With ever-rising public transport costs, it’s more important than ever to find the cheapest way to fund your commute. Here’s how to weigh up the options and find what works for you.
Want to be able to game whenever you go, but not sure you can afford to splash the cash on a gaming laptop? From in-store finance to personal loans, check out our guide to finding the right loan for you.
RateSetter might be the biggest name in peer-to-peer lending right now, but it isn’t alone in this growing sector. Compare similar platforms offering competitive rates to borrowers and investors alike.
Whether you’re planning on some home improvements, replacing your car or simply getting your finances in order, Sainsbury’s offers fixed rate personal loans of up to £25,000 to Nectar card holders. Fast, easy comparison with a range of lenders.
Compare Post Office fixed-rate personal loans against products from a range of UK lenders. Apply online and secure a competitive rate.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
