RBS Personal Loans

The Royal Bank of Scotland, commonly referred to as RBS, offers unsecured, fixed-rate personal loans to its existing customers.

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Royal Bank of Scotland

RBS, which along with NatWest, Coutts and Ulster Bank makes up the The Royal Bank of Scotland Group plc, was founded way back in 1727. It’s credited with inventing the overdraft in 1728, which to this date is considered an innovation in modern banking. It has since developed to offer a range of services for its customers including personal loans.

Post Office Money® Personal Loan

Fast, flexible loans from Post Office Money

  • Borrow from £1,000 to £25,000
  • Instant decision in most cases
  • Fixed rate and fixed monthly payments over the whole term
  • Applications from self-employed considered

Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.

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How do RBS loans hold up against the competition?

Table: sorted by representative APR, promoted deals first

If you’ve been to the RBS site and had a quote on a loan, it’s a smart idea to shop around before you sign on the line. Use the table below to compare costs for the loan that you have in mind.

Name Product Total Payable Monthly Repayment Representative APR
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.5% p.a. (fixed). Representative APR 5.5% and total payable £10,848.60 in monthly repayments of £301.35.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.

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Important information:
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

warning icon Warning: late repayments can cause you serious money problems. See our debt help guides.

Key features of RBS personal loans at a glance

RBS personal loans are only available to RBS current account holders. The loans are “unsecured”, meaning they’re be based on creditworthiness, rather than the use of property or other assets as collateral.

  • Loan amounts from £1,000-£50,000.
  • Loan terms from 2-8 years.
    Or 1-5 years for loan amounts less than £7,500. Longer terms are available if the loan is for home improvements (you may be asked to provide evidence that the loan is for a home improvement).
  • Quick quote with no impact on your credit rating.
    Find out how much you may be able to borrow, and your personalised rate, with a “soft search”.
  • Fixed monthly repayments.
    The interest rate is fixed, meaning you’ll pay the same amount each month and you know how much the loan is going to cost you overall.
  • Online decision in minutes.
    If you have online banking with RBS, it can pre-fill your application, saving you time.
  • Funds the next working day.
    When you use online banking and apply before close of business, Monday – Thursday.

All 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.

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.

Am I eligible for an RBS personal loan?

When applying for a personal loan with RBS, factors such as your credit history, income and the amount you apply for will be considered. You shouldn’t apply unless you’re certain you can meet the repayment terms. You’ll then also need to meet the following criteria:

  • You must have either an RBS current account (held for 3+ months), credit card or mortgage (held for 6+ months).
  • You must be aged 18 or older.
  • You must be a UK resident.
  • You must must not have been declared bankrupt in the last 6 years.
  • Your loan request must be for an acceptable purpose.

Credit card and mortgage customers must apply online or by phone.

Is there anything I can’t use the loan for?

RBS states that these loans should not be used for:

  • Property purchase
  • Deposit for property purchase
  • Purchase of land
  • Any business purpose
  • Any payment in arrears
  • Any tax avoidance arrangements
  • Court or solicitors fees
  • Gambling
  • Household bills, rent or a mortgage payment
  • Purchase of shares or other investment funds
  • Car tax.

How do I apply?

If you’ve decided that an RBS personal loan is right for you, then you can apply online by logging in to your existing RBS banking account and following the personal loans application process. RBS will even pre-fill fields on your behalf where possible.

Frequently asked questions

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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