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.
Key features of RBS personal loans
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.
Unsecured Personal Loan
£1,000.00 to £50,000.00
2 Years to 8 Years
Loan rate type
Same day funding available
Instant decisions in most cases
Soft-search facility available
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
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:
Deposit for property purchase
Purchase of land
Any business purpose
Any payment in arrears
Any tax avoidance arrangements
Court or solicitors fees
Household bills, rent or a mortgage payment
Purchase of shares or other investment funds
What credit score do I need to get a RBS loan?
RBS typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that RBS will consider, however if you don't have a high credit score, you're very unlikely to get approved for a RBS loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher, if you're referring to Experian's scale, 420 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Do RBS loans give an instant decision?
Yes, RBS offers instant decisions online in most cases (occasionally more info may be required). First, you can use the soft search eligibility checker to find out your chances of getting approved (this won't affect your credit score). Then, if you opt to go ahead and apply, you'll get an instant answer. RBS can also offer same-day funding of your loan.
Can I get a second RBS loan?
Yes, RBS allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, RBS also allows you to effectively "top up" your loan, by closing your current loan and starting a new, larger loan.
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.
RBS customer reviews
Royal Bank of Scotland has received generally poor reviews from customers, according to review platform Trustpilot. It currently has a rating of 1.7 out of 5, based on more than 30 reviews (updated 9 April 2021).
Frequently asked questions
You can borrow for almost any purpose, with a handful of exceptions.
When completing the application form online, you’ll be asked the purpose of the loan. If you’re planning to use the loan for more than one purpose, select the one that will take up more than 50% of you loan. For example, if you’re borrowing £11,000 split between a car for £6,000 and home improvements for £5,000, you should select ‘Car’ as the purpose of your loan. If no single purpose accounts for 50% or more of the loan, select the purpose that describes the main reason for the borrowing.
A soft search allows you to receive as many loan quotes as you like without leaving a footprint on your credit file. This stops you from applying for the wrong products and harming your credit score, which would make it harder to be accepted for credit in the future. You can then choose which individual quote is right for you and you can proceed with that application.
Get personalised loan quotes
Save time by checking if you'll be approved by multiple lenders, and see personalised rates.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Find out where you’ll earn cashback and how much you could pocket with this rewards card rom RBS.
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