Personal loans for existing RBS customers
- Borrow from £1,000.00 to £50,000.00
- Instant decision in most cases
- Fixed rate and fixed monthly payments over the whole term
RBS Personal Loans
The Royal Bank of Scotland, commonly referred to as RBS, offers unsecured, fixed-rate personal loans to its existing customers. Loan amounts between £1,000 and £50,000 starting from 7.1%.
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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.
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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.
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.
Quick overview of Royal Bank of Scotland personal loans
| Representative APR | 7.1% |
|---|---|
| Loan terms | From 1 year to 8 years |
| Loan amounts | From £1,000 to £50,000 |
| Age eligibility | 18 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
Key features of RBS personal loans
RBS personal loans are only available to RBS current account holders. The loans are “unsecured”, meaning they’re based on creditworthiness, rather than the use of property or other assets as collateral.
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £50,000.00 |
| Loan terms | 1 Year to 8 Years |
| Loan rate type | Fixed |
| Product 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 |
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 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.
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 considers. 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, 531 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 information 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 1.3 out of 5, based on more than 700 reviews (updated June 2023).
Customer support
For queries about personal loans you can call RBS on 0345 724 24 24. Alternatively, you can use the in-app chatbox ‘Cora’ to contact customer support.
Frequently asked questions
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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.
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