Representative example: Borrow £10,000.00 over 3 years at a rate of 5.0% p.a. (fixed). Representative APR 5.0% and total payable £10,771.56 in monthly repayments of £299.21.
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.
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.
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”.
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.
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:
Credit card and mortgage customers must apply online or by phone.
RBS states that these loans should not be used for:
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, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
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.
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.
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.
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 270 reviews (updated July 2022).
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