RBS Personal Loans

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.

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?

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.

How much do you need to borrow? £

10000

How long do you need to borrow for?

5

years

Sort by:

Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
Lending Works Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.8% p.a. (fixed) with an application fee of £0.00. Representative APR 10.0% and total payable £11,543.40 in monthly repayments of £320.65.	Compare	loading Fetching your data...
Royal Bank of Scotland Existing Customer Personal Loan (specific eligibility criteria apply)					Go to site View details	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.	Compare	loading Fetching your data...
Hitachi Personal Finance Hitachi Personal Loan					Check eligibility View details	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.	Compare	loading Fetching your data...
Zopa Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 5 years at a rate of 8.8% p.a. (fixed) with an application fee of £240.00. Representative APR 9.9% and total payable £12,602.87 in monthly repayments of £210.05.	Compare	loading Fetching your data...
Post Office Money® Personal Loan					Check eligibility View details	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.	Compare	loading Fetching your data...
AA Member Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 3.0% p.a. (fixed). Representative APR 3.0% and total payable £10,462.68 in monthly repayments of £290.63.	Compare	loading Fetching your data...
NatWest Existing Customer Personal Loan (specific eligibility criteria apply)					Go to site View details	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.	Compare	loading Fetching your data...

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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”.

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

• What can I use my personal loan for?

  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.

• What is a 'soft search'?

  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.

• I already have an RBS personal loan, can I take out another?

  Potentially, yes. If you’re thinking of borrowing more, then you have two options: take out a second loan and run the two side by side, or replace your existing loan with a new loan for a larger amount. You should consider carefully which option is right for you, taking into account the interest rate of each, the fees for closing a loan early and the total amount repayable (amongst other factors). There is no difference in the total amount you can borrow between the two options.