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.
We currently don't have that product, but here are others to consider:
How we picked theseTo make comparing even easier we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyPlease 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.
How do RBS loans compare against the competition?
See today's rates from across the personal loan market.
The Royal Bank of Scotland Existing Customer Personal Loan charges 6.6% APR representative on loans between £7,500 and £14,950. RBS offers the unsecured personal loan with repayment terms between 1 year and 8 years, and applicants can apply to borrow from £1,000 to £50,000.
The Royal Bank of Scotland Existing Customer Home Improvements Personal Loan charges 6.6% APR representative on loans between £7,500 and £14,950. RBS offers the unsecured personal loan with repayment terms between 1 year and 10 years, and applicants can apply to borrow from £1,000 to £50,000.
Loan amounts | From £1,000 to £50,000 |
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Loan terms | From 1 year to 10 years |
Age eligibility | 18 years and over |
Application fee | No application fee |
Repayment holiday | Repayment holiday not permitted |
Loan type | Unsecured Personal Loan |
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Loan amounts | £1,000 to £50,000 |
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 |
Loan amounts | £1,000 to £50,000 |
---|---|
Loan terms | 1 year to 10 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 | |
Repayment methods | Direct debit |
RBS, which along with NatWest, Coutts and Ulster Bank makes up the NatWest Group (formerly The Royal Bank of Scotland Group), 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.
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”.
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan. Because RBS doesn't charge an arrangement fee, its APR comprises just the interest rate – and so they're one and the same.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what RBS gives to at least 51% of those who take out the loan. At the top end of the market – where RBS fights it out among the high-street banks and supermarkets – chances are that 49% of customers are receiving a higher APR. With RBS, you'll need a good credit score to get approved and a great credit score to bag that representative APR. RBS must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
RBS advertises a representative APR of 6.6% on loans between £7,500 and £14,950 on the Royal Bank of Scotland Existing Customer Personal Loan and 6.6% on loans between £7,500 and £14,950 on the Royal Bank of Scotland Existing Customer Home Improvements 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:
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 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.
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.
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 1.4 out of 5, based on more than 170 reviews (updated May 2024).
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.
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