Use our RBS loan calculator to evaluate how much you'd pay back on a fixed-rate, unsecured RBS personal loan as an existing customer (which you'll need to be, in order to apply). Loan amounts between £1,000 and £50,000 with rates starting from 6.6%.
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Our calculator lets you pick how much you want to borrow over a time frame that suits you, so you can estimate how much you would pay back each month and pay back overall. We base our calculations on RBS’s representative APR, but it’s important to note that your circumstances can affect the rate you’re offered.
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.
How do RBS loans compare against the competition?
See today's rates from across the personal loan market.
The Royal Bank of Scotland 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 1year and 8years, and applicants can apply to borrow from £1,000 to £50,000.
The Royal Bank of Scotland Home Improvements Loan charges 6.6%APR representative on loans between £7,500 and £14,950. RBS offers the unsecured personal loan with repayment terms between 1year and 10years, and applicants can apply to borrow from £1,000 to £50,000.
Quick overview of Royal Bank of Scotland personal loans
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
Fee
0%
Same-day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Repayment methods
Direct debit
What is RBS?
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”.
APR and Representative APR explained
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 Personal Loan and 6.6% on loans between £7,500 and £14,950 on the Royal Bank of Scotland Home Improvements Loan.
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.
How do I apply for an RBS 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.
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 1.4 out of 5, based on more than 170 reviews (updated May 2024).
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
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 your 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.
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. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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