In need of extra funding or financial assistance? If you are, applying for a Bank of Scotland Personal Loan might be a great option. Whether you’re paying for medical bills or making huge life changes such as getting married, a personal loan allows you to get the financial aid and freedom you deserve.
An unsecured personal loan from the Bank of Scotland provides a wide range of benefits designed to help individuals from all walks of life. Besides a hassle-free application, this type of financial product also provides borrowers with faster and more convenient access to funds.
Interested to know more about this product? We have come up with a list of everything you need to know about the Bank of Scotland Personal Loan and how you can apply. Take a look at these.
Bank of Scotland Personal Loan – Features and Benefits
One of the main features of this product is directly providing interested borrowers how much they can borrow and the amount they’re most likely to be approved for. This information will be given out by the bank without affecting the applicant’s credit score. Applicants will also be given an instant decision.
In addition, borrowers have the option to top up their loan.
Another highlight of this product is its excellent borrowing terms and flexible repayment plan. Under this initiative, borrowers can choose their preferred repayment plan anywhere from 1 to 7 years. Meanwhile, fixed repayments are made easier with monthly direct debit facilities.
Moreover, individuals may also opt for early settlement at any given time during the repayment period. However, as per the borrowing terms of the bank, borrowers will be charged up to 58 days’ interest.
Applying for a Bank of Scotland Personal Loan
Applicants for a personal loan from Bank of Scotland must have an existing bank account, excluding Easycash, at the said financial institution for at least a month. Interested parties must also be over the age of 18 as well as resident of the United Kingdom holding a permanent UK address.
Likewise, applicants should also bear good credit and have regular income or employment. Individuals who are studying full time will not be entertained.
To apply online, you are required to do so via Bank of Scotland website. If you are not yet registered, start by doing this. You can check the amount you’re qualified for and manage your loan via your account. You will be given a personal rate based on the amount and repayment terms chosen.
Alternatively, you may also apply via a branch near you or apply by phone by calling the bank at 0345 604 7291. Applicants who are approved for a loan may borrow anywhere from £1,000 to £35,000.
Fees and Charges
- APR – representative APR of 3.9% for loans between £7,500 to £25,000 with repayment terms from 1 to 5 years; dependent on the loan amount, term period, and personal circumstances. Maximum APR is 29.9%
- Default Missed Payment Fee – £25
- Arrangement Fee – None
Contact Information
For more information, contact the bank at 0345 604 7291 or pay them a visit at their head office located at The Mound, Edinburgh, EH1 1YZ.
The Bottom Line
There are a lot of loan options out there, so you need to do your research before deciding to dive in. Overall, the Bank of Scotland Personal Loan is best for individuals who want fast funds at flexible term options.
Note: There are risks involved when applying for and using a loan. Consult the bank’s Terms and Conditions page for more information.