EXPERT RATED

Guarantee	Unsecured Loan
Age Eligibility	18 or over
Income eligibility	No
Available to	Existing Customers only
Credit score	Good
Interest Rate	Fixed
Amount	£1,000 to £50,000
Payment Term	1 years to 8 years
Representative APR	21.9% p.a.

Royal Bank of Scotland Personal Loan offers a flexible solution for your financial needs, whether you’re planning a home makeover, consolidating debts, or funding a special event. You can borrow between £1,000 and £50,000 with competitive rates tailored to your circumstances.

Applying is a breeze for RBS current account holders aged 18 and over. The online application takes just minutes, and if approved before 5:45 pm on a weekday, you could have the funds the same day. Plus, with fixed monthly repayments, managing your budget becomes straightforward.

Why Choose Royal Bank of Scotland Personal Loan?

When it comes to financing your dreams, the Royal Bank of Scotland (RBS) Personal Loan stands out as a top choice. Whether you’re eyeing a home renovation, consolidating existing debts, or planning a special event, RBS offers a tailored solution to meet your needs.

RBS provides personal loans ranging from £1,000 to £50,000, ensuring you have the flexibility to borrow exactly what you need. With competitive rates, you can be confident that you’re getting a fair deal. Plus, the fixed monthly repayments make budgeting straightforward, so there are no nasty surprises down the line.

Swift and Simple Application Process

Time is of the essence, and RBS respects that. The online application process is designed to be quick and user-friendly, often taking just minutes to complete. If you’re an existing RBS current account holder and apply before 5:45 pm on a working day, you could receive the funds the very same day. That’s right—no prolonged waiting periods, just prompt access to your money.

Manageable Repayments

Understanding the importance of financial stability, RBS offers fixed monthly repayments, allowing you to plan your finances with confidence. Knowing exactly what you’ll pay each month helps in maintaining control over your budget and ensures there are no unexpected fluctuations.

Recognised Excellence

RBS’s commitment to customer satisfaction hasn’t gone unnoticed. The personal loan offering has been independently rated 5 stars by both Moneyfacts and Defaqto for five consecutive years. This recognition underscores the bank’s dedication to providing top-notch financial products and services.

Eligibility and Application

To be eligible for an RBS Personal Loan, you need to be at least 18 years old, a UK resident, and have held a Royal Bank of Scotland current account for a minimum of three months. The application process is straightforward, and with the convenience of online banking, managing your loan has never been easier.

In summary, the Royal Bank of Scotland Personal Loan combines flexibility, speed, and reliability, making it an excellent choice for those looking to fund their next big project or consolidate existing debts. With a trusted institution like RBS by your side, you can embark on your financial journey with confidence.

Key Features You Need to Know About Royal Bank of Scotland Personal Loan

The Royal Bank of Scotland (RBS) Personal Loan offers a straightforward way to finance your goals, whether it’s a new car, home improvements, or consolidating existing debts. You can borrow between £1,000 and £50,000, with repayment terms ranging from 1 to 8 years, or up to 10 years for home improvements. This flexibility allows you to tailor the loan to your specific needs.

Applying is a breeze, especially for existing RBS current account holders aged 18 or over. The online application process is designed to be quick and user-friendly, often taking just minutes to complete. If you’re approved before 5:45 pm on a working day, you could receive the funds the very same day. This means you can swiftly move forward with your plans without unnecessary delays.

Managing your loan is equally convenient. With fixed monthly repayments, you can budget effectively, knowing exactly what you’ll owe each month. Plus, there’s the option to make overpayments or even repay the loan early if your circumstances change—though it’s worth noting that early repayment charges may apply.

Transparency is at the heart of RBS’s lending approach. There are no hidden fees, and the bank provides a personalised quote with no impact on your credit score, so you can explore your options with confidence. Additionally, RBS has been independently rated 5 stars for its ‘Unsecured Personal Loan’ by Moneyfacts and Defaqto for five consecutive years, underscoring its commitment to customer satisfaction.

In summary, the RBS Personal Loan combines flexibility, speed, and reliability, making it a compelling choice for those looking to finance their next big project or consolidate existing debts. With a trusted institution like RBS, you can embark on your financial journey with confidence.

Is This Personal Loan What You Need? Weigh Up the Pros and Cons

When considering the Royal Bank of Scotland (RBS) Personal Loan, it’s essential to evaluate both its benefits and potential drawbacks to determine if it’s the right fit for your financial needs.

Pros:

• Competitive Rates: RBS offers attractive interest rates, particularly for those with a strong credit history.
• Flexible Borrowing Amounts: You can apply for loans ranging from £1,000 to £50,000, catering to various financial requirements.
• Same-Day Funding: For existing customers who apply online and are approved before 5:45 pm on a working day, funds are typically disbursed the same day, allowing for prompt access to money.
• Joint Applications: RBS accommodates joint loan applications, making it suitable for partners aiming to share financial responsibilities.

Cons:

• Existing Customers Only: The personal loan is exclusively available to those who have held an RBS current account for at least three months, potentially limiting access for new customers.
• Potentially High APR: Depending on your credit profile, the Annual Percentage Rate (APR) can be as high as 26.9%, which might be steep for some borrowers.
• Early Repayment Charges: While overpayments are permitted, they may incur additional fees, which could deter those looking to repay their loan ahead of schedule.

In summary, the RBS Personal Loan offers several appealing features, such as competitive rates and swift fund disbursement, especially beneficial for existing customers. However, it’s crucial to consider potential downsides like high APRs for certain applicants and early repayment charges. Assess your financial situation and needs carefully to determine if this loan aligns with your objectives.

You Qualify? Essential Criteria to Apply for Royal Bank of Scotland Personal Loan

You may qualify for a Royal Bank of Scotland Personal Loan if you meet certain key criteria. First, you need to be at least 18 years old and a resident of the United Kingdom. Additionally, the loan is only available to existing RBS customers who have held a current account for at least three months.

This helps the bank assess your financial habits before approving a loan. A steady income is also essential, whether you’re employed, self-employed, or receiving a pension, as it demonstrates your ability to manage repayments. You’ll need to provide documentation to verify your earnings during the application process.

Your credit history plays a significant role in approval, as a strong record of managing financial commitments increases your chances. Applicants should not have any outstanding County Court Judgments (CCJs) or bankruptcies within the last six years.

If you’ve had financial difficulties in the past, checking your credit report beforehand could be beneficial. RBS personal loans can be used for home improvements, vehicle purchases, or debt consolidation, but certain restrictions apply.

Loans cannot be used for buying property, paying household bills, or funding business ventures. If you’ve recently applied for an RBS loan, it’s recommended to wait at least 28 days before submitting a new application to avoid multiple credit searches affecting your credit score.

If you’re considering applying with a partner, RBS allows joint applications as long as both individuals meet the eligibility requirements. This can be a good option for those who wish to increase the amount they qualify for based on combined incomes.

Meeting these criteria ensures a smooth application process and increases your chances of securing the funds you need. If you check all the boxes, you’re well-positioned to take the next step towards achieving your financial goals with an RBS Personal Loan.

Finally, Here’s How to Apply

Applying for a Royal Bank of Scotland Personal Loan is quick and straightforward, especially if you’re already an RBS customer. The entire process is online, meaning you can apply from the comfort of your home—no need to visit a branch or wait in long queues.

To get started, log in to your RBS online or mobile banking account and navigate to the loans section. You’ll need to provide details about how much you want to borrow, your preferred repayment term, and the purpose of the loan.

RBS will run a soft credit check to give you a personalised quote without affecting your credit score. If you’re happy with the offer, you can proceed with the full application, which includes verifying your income and agreeing to the terms.

Once submitted, applications are usually reviewed quickly. If approved before 5:45 pm on a working day, the funds could land in your account the very same day. It’s that easy!

If the Royal Bank of Scotland Personal Loan doesn’t quite match what you need, the Finio Loans Personal Loan might be worth considering. It offers a more flexible approach, catering to a wider range of borrowers, including those with less-than-perfect credit. With competitive rates and manageable repayment terms, it’s designed to fit different financial situations.

	Royal Bank of Scotland Personal Loan	Finio Loans Personal Loan
Credit Score	Good	Poor or Fair
Representative APR	Representative example: Borrow £4,500.00 over 3 years at a rate of 21.9% p.a. (fixed). Representative APR 21.9% and total payable £6,017.76 in monthly repayments of £167.16	Representative example: Borrow £2,200.00 over 3 years at a rate of 39.9% p.a. (fixed). Representative APR 39.9% and total payable £3,539.88 in monthly repayments of £98.33
Loan Amount	£1,000 to £50,000	£500 to £5,000
Terms	1 year to 8 years	1 year to 3 years

On the other hand, if speed is your priority, Finio Loans stands out for its quick approval process, often providing a decision within minutes. Plus, funds can be transferred swiftly, helping you get on with your plans without unnecessary delays. Thinking of a different approach? Check out the full review to see if Finio Loans is the right fit for you!