The Royal Bank of Scotland has been handling the publics' financial needs for almost three hundred years. It is even accredited with inventing over-drafting.
Over the centuries, the bank has expanded to include many different financial services. You can apply for credit cards, open an account, and even ask for a loan.
There are many loans available, including competitive personal loans. Before you begin applying, you will need to know all the features and benefits of these personal loans.
Features
If you are a current account holder, then you will be able to apply for an unsecured personal loan. An unsecured loan is one that is based on your credit and income instead of any collateral you may have.
A Royal Bank of Scotland personal loan comes with the following features.
- Wide loan amount range (£1,000 - £50,000)
- Lengthy term periods (2-10 years)
- Rapid quote with no impact on credit score
- Fixed monthly payments
- Quick decision when applying online
- Funds available within 24 hours
Benefits
A personal loan from RBS has many benefits that you can take advantage of. The personalized quote allows you to check if you are eligible and won’t impact your credit score.
Then, the application process is easy and fast. You have the option to apply for the loan in many ways, including online.
Applying online is probably the quickest method. Once approved, you will receive your money quickly, so you will be able to get to the job at hand without delay.
How to Apply
You can apply in a branch, online, or even over the phone. However, as mentioned above, online is by far the easiest and quickest route.
If you meet the criteria and have decided that a personal loan through RBS is the right choice for you, the process will begin with signing in to your online banking tool. Here, you will enter a few things into their quick quote application and wait for the quote to come back.
Once the quick quote comes back and you have all your information, you will then begin the actual online application. Make sure to have all your info close at hand to make the process that much faster. This includes having your personal and financial details.
Then, you will simply submit your application and wait. The response should be very quick, and if approved, you will have access to the funds within one business day.
Who Is Eligible?
The Royal Bank of Scotland will look at things like your credit, income, and amount requested when considering you for approval of a personal loan. They will also look at the following criteria to ensure your eligibility.
- Current customer for 3+ months
- 18+ years of age
- Resident of the United Kingdom
- No bankruptcies on your credit for the last 6 years
- Loan must be for an acceptable purpose
(Note: If you are currently a credit cardholder or mortgage holder, you must apply online or by phone for a personal loan.)
Fees and Interest
The lowerest APR you can receive with a RBS loan is currently 3.9%. This rate may not be what your loan is finalized at, as the final rate is determined by multiple factors including the terms of your loan. The maximum APR that will be given is 29.9%.
If you decide to repay your loan early, you should know that there will be a fee attached to the final payment. This will be determined by the length of your loan, as well as the APR. Then, 58 days of interest will be tacked on to that fee, as well.
Important Restrictions
When considering this loan, it is also important to know that there are certain things that you cannot use this loan for. For example, an RBS personal loan can be used for business investments, paying a deposit on a property, car taxes, gambling, and other purposes.
For the full details concerning the loan's terms, please visit the official RBS website.
Bank Contact Info
If you have any questions about loans, you can contact the bank with general questions (M-F 8am-8pm, Sat & Bank Holidays 9am-3pm) at 0800 148 8331. If you have questions about a loan specifically, you can call the bank at 0345 030 3216.
In addition, you can find the bank's main address at 36 St Andrew Square, Edinburgh, United Kingdom, EH2 2YB.
Summary
The decision to apply for a personal loan is an important financial choice, and you want to make sure you are choosing the right establishment. The Royal Bank of Scotland loan policies and terms are simple to understand and are competitive.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
