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Loans FAQs

Who can apply for a Personal Loan

To apply for a personal loan you must:

  • To apply for a personal loan you must have one of the following Bank of Scotland products; current account (excluding Easycash), savings account, credit card or personal loan. You can also qualify if you have a Halifax mortgage
  • Be aged 18 or over and either be in paid employment or retired. Retirees must have an income from a private or state pension, or (a combination of) both
  • Not be in full time education
  • Have a bank/building society account
  • Have a permanent UK address
  • Not have been declined for credit in the last month
  • Not have a history of bad credit such as arrears, county court judgements (CCJs), default or bankruptcy.

Understanding your loan

How much can I borrow?

Our unsecured personal loans are available between £1,000 and £25,000. The amount you can borrow is based on your personal circumstances.

What can I borrow money for?

You can use a personal loan for almost any purpose such as; home improvements, buying a car or to consolidate your existing borrowings.

How long can I take to repay the loan?

You can take between 1 to 7 years to repay your loan.

The period of time you take the loan over will affect the size of your repayments, so if you want smaller repayments, you should repay your loan over a longer term. Just remember, the longer you take to repay your loan, the more interest you’ll be charged overall.

What is credit scoring and how do you use it?

Credit scoring is a method most lenders use to assess whether they'll lend you the money. We'll score the information you provide on the application form together with other factors such as your employment history and how you manage other accounts with us.

We also use other information from the Credit Reference Agencies such as Experian, Equifax or Callcredit, who keep records on your borrowing and payment habits.  This includes details on how much credit you have outstanding as well as information on how many missed or late payments you may have made.

If you have a number of missed or late payments you may be considered as 'high risk' and we may refuse to offer you a loan, or we may still offer you a loan but at a higher rate of interest.

If you're concerned about your credit rating you can register online for a credit report with any of the Credit Reference Agencies.

For more information on credit scoring and how we use it to assess your loan application, read our Bank of Scotland credit scoring page.

What do you mean by representative APR, is this the rate that I will actually get?

The representative APR (Annual Percentage Rate) is the rate you'll see in advertisements. It's the rate offered to at least 51% of successful loan applicants who apply through this website for a particular loan amount.  But it isn’t necessarily the rate you’ll be offered.

Your APR will be based on your personal circumstances, the amount you want to borrow and how long you take to repay the loan.

Is there a fee for arranging my loan?

No, there is no fee for arranging your loan.

When will I have to make my first repayment?

Payment is by direct debit. The payments are monthly until the loan is repaid.

What's the difference between a 'secured' and an 'unsecured' loan?

A 'secured' loan is secured against an asset, usually property. An 'unsecured' loan is where there is no asset offered as security.

Read more about the range of borrowing options in our help centre. 

Existing loans

Can I top-up my loan?

If you're an existing Bank of Scotland loan customer, and your needs have changed, you could apply to borrow more money at any time.

You can either:

  • Choose to take out a second loan that you will repay separately to your existing loan
  • Or, if you would prefer to have just one monthly repayment, you can close and replace your existing loan with a new larger one.   When we calculate the amount needed to repay your existing loan in full, we'll include up to 58 days’ interest.

To borrow more on top of your existing loan, call us on:

  • If your loan starts with 7/ call 08457 24 34 44 (lines open Monday to Friday 8am - 10pm, Saturday and Sunday 8am - 6pm)
  • If your loan starts with 15 call 08457 44 44 55 (lines open Monday to Friday 8am - 10pm, Saturday and Sunday 8am - 6pm)
  • If your loan starts with 100 call 08456 04 72 91 (lines open Monday to Sunday 8am -10pm).

What if I can't repay my loan?

If your circumstances have changed and you're struggling to repay your loan, please call us in confidence on:

  • If your loan starts with 7/ call 08457 24 34 44 (lines open Monday to Friday 8am - 10pm, Saturday and Sunday 8am - 6pm)
  • If your loan starts with 15 call 08457 44 44 55 (lines open Monday to Friday 8am - 10pm, Saturday and Sunday 8am - 6pm)
  • If your loan starts with 100 call 08456 04 72 91 (lines open Monday to Sunday 8am -10pm).

You cannot miss a payment and 'catch up' the following month. If you miss a monthly payment, or are late in making a payment, you will be charged a late payment fee of up to £25. Details of the missed/late payment will be registered with a Credit Reference Agency and could affect your credit rating.

If you’re finding it difficult to make your monthly payment, our Money Management team is always on hand to offer advice – simply call them on 0845 603 9050 (lines open 8am - 7pm Mon - Fri and 8.30am - 3pm Sat).

If needed, they can hold a full financial review with you, offering information and suggestions on how they think you could save money. Please note however that the Money Management team cannot change or defer your loan payment date or amount, and are not in a position to discuss the current terms and conditions of your loan.

Already in arrears

If you're already in arrears and are still struggling with your borrowings please call our Collections & Recoveries team:

  • If your loan starts with 7/ call 0870 850 1316 (lines open Monday to Friday 8:30am - 7:30pm and Saturday 8:30am - 12:30pm)
  • If your loan starts with 84 call 0870 850 1302 (lines open Monday to Friday 8:30am - 7:30pm and Saturday 8:30am - 12:30pm)
  • If your loan starts with 100 call 08456 04 72 91 (lines open Monday to Sunday 8am - 10pm).

If you don't feel the above information can help and still need further advice, the following third party organisations should be able to answer your questions and suggest suitable courses of action.

Citizens Advice Bureau
Payplan (0800 917 7823)
Consumer Credit Counselling Service (0800 138 1111)
National Debtline (0808 808 4000)

Other ‘help’ organisations may charge a fee, so it’s worth checking before you approach them.

What is early settlement?

This is when you repay your loan in full or part before the end of the loan term. When you take out your loan, the amount you agree to repay includes interest that is charged to the end of the loan term (see loan term).

If you make an early settlement in full or part, you might be entitled to a rebate, which means you wouldn’t have to pay all of the interest.

You can repay your loan in full and part at any time during the repayment period and we'll reduce the charge for credit you've agreed to pay us, taking this reduction into account we, in practice,charge up to 58 days interest.

How do I find out how much is outstanding on my loan?

If you're an existing Bank of Scotland online banking customer, you can view your current loan balance online, however please be aware that this may not be your final settlement figure.

Alternatively, to find out the outstanding balance on your personal loan just call our Customer Services team.  They’ll be able to give you your final settlement figure. 

  • If your loan starts with 7/ call 08457 24 34 44 (lines open Monday to Friday 8am - 10pm, Saturday and Sunday 8am - 6pm)
  • If your loan starts with 15 call 08457 44 44 55 (lines open Monday to Friday 8am - 10pm, Saturday and Sunday 8am - 6pm)
  • If your loan starts with 100 call 08456 04 72 91 (lines open Monday to Sunday 8am -10pm).

Alternatively, you can write to us at:

  • If your loan starts with 7/ - Bank of Scotland Settlement Department, PO Box 548, Lovell Park, Leeds, LS1 1WU
  • If your loan starts with 84 - Bank of Scotland,  Charterhall Drive, Chester CH88 3AN
  • If your loan starts with 100 - Bank of Scotland  Personal Loans Service Centre. Po Box 43, Peterlee, SR8 2RS.

Overpayments

How overpayments work

An overpayment is when you pay more than your required monthly repayment.

If you let us know before you make an overpayment we'll apply this to your loan and this will reduce the total amount of interest you pay over the term of your loan and may reduce your loan term.

Any overpayment without notice will only change the period over which you repay the loan and won't affect the rate of interest payable or the total amount repayable.

How do I make an overpayment?

If you want to make an overpayment:

You can pop into a Bank of Scotland branch with at least one form of identification.

Or send a cheque payable to 'Bank of Scotland' with your name and loan agreement number written on the back of the cheque to:

  • If your loan starts with 7/ - Bank of Scotland Settlement Department, PO Box 548, Lovell Park, Leeds, LS1 1WU
  • If your loan starts with 84 - Bank of Scotland,  Charterhall Drive, Chester CH88 3AN
  • If your loan starts with 100 - Bank of Scotland  Personal Loans Service Centre. Po Box 43, Peterlee, SR8 2RS.

Applying for a loan online

 What information will I need handy when completing the online application form?

  • Your address details including your post code for the past 3 years. And if this is a joint application your partner's address details, if different
  • Your bank/building society details
  • Your annual income and monthly outgoings such as rent or mortgage payments
  • Your employer's name and address if in employment.

How quickly will I receive a decision on my loan application?

We can usually give you an instant online decision, but sometimes we may need some more details, in which case, a quick call to one of our agents should finalise the decision.

How secure is my online application?

Your online loan application will be sent through a 'secure session' using banking standards encryption. This is achieved with 128-bit SSL (Secure Sockets Layer) that encrypts your data which is then transmitted securely over the Internet.

For more information visit our online security centre.

Is the online rate available in branch or over the phone?

No, the online loan rate is only available for online applications.  If you apply by phone or in branch different rates will apply.