Bank of Scotland Small Loan Reviews, Loan Calculator and Complaints

(3 customer reviews)

Average Customer Rating

Is this you?

Acceptance Criteria

You need: address details including your postcode for the past 3 years, your bank/building society details, your annual income and monthly outgoings such as rent/mortgage repayments, your employer's name and address
You cannot have a history of bad credit such as arrears, county court judgements, default or bankruptcy
You must be over 18 years of age

You must be in paid employment and not in full time education
You must have a permanent UK address
You must have a bank/building society account

You do need to be an existing Bank of Scotland customer
You can't have been declined credit in the last month

Loan Details

APR

20.9% - 23.9%

Representative APR

23.9%

Loan Amount

£1,000 - £6,490

Repayment Period

Minimum Term 1 year

Loans up to £6,999 - 7 years

Repayment Method

Direct Debit

Speed To Payout

Existing customers: 24 hours

New customers: 48 hours if signed loan documents arrive with Bank of Scotland before 1:30pm (£70 fee)

5 working days otherwise

Arrangement Fee

No Fee

Payment Holidays

3 month payment break at the beginning of your loan

Payout Method

Transferred into your bank account

Income Protection Available

No

Average Customer Review

(3 customer reviews)

Loanfinder Ranking

208th for APR of 423 loans in the UK (See Lender League Table By APR)
97th for Customer Satisfaction (See Customer Reviews)

Other Bank of Scotland loans

Bank of Scotland Big Loan

Average Review

Representative 9.9%APR

About Bank of Scotland Small Loan

Bank of Scotland offer unsecured, personal loans. You can borrow between £1,000 to £6,999. Their main selling point is that they can offer a 3 month payment holiday at the beginning of the loan, making the agreement fairly flexible and it allows you to get your finances in shape before repayments start. Bear in mind that interest still applies during this period.

You can apply online or over the phone and they'll give you a provisional decision immediately. You will have to provide employment details and they do not accept people who are in education. If accepted, they will send you a letter and a copy of your loan agreement. If you do not have an account with them, they may ask you to provide some documents as you will need to open one up. They are fairly quick to pay out, even quicker if you already have an account with them because they will have all your personal details.

The general opinion from customer reviews on the internet is that the customer service with Bank Of Scotland is poor. Internal communication problems within the bank seem to frustrate a lot of customers not just with loans, but with other services they offer as well. Bank of Scotland seem to have quite a strong emphasis on meeting sales targets so if you do try and take a loan out with them don't be surprised if you are offered other products as well. The interest rate is reasonable but not the best. As stated previously, they do run credit checks much like the other banks, so if your credit is poor (i.e. have made late payments, have CCJs, defaults, etc.) you will more than likely be refused.

Charges

Default Fees	Pre-default Notice - £30.00 Default Expired Notice - £50.00
Early Settlement Fees	Up to 58 days interest
Other Fees	Issue of Instruction to Solicitor - £50.00 Fee to receive your documentation quicker by courier - £70.00
Late Payment Fees	Failed Direct Debit - £25.00 Letter Requesting Payment - £10.00 Phone Call Requesting Payment - £10.00