Bank of Scotland Small Loan
Good:
If you are a Bank of Scotland customer, the money can be transferred in 24 hours
Bad:
Very high interest rate compared to other banks
Verdict:
Preferential interest rates for Bank of Scotland customers - if you don't have a banking history with them or if you are applying for a small loan, the interest rates can be quite high
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.
Loan Calculator (Representative 23.9%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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After 14 years I'm calling it quits with the Bank of Scotland. Poor service over the phone, no response to complaints via letter (still waiting after 4 months). I could go on all day. A bank that allows its "largest" football clubs to stay millions in debt, while other smaller clubs are threatened with closure. Looking elsewhere....
Good Points: none as yet but will update later Bad Points: stated above General comments: trying to find a tel no and get through to the right person was almost impossible. the person i spoke to took all my details and agreement no and then told me that i was not speaking to the correct people and i would need to contact a different tel no. after being on hold for over 20 mins they gave me the wrong no so i could not make a payment . Bank of Scotland's loan service does leave alot to be desired and i am very dis satisfied with amount of waiting time and the service received when i spoke to one of their agents
I was looking for a small personal loan, I thought I would give my Bank a try. The application process was simple but required more documentation than some. Despite being known to the branch for some years, I needed to show ID and prove the purpose for the loan. This was new to me as I was trusted in the past. Where they really let themselves down was on the rate of interest they wanted to charge. There are lots of cheaper lenders around and they seem to rely on the apathy of their own customers.
Loans up to £6,999 - 7 years
New customers: 48 hours if signed loan documents arrive with Bank of Scotland before 1:30pm (£70 fee)
5 working days otherwise
- You must be over 18 years of age
- You must be in paid employment and not in full time education
- You can't have been declined credit in the last month
- You cannot have a history of bad credit such as arrears, county court judgements, default or bankruptcy
- You must have a bank/building society account
- 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 must have a permanent UK address
- You do need to be an existing Bank of Scotland customer
- Pre-default Notice - £30.00
- Default Expired Notice - £50.00
- Issue of Instruction to Solicitor - £50.00
- Fee to receive your documentation quicker by courier - £70.00
- Failed Direct Debit - £25.00
- Letter Requesting Payment - £10.00
- Phone Call Requesting Payment - £10.00
- Up to 58 days interest
