Royal Bank of Scotland Large Personal Loan
Good:
Money is in your account the next working day, only if you are an online banking customer
Bad:
Very difficult to get through to the correct person when you call them - staff uninformed
Verdict:
Royal Bank of Scotland current account customers only - if you have a good banking history with them you will get a lower rate, you will get a higher rate if not and may be better off looking elsewhere
You can only apply for this loan if you are a Royal Bank of Scotland existing customer. Please be aware that in order to be eligible for the 6.9% APR rate you must have an RBS Royalties Gold or Black Account. You can use this loan for almost any purpose and the money can be in your account the next working day. If you are an existing Royal Bank of Scotland online banking customer and you apply between Monday and Thursday, 6:30am-5:50pm, the loans will be transferred the next working day after 9:00am.
You can apply online by filling out their online application form. They usually give you a decision straight away online. If you're a Royal Bank of Scotland online banking customer and you are accepted, they money will be transferred the same day. If they tell you you have been accepted in principle, they will look further at your application and inform you when they have decided. If you are accepted, they will send the loan agreement to you next day. Sign and date it and send it back to them. They may ask for confirmation of identity, income or other documents so be sure to pop those in the envelope too. Your application will then be processed within two working days.
Loan Calculator (Representative 6.9%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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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 leders around and they seem to rely on the apathy of thier own customers. RBS seem to be very "middle of the road" when it comes to it's product with nothing really leading the pack. It is a well know fact that customers prefer visiting the dentist to moving thier Bank account but times are changing and more people are shopping araound - not just for loans but for other bank services as well
What a pain these people are. I've had my account for nearly 6 years with these idiots, and have regretted every single day with them. They are now stealing funds from my account and get abusive over the phone when I complain. I ill-advisedly agreed to a loan with them a little over 12 months ago. A couple of months later I was made redundant. The Insurance company claim to have never received the insurance form (all 3 of them) - and thats after them sending 5 different forms, none of which were applicable to the bank I'm with. On the 25th January of this year i discovered that the Bank had cancelled my Direct Debits and stolen £200 out of the account. It wasn't until I had travelled 12 miles to my 'local' branch to withdraw the cash that I found out. After phoning them and agreeing with them that yes, 1 months loan payment was fine, but not two, and can they please keep their promises and let me know if they are going to access my account to feed their shareholders, 3 weeks later I received a default notice, even though I am paying off the loan? I have now moved my account away from these thieving cowboys and I would recommend anyone who would like to keep control of their finances do the same.
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 leders around and they seem to rely on the apathy of thier own customers. RBS seem to be very "middle of the road" when it comes to it's product with nothing really leading the pack. It is a well know fact that customers prefer visiting the dentist to moving thier Bank account but times are changing and more people are shopping araound - not just for loans but for other bank services as well
What a pain these people are. I've had my account for nearly 6 years with these idiots, and have regretted every single day with them. They are now stealing funds from my account and get abusive over the phone when I complain. I ill-advisedly agreed to a loan with them a little over 12 months ago. A couple of months later I was made redundant. The Insurance company claim to have never received the insurance form (all 3 of them) - and thats after them sending 5 different forms, none of which were applicable to the bank I'm with. On the 25th January of this year i discovered that the Bank had cancelled my Direct Debits and stolen £200 out of the account. It wasn't until I had travelled 12 miles to my 'local' branch to withdraw the cash that I found out. After phoning them and agreeing with them that yes, 1 months loan payment was fine, but not two, and can they please keep their promises and let me know if they are going to access my account to feed their shareholders, 3 weeks later I received a default notice, even though I am paying off the loan? I have now moved my account away from these thieving cowboys and I would recommend anyone who would like to keep control of their finances do the same.
Loans up to £14,950 - 5 years
Loans between £15,000 and £25,000 - 7 years
Home improvement loans over £2,500 - 10 years
2 working days after receiving documents back (customers without online banking)
- You must be an existing Royal Bank of Scotland current account customer
- You must be a UK resident for 3 years or longer
- You must have a regular income (salary after tax, pension, disability living allowance, court-agreed child maintenance, housing or shift allowances from your employer, child tax credit, working tax credit)
- You must be 18 years of age or older to apply
- You must have managed previous financial commitments without any problems (no adverse credit, CCJ's or bankruptcy)
- The 6.9% rate is only available online and applies to customers with an existing RBS Royalties Gold or Black Account
- Default fee - £30.00
- Missed payment - £6.00
- A fee of 58 days interest applies
