Bank of Scotland Loans

APR: 9.5% Representative
Loan amount: £1,000 - £2,499
Repayment duration: 12 - 60 Months
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Bank of Scotland Loans customer reviews

2.6 out of 5 from 40 reviews

Delighted with service!

20:31 18-07-2014

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I had 2 credit cards which we're costing me a fortune every month, I was desperate to find a way out. I knew it would take years and years to clear the balances. I decided to apply for a loan online, I didn't hold out much hope but decided to go for it.I applied online and as a customer of the bank for 18 years, the process was beyond simple. A few questions and some basic details. The decision was immediate!!! The funds were in my account within 24 hours!My loan was for £16,000 meaning that I am now credit card free and in 4 years time, I will have zero debt. Yes, I know I am paying every month, but what a relief to know that there is now an end in sight. So, I would have to say a huge 'well done' to all at Bank of Scotland loans!

Cat

Good local bank

20:27 30-04-2017

Imagevia Smart Money People

I've always had great customer service when dealing with my bank. I have never had any issues

Gemma Laird

High interest rates poor service

09:00 09-10-2011

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Approached HBOS for a loan to top up an existing one that I had used to purchase a car, I've been with Halifax the HBOS (Current acc and VISA) for 20 years, all of my finances have been handled through accounts with HBOS, never missed a payment on anything and always within my overdraught limits - I thought I would be considered a good and trusted customer and would be offered the HBOS "advertised" rates of interest - Nope - was offered a rate of approx 14 %, at which point I left the branch and purchased a new car using the manufacturers financial package. I have now saved and scrimped enough to settle my existing loan but could not be given an accurate settlement figure, was promised a phone call adising me of the settlement figure that never happened - won't leave the branch next time until I have settled my current loan. Don't know what has happened to this once diligent organisation but, I don't think they are playing their part in putting our economy back on its feet !!

Dave Robinson

Middle of the Road

15:36 25-01-2011

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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

Julianrye

Middle of the Road

15:34 25-01-2011

Imagevia Choose Wisely

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

julianrye

I thought only cowboys wore hats?

03:35 25-01-2011

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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.

Pbills

HeadlineI thought only cowboys wore hats?

03:32 25-01-2011

Imagevia Choose Wisely

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.

pbills

Leaving after 14 years

11:07 10-11-2010

Imagevia Choose Wisely

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....

Mandy

Decline In Service

10:43 10-11-2010

Imagevia Choose Wisely

I have been a customer with the Bank of Scotland for over 20 years, and I have noticed a decline in the quality of service ever since they linked with the Halifax. The staff are extremely rude on the phone, and give misleading information. I have personal and business accounts with this bank, and they have made a small fortune from me. Well, no more, because I am closing my accounts and going elsewhere.

James

High Interest

13:57 20-10-2010

Imagevia Choose Wisely

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.Bank of Scotland 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 around - not just for loans but for other bank services as well.

Marion

Our review of Bank of Scotland Loans

Our review by Alex
Written by: Alex
Simplicity
84.9
Features
55.8
Consumer sentiment
98.2

Total OPTIOSCORE
76.5/100

As you’d expect from a bank with such a rich heritage, good credit history is an essential when applying for a Bank of Scotland personal loan. When applying with Bank of Scotland loan only around half of successful applicants are actually offered the actual representative APR advertised on site. The reason being that, like nearly all lenders, Bank of Scotland take into account your credit history, personal circumstances, and other finance products you might have with them when deciding the final rate of interest that's offered.

In their OPTIOSCORE Bank of Scotland have rated fairly high for simplicity which can be attributed to the amount of control they give to their customers. The simple online management portal means that customers can keep track of payments, make early payments and apply for further credit – flexibility is the name of the game.

As such a financial powerhouse, it could be argued that their size has resulted in them losing their personal touch somewhat. Reviews online, especially on Choose Wisely, show a fair amount of dissatisfaction with their customer service, with some even switching providers which is a shame.

Overall verdict: With a long history of dealing with personal finance, Bank of Scotland should have this nailed. However, even with the online management and financial benefits, a number of customers feel undervalued and are jumping ship to their competitors. To dispel any common misconceptions, Bank of Scotland are not the same as the Royal Bank of Scotland (RBS).

Highlights

  • Bank of Scotland loan customers can apply to borrow more money at any time
  • 0.7% discount applied between £7,500 and £25,000 for certain customers
  • Instant decision when applying online
  • Repayment holidays available
  • Portal for easy online management

Minimum criteria

  • Must be an existing Bank of Scotland customer to apply online
  • You can’t have been declined for credit in the last month
  • No CCJs, defaults or bankruptcy
  • You will need to be in paid employment or have regular income
  • Be a UK resident with a permanent UK address

Fees

  • Maximum APR 27.9%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £25

About Bank of Scotland Loans

Bank of Scotland offer unsecured loans from £1,000 to £25,000 for those with a good credit history. The amount you can borrow will be based on your personal circumstances and loans can be repaid over one to seven years. Loans can be used for any purpose such as home improvements, purchasing a car or to pay off existing borrowing.

As well as good credit history, applicants will need to fit certain criteria to be able to apply; you can’t be in full time education, you must have a permanent UK address and you will need to have either a bank account held for at least three months, a credit card, or an existing personal loan with Bank of Scotland. If you don’t currently have any of these, then you will need to phone in to discuss your borrowing options with them.

For customers who are borrowing between £7,500 and £15,000 you may be offered 3.6% subject to credit history. Bank of Scotland boast flexibility on their personal loans. Customers can apply for repayment holidays, make additional payments easily and there are no fees or charges for paying off your loan early.

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