Bank of Scotland personal loans calculator and review
Existing customers of Bank of Scotland can apply to borrow between £1,000 and £50,000 starting from 6.7%. And with smaller loans available too, you could finance anything from a holiday to a wedding, or even Glas-go and get yourself that new car you’ve been eyeing up.
Our calculator lets you pick how much you want to borrow, over a timeframe that suits you, to estimate how much you would pay back each month and overall. We base our calculations on Bank of Scotland’s representative APR, but it’s important to note that credit is subject to status and your circumstances may affect the rate you’re offered.
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
How do Bank of Scotland personal loans compare against the competition?
Table: sorted by representative APR, promoted deals first
Before you take out a personal loan, it’s smart to read up and shop around. If you’ve been on the Bank of Scotland site to get a quote on your loan, find out how much you’d be likely to pay for the same loan from some popular lenders:
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Quick overview of Bank of Scotland personal loans
Loan amounts
From £1,000 to £50,000
Loan terms
From 1 year to 7 years
Age eligibility
18 years and over
Application fee
No application fee
Repayment holiday
Repayment holiday not permitted
Interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
What is APR?
If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Lenders are only obliged to award their advertised APR to 51% of people who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for a Bank of Scotland personal loan?
You should only apply for a Bank of Scotland personal loan if you meet the following criteria:
You’re an existing Bank of Scotland customer
You’re over 18 years old
You’re in paid employment or have a regular income
You’re not in full time education
You have a bank/building society account
You’re a UK resident with a permanent UK address (excluding the Channel Islands and the Isle of Man)
You haven’t been declined for credit in the last month
You have no history of bad credit – such as arrears, county court judgements (CCJs), default or bankruptcy
You must also ensure that you can meet the repayments, as missed payments incur a charge of £25 and could have consequences on your ability to obtain credit in the future. It also retains the right to remove money owing from any Bank of Scotland account that you hold, including joint accounts.
How do I get a loan from the Bank of Scotland?
For its personal loans, Bank of Scotland exclusively take applications online through their website. You have to be an existing online banking customer, so you may also need to set up your bank account with an online log in.
Customer support
For any queries regarding personal loans, you can call Bank of Scotland on 0345 604 7291. Lines are open Mon – Fri from 8am to 8pm, and Sat – Sun from 9am to 6pm. Alternatively, you can message customer support through the Bank of Scotland app.
Who owns the Bank of Scotland?
A lender with over 400 years of banking experience, Bank of Scotland is a trusted name on the UK high street. Since being taken over by Lloyds in 2009, the bank has been paired with Halifax as “HBOS” and has been expanding its range of banking services. Not to be confused with the Royal Bank of Scotland (RBS), Bank of Scotland still have the power to issue Scottish banknotes and are responsible for those cool Scottish notes that are definitely legal tender!
Is the Bank of Scotland a good bank?
Bank of Scotland’s mantra, to make payments easier, means that getting those home renovations done or consolidating previous debt needn’t mean having the extra burden of managing a complicated loan. The only catch? You need to be an existing customer to apply.
Bank of Scotland customer reviews
In terms of customer reviews, the Bank of Scotland currently has a “bad” rating of 1.7 out of 5, based on over 6800 reviews, according to TrustPilot (updated May 2024). Many customers cited poor customer service and issues with their online services.
Frequently asked questions
Bank of Scotland is happy to consider extra financing for existing loan customers, and it gives you the option to add to your current loan or take out a second one.
Yes, but you need to have held a Bank of Scotland bank account for at least 1 month before you can apply.
You can use a personal loan for almost any purpose, such as home improvements, buying a car or to consolidate your existing borrowings.
Provided you use online banking, you can view your current loan balance online, however please be aware that this may not be your final settlement figure. Alternatively you can call Bank of Scotland on 0345 604 7291.
If you’re an existing Bank of Scotland customer, then you’ll be able to top up your loan. To do this, you can either take out a second loan to be repaid separately to the first, or you can close your current loan and open a larger one.
Bank of Scotland will not not charge a fee for arranging your loan.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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