Bank of Scotland Loans Review
Bank of Scotland loans lies between £1,000 to £50,000 payable between 1 to 7 years at 3.9% APR rate.
Bank of Scotland is one of the oldest banks in the United Kingdom, with one of the best rates in credit throughout Scotland. It offers a range of products among them loans (personal and business), private banking and insurance. The bank derives its interest rates from the annual percentage rate (APR) just like other bank loans UK has to offer.
Benefits of the Bank of Scotland Loans
• Personal loan application is easier and much faster. It can be accessed through the website. The application and management can be done online, which not only speeds up the transaction but improves flexibility on application and repayment. If the client is not conversant with the online application, he or she can either visit any branch or call 0800 068 2395 or 0800 056 7424.
• There are several categories of loans requested, each having its own interest rate basing of the terms, use and circumstances. Personalisation of the quote does not have any direct relationship to the customer’s credit rating. Also, the bank allows more borrowing if the client adheres to the requirement set.
• The bank offers flexible payment terms; partial or full in the timeframe stipulated. If the customer decides to repay early, the bank may charge a maximum of interest for 58 days. In addition, if the terms and conditions for the outstanding credit are met, the bank can give a repayment holiday.
• The bank has internet banking where the client can view transaction online; statements, payments, condition and bonuses on the amount borrowed. There are also periodic offers on loans, which makes the experience better.
Terms and Conditions for Application
1. The amount loaned lies between £1,000 to £50,000 payable between 1 to 7 years at 3.9% APR rate. The bank does not charge any processing or arrangement fee.
2. The applicant should be a customer of the bank for at least one month, be on a payroll or a regular income to qualify.
3. Students and non-UK residents are not eligible to apply. Also, the physical address must be provided as one of the pre-conditions for qualification.
4. The customer’s credit report should be positive, with no past declaration of bankruptcy, default or fraud.
5. The loan is serviced monthly on a fixed rate agreed upon between the bank and the applicant.