Royal Bank of Scotland Loan features:
- Borrow between £1,000 and £25,000
- Repayment terms available from 1 to 7 years
- Home improvement loans over £2,500 can be repaid over 10 years
- Apply and online before 5:55pm and it’s possible to be paid the next day
Royal Bank of Scotland loan calculator
If you are wondering if an Royal Bank of Scotland loan is the right choice for you, you could use the Royal Bank of Scotland loan calculator to get an indication of how much the loan would cost you in repayments. You just need to enter how much you would like to borrow and how long you want the repayment term to be. The Royal Bank of Scotland loan calculator will then generate an estimate for you based on the lender’s Representative APR for a loan of that size. Remember however that if you decide to apply for the loan and are accepted you may be offered a different APR by the lender. This is because lenders may adapt the APR they are willing to offer a borrower once they have carried out an assessment of the borrowers financial circumstances. Also although the maximum that Royal Bank of Scotland will lend as a personal loan is £25,000, the amount each individual borrower can borrow is also subject to status.
Before you apply for a loan
As loans can vary greatly, it is a good idea to shop around before you apple for one to try and ensure it is the best choice for you. As well as comparing different loans, you may also want to look into alternatives to credit to see if they could better suit your needs, for example if you already have the required sums saved, then it may be better to use your savings than to borrow. This is because interest you earn from your savings may be less than the rate of interest that you would need to pay on your loan.
It is also important to consider if you are thinking of taking out alone to consolidate debt that spreading your payments over a longer term means you may ultimately be paying more overall than with your existing arrangements, even if the interest rate on this new loan is less than the rates you have at the moment.
The free comparison tables on this site can be used to compare loans from various different lenders at the same time.