About RBS Loans

Royal Bank of Scotland, commonly known as RBS, offers its customers fixed-rate, unsecured or personal loans.

Royal Bank of Scotland (RBS) is one of the UK’s major high street banks – even if you’re not an RBS customer, you’ve almost certainly heard of them. RBS is part of the Royal Bank of Scotland Group plc, whose main subsidiaries include NatWest, Ulster Bank and Coutts.

Royal Bank of Scotland was established back in 1727. Just a year later, in 1728, RBS was trailblazing as it granted the world’s first overdraft; the overdraft was a widely-adopted innovation that revolutionised banking, and continues to this day.

Now, RBS offers consumers a range of financial products and services, including personal loans.

RBS Personal Loan Overview

Key Features

  • You could borrow £1,000 – £50,000
  • Loan repayment terms from 2-10 years – you can repay the personal loan over 2-8 years, or an extended term of up to 10 years for home improvement loans
  • Fixed monthly repayments – the fixed interest rate means you’ll pay the same amount each month.
  • Personalised rate – you’ll pay a personalised interest rate. The rate you will pay depends on your circumstances and loan amount.
  • Representative APR 3.4% on loans between £7,500 and £19,950
  • Get a Quick Quote without impacting your credit rating – find out the likelihood of you being accepted for a loan BEFORE you apply. See how much you may be able borrow, your personalised interest rate and your monthly repayments, with a ‘soft search’ that doesn’t affect your credit score.
  • Online decision in minutes – apply online or via the app. If you use Digital Banking, RBS can pre-fill parts of your application form to save you time.
  • Funds the next working day – you could have your funds available the next working day, if you are a Digital Banking customer, apply and have your loan unconditionally accepted before 5.55pm Monday – Thursday.

What Is A Personal Loan?

A personal loan is a loan you get based on your creditworthiness. It is also known as an ‘unsecured loan’ as it is not ‘secured’ against an asset you own, for example, your home or your car. As such, the amount you can borrow and the interest rate applied depends on your income, personal circumstances and your ability to repay the loan. A personal loan is repaid over a fixed term at a fixed APR.

APR Explained

APR is an abbreviation of Annual Percentage Rate. APR is a standardised way for lenders to show the yearly cost of borrowing money. It includes the interest rate and other charges you have to pay (for example any arrangement fee).

All lenders have to calculate the APR of their products in the same way and must tell you how much the APR is before you sign an agreement. APR can, therefore, be a useful tool when comparing credit products.

One thing to bear in mind is the advertised APR is a representative APR.

Representative APR means over half the people who have taken a loan of a particular size from that lender have been given that rate. This means 51% of people have been given the advertised rate, but 49% of people could be paying more.

You will be given your own personal APR for your RBS Personal Loan, based on factors like how much you want to borrow, over how long, as well as your financial situation and credit rating. Your personal APR may differ from the representative APR advertised.

What Can I Use An RBS Personal Loan For?

A personal loan is just that – personal. You can apply for a personal loan to help cover a variety of costs, but should only do so if you are certain you can meet the repayment terms. You could apply to borrow money for a big life event you’re planning – like your dream wedding – or updating your family bathroom, for example.

Some of the main purposes for a personal loan are:

  • Buying a New Car
  • Home improvements
  • Wedding
  • Holiday
  • Debt consolidation

You will be asked what the loan is for when you apply. While you can use your personal loan for most things, there are a few exceptions.

What Can’t I Use An RBS Personal Loan For?

You can’t use the loan for:

  • Buying (or paying a deposit for) land or property
  • Household bills, rent or mortgage payments
  • Car tax
  • An annual holiday
  • Business purposes
  • Payments in arrears
  • Tax avoidance arrangements
  • Buying shares or other investment funds
  • Court or solicitors’ fees
  • Gambling


To apply for an RBS personal loan, you must:

  • Be 18+
  • Be a UK resident
  • Have an existing RBS current account (held for 3+ months) or have an RBS credit card or mortgage (held for 6+ months)
  • NOT have been declared bankrupt in the last 6 years
  • Not have applied for a personal loan with RBS in the last 28 days
  • Intend to use your loan for acceptable purposes

How Much Can I Borrow?

RBS offers personal loans from £1,000 up to £50,000. The amount you may be able to borrow depends on your personal circumstances – you’ll be asked about your income and will answer questions about your current financial situation.

How Long Will It Take To Repay?

The length of time you can take to repay your loan (the loan repayment terms) depends on the loan amount and what it will be used for. The minimum loan repayment term for an RBS personal loan is 2 years.


Loan Amount Terms
£1,000 to £7,450 2 to 5 years
£7,500 to £50,000 2 to 8 years
£7,500 to £50,000 for home improvements 2 to 10 years

How To Apply

If you meet the eligibility criteria, you can find out if you’re likely to be accepted for a loan using the Quick Quote tool on the RBS website. This is a soft search. A ‘soft search’ allows you to see how much you may be able to borrow, the loan repayment terms and your personal APR, without having an impact on your credit rating. You will be able to see the search if you check your credit file, but lenders won’t.

The Quick Quote tool will ask you about your current financial situation and whether it is likely to change in the future.

You’ll be asked if you’re a homeowner.

You’ll also be asked about:

  • dependants (the no. of children or other people e.g. elderly relatives, who are financially dependent on you),
  • employment status and net income
  • rent or mortgage payments
  • other regular outgoings
  • any outstanding loan repayments
  • balance on credit or store cards

After completing the Quick Quote, or if you’re sure you are ready, you can start your application online.

If you use Digital Banking, you’ll be asked to log in to your account and RBS will pre-fill parts of your application. Otherwise, you will be asked for your RBS account details.

I Already Have An RBS Personal Loan, Can I Apply For Another?

You can still apply for an RBS personal loan, even if you have one already. You may be able to top-up your existing loan or take out a new one. During the application process, RBS will ask you what you’d like to do with your old loan – you have two options:

  1. Replace your existing loan with a new loan for a larger amount
  2. Take out a new loan and run two loans side-by-side

You should give careful consideration to the option you choose, taking into account the interest rates of each, the fees for early closure of your old loan, and the total amount repayable.

NB: a point about cooling-off periods – if you cancel your new loan in the 14-day cancellation period, RBS does NOT have to reinstate your old loan. You may be offered a new loan, for the same amount as your old loan, at the current interest rates instead.

What happens next?

If your application is accepted – you’ll receive written confirmation in the next few days and a text within two working days when the funds are available in your account.

If RBS need more information – RBS will acknowledge receipt of your application within 5 working days. You might receive an email or text asking you to provide more information electronically, via their DigiDocs portal. Alternatively, you might receive an application pack in the post which you can respond to in-branch or by post.

If your application is declined – you might have tried to borrow too much over too short a period. You can use the Quick Quote tool to see if changing the amount or terms makes a difference. It won’t affect your credit rating.

Your personal loan may be declined if your credit history is not good enough, but there are lots of ways to improve your credit rating.

Pros and cons


  • You can find out if you’re likely to be approved without affecting your credit rating, using the Quick Quote tool
  • It’s easy to apply online or via the app
  • If you use Digital Banking, RBS will auto-fill parts of your application form for you, saving you time
  • You can get a decision in minutes
  • You could have the funds the next working day (if you use Digital Banking, apply and have your loan unconditionally accepted before 5.55pm on Monday – Thursday).
  • Fixed monthly repayments
  • Manage your loan online
  • You can repay your loan early, but you will be charged.


  • Your personal APR may be higher than the representative APR
  • Applying and being accepted is a fast process – make sure you’ve considered whether a personal loan is suitable for your needs and you can afford the repayments
  • You will be charged if you repay your loan early. You’ll pay 58 days interest (or the remaining number of days interest if there are fewer than 58 days left in the loan term) to close the old loan early.
  • If you’re a credit card or mortgage customer, you will have to apply online or by phone – a downside if you prefer face-to-face or postal banking

Find out more about Royal Bank of Scotland

RBS Facebook https://en-gb.facebook.com/royalbankofscotland/

RBS Twitter https://twitter.com/rbs?lang=en

RBS TrustPilot https://uk.trustpilot.com/review/www.rbs.com


Company Details
  • Company Name: RBS FINANCE (UK) LIMITED
  • Registration Number: 02108884
  • Incorporation Date: 1987-03-11
  • Status: Dissolved
Loan Details
  • APR 3.4%
  • Loan Amount £1000 - £50,000
  • Repayment Duration 5 Years
Contact RBS Loans
  • via Phone: 0800 056 3220 Call
  • via Post: 250 Bishopsgate, London, EC2M 4AA