Bank of Scotland Personal Loan Review 2025 Rates From 6.7% APR Eligibility and Verdict

Overview of Bank of Scotland personal loans

Bank of Scotland personal loans are aimed at existing UK customers who need straightforward, fixed-rate borrowing. Loan amounts typically run from £1,000 up to £50,000 with a representative rate starting at 6.7% APR for eligible applicants.

The product suits common needs such as home improvements, car purchases or debt consolidation, and the online process is designed to be quick for people already banking with Bank of Scotland. Having a clear representative APR and fixed monthly payments makes it easier to plan repayments.

Rates, repayments and realistic monthly costs

The headline figure of 6.7% APR is representative, so the actual rate you’re offered will depend on your credit record and individual circumstances. Use the Bank of Scotland personal loan calculator to estimate costs before you apply — it shows monthly repayments and the total amount payable over the term.

As an example, a £10,000 Bank of Scotland personal loan at 6.7% APR repaid over five years would be roughly £196–£197 per month, giving a clear sense of what to expect. Shorter terms lower total interest but raise monthly payments, while longer terms reduce monthly strain but increase the overall cost.

Eligibility, application and what to prepare

To qualify you generally must be an existing Bank of Scotland customer, aged 18 or over, resident in the UK with a regular income and an active bank account. Applicants with recent arrears, County Court Judgements (CCJs) or bankruptcy are unlikely to be accepted, so good credit history helps secure the advertised rates.

Applications are handled online for account holders, and you’ll need ID, proof of address and income details. Existing loan customers can often apply for a top-up or refinance, but you’ll need to check the terms and whether any early settlement figures apply.

Pros, cons and our verdict for UK borrowers

Pros include competitive fixed rates from 6.7% APR, transparent monthly payments and the convenience of managing borrowing alongside your current account. For many UK borrowers with solid credit, Bank of Scotland personal loans offer a reliable, no-fuss solution for planned spending.

Cons are the restriction to existing customers and fairly strict lending criteria; customer service reviews are mixed, so factor that into your choice. Overall, Bank of Scotland is a sensible pick if you already bank there and have good credit — compare deals across the market, use the loan calculator, and pick the term that matches your monthly budget.