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Bank of Scotland Personal Loan

The Bank of Scotland Personal Loan if fairly priced for a bank, and there are innovative products on offer for car buyers. For secured loans, Home Cash Reserve is an excellent product, and prices are dramatically low for existing BOS mortgage customers.

Bank of Scotland Personal Loan examples (correct at publication date, uninsured):

  Monthly Repayment APR
£3000 across 2 years £147.37 14.9%
£5000 across 5 years £106.62 9.9%
£10000 across 7 years £160.92 8.9%

The Bank of Scotland personal loan rates compare well against other banks- that's the influence of their merger with the Halifax. All the usual facilities of a good loan operator are included in their personal loan product, including a three month repayment holiday if you wish, applications accepted from £1,000 (a good low start) up to £25,000 and repayments across up to 7 years.

If you're consolidating debts from other sources such as credit cards, or paying for a holiday, the 8.9% APR isn't bad. You can get a better deal from supermarkets or online banks, but if you want the support of branches, this could be a preferred choice, especially at lower borrowing amounts.

If you need more money, a secured Bank of Scotland Personal Loan might be the answer. If you have a BOS or Halifax mortgage already, rates drop to a very friendly indeed 5.9%. If you're not already a customer, 7.3% is far less impressive. But one clever secured product is Home Cash Reserve- a 25,000 cash pot secured on your home which you can dip into anytime. And you only pay interest on the amount you use. If you're planning ahead to borrow, rather than chasing existing debt, this might be an ideal product.

There's also Freeway, a specialist scheme for car purchases. It's a personal contract purchase scheme (don't let the terminology blind you- it's just like a loan) with variable deposit terms, but Freeway also lets you include servicing and repairs into the package, so it's effectively a flat-rate motoring scheme- you'll know each month how much your motoring outgoings will be. If you're going into debt to buy a car, it's a bonus to know you won't be broke and off the road when your new vehicle needs servicing.