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Royal Bank of Scotland Loan

The Royal Bank of Scotland loan service is uninspiringly average (as with many established banks)- you'll find cheaper, faster service elsewhere. Fair products for graduates and career development; but if you want a holiday or a new car, try somewhere else first.

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

  Monthly Repayment APR
£3000 across 2 years £141.00 12.5%
£5000 across 5 years £104.58 9.7%
£10000 across 7 years N/A N/A

The Royal Bank of Scotland loan service is shared with other names like NatWest and Clydesdale (or Coutts if you're posh!) A broad range of services include secured as well as unsecured loans, graduate loans which attract a fixed low interest rate and career development loans for vocational training.

But the Royal Bank of Scotland loan rates are by no means the most competitive (around 2% above what you could find elsewhere) and you can only borrow between £2000 and £15,000. As an aside, we found the Royal Bank of Scotland loan calculator fiddly to use, and it didn't always work.

The "Loanguard" payment protection policy is average- it covers most reasons for loss of income, and kicks in after 30 days incapacity. Even further advances secured on your home are fairly inflexible (pretty much the same as a second mortgage). At 8.1%, the lowest possible typical rate is still 0.2% higher than some online lenders can offer for even very small borrowing amounts.

If you are looking to fund career or graduate development, The Royal Bank of Scotland loan could be worth it- you may even get an interest rate subsidised by the government; but you should still shop around.

All in all the Royal Bank of Scotland loan is uninspiring, and probably only of interest if you're already a savings or mortgage customer.