Loans and Borrowing - Common Questions - FAQ - RBS

Couple researching information about personal loans

Common questions

Royal Bank of Scotland loans

Borrow between £7,500 and £19,950 at our rate of 

Representative 3.4% APR  

Other amounts available at alternative rates. Our rates depend on your circumstances and loan amount and may differ from the Representative APR. To apply, you must be 18+ and a UK resident with either a Royal Bank of Scotland current account (held for 3+ months), credit card or mortgage (held for 6+ months). Credit card and mortgage customers must apply online or by phone.


Icon expand Who can apply for an Royal Bank of Scotland personal loan?

You’ll need to be:
18+ and a UK resident with either a Royal Bank of Scotland current account (held for 3+ months), credit card or mortgage (held for 6+ months).

You can apply to borrow any amount from £1,000 to £50,000.

It’s also good to know that our rates are the same for new and existing customers.


Icon expand What can I borrow money for?

You can borrow for almost any purpose. If you're planning to use the loan for more than one purpose, simply select the purpose that will take up more than 50% of the loan. For example, if you're borrowing £11,000 split between a car for £6,000 and home improvements for £5,000, you should select 'Car' as the purpose of your loan. If no single purpose accounts for 50% or more of the loan, please select the purpose that describes the main reason for the borrowing. 


Icon expand How soon will I receive my money?

Already a Digital Banking customer? The money could be in your account the next working day. To do this, you’ll need to apply online, enter your Online Banking details and meet our credit requirements.

Even if you’re not registered for Digital Banking – you can still apply online. Subject to agreement, we’ll send your documents by post – these typically arrive within 3-5 days. Simply check, sign and return the documents to us. The funds could be in your account within two days, provided your application is successful.


Icon expand What can I include as "income" when completing the application form for my online loan?

You should add up all your monthly earnings. You can include:
- Salary (after tax)
- Pension
- Disability Living Allowance

You can also include:
- Court-agreed child maintenance
- Long-term town, housing, or shift allowances from your employer
- Child Tax Credit
- Working Tax Credit (if it's not already included in net salary)
- Under 'Other monthly income' you can include child benefit, any other state benefits and any other net (after tax) regular income you receive.

If you declare income that's not shown on your Royal Bank of Scotland current account, we may ask for additional confirmation. 


Icon expand What happens once I have applied online?

Following your online submission:

- We'll print the loan agreement and send it to you as soon as we can (usually the next working day).

- Once you receive your agreement, please sign and date it where specified and send it back to us in the envelope provided. If we've asked for confirmation of identity, income or other documents, please be sure to enclose the original documents. We will return these to you.

Once we've received your signed agreement (including all the supporting documents we requested), we will usually process your application within two working days. However, we may need to contact you to clarify details in your application - if so, we'll phone or write to you within two working days.

Once we've processed all your documents, we'll transfer your loan funds into the Royal Bank of Scotland account that you've specified on your application.

Please note: your application remains an agreement in principle (rather than our final decision) until we've completed our credit assessment process. We may also need to contact you for further information to support your application. If this is likely to affect our final decision or the timing of our final decision, we'll contact you to let you know.

If you wish to speak to someone about your application

If you have submitted an online application for a personal loan and would like to enquire as to the status of your application, please call us on the number below.

Please call 0800 121 121. Minicom: 0800 404 6161.

Monday to Friday 8am to 8pm, Saturday 9am to 6pm (excluding public holidays). Calls may be recorded.


Icon expand I have other credit accounts with you, why have you refused my request this time?

Your individual circumstances change over time. Our assessment takes into account any current information that is available to us. It may, therefore, be inappropriate to offer you additional credit on this occasion. 


Icon expand Can I appeal against your decision?

Yes, although we cannot give any assurances that our original decision will be overturned. You should support your appeal by providing any additional relevant information that was not taken into account at the time of our original decision. Full details of our appeals procedure can be obtained from your local branch. 


Icon expand How can I improve my credit score?

It's important to understand your credit score and what affects it. Having a good credit history, paying bills on time, not missing payments and not applying for credit regularly will all help give you a good score. Each lender has its own system. But generally these things can improve your score

- being in the same job for a long time
- owning your home
- having lived at the same address for a while (a year or more)
- being on the electoral roll


Icon expand What are the differences if I am self-employed?

If you work as a contractor, are a sole trader, work under a partnership, are a director/owner of a limited company or are a member of a limited liability partnership you are still able to apply for a loan providing you are 18+ and a UK resident with either a Royal Bank of Scotland current account (held for 3+ months), credit card or mortgage (held for 6+ months).

As a responsible lender we will need to ensure that you are able to afford the monthly loan repayments. To do this we will need to see evidence of your income and review the on-going performance of your business.

To do this you will need to provide the below
• Last 2 years finalised accounts
- Where the latest accounts are more than 12 months old, then confirmation of performance, in the intervening period should be obtained from an independent source e.g. accountant, auditor
- If you own more than one business please provide the accounts for all of these
• If accounts are not available, please provide the last 2 years Self-employment SA302 Tax Returns

In some circumstances we may require additional information

If you are a contractor you will also need to provide

• Evidence of a history of employment over the past year
• Evidence that a contract for further work is in place

When you complete your loan application form, the income figure you provide must match that on your Tax Return Form, SA302 or detailed in your finalised accounts. If you haven’t received a paper copy of your SA302 from HMRC it can be printed online.

Royal Bank of Scotland loans
Set Tab for lightbox