Whether you want a loan to consolidate debt or want to go on holiday you may have been wondering if an RBS loan is the right option for you.
RBS Loan features:
- Borrow between £1,000 and £25,000
- Repayment terms available from 1 to 7 years
- Home improvement loans over £2,500 can be repaid over 10 years
- Apply and online before 5:55pm and it’s possible to be paid the next day
Please note the actual amount you will be able to borrow from RBS is dependent on an assessment of your credit score and individual financial circumstances, this assessment will also affect the APR a lender can offer you.
No matter how big or small of a loan you want you should always try to get the best deal you can as a loan is a large commitment. Remember that RBS is just one lender of many. You can use the calculator tool on this site to compare over 200 different loans from over 20 lenders; this can give you an idea of your options to help you decide what the best choice for you is.
If you want to borrow a large sum of money and you own your own home a ‘Homeowner loan’ may be an option for you, homeowner loans typically allow borrows to take out loans of up to £250,000 from a lender. This is because you put your home up as security on the loan so lenders are more willing to loan you more.
The actual amount you can take out is influenced by the market value of your house as well as your credit history.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.
Things to think about
When you are thinking of taking out a loan of any sort you should consider if you have any other options that may be better suited for your situation. If you have any savings for example it may be better to use them as the interest you repay on a loan may be higher than interest you earn from your savings.
There are also other types of borrowing such as authorised overdrafts and credit cards you might wish to consider.