Royal Bank of Scotland

Taking a new loan when you already have existing debts is not a decision to be taken lightly.

If you don’t do your research, you could end up in a deeper hole than where you started.

Choose loan options carefully

You need to look at your existing debt and evaluate whether getting a new loan will be beneficial to your individual situation. For instance, your new loan may have a longer-term or higher rate which means you’ll end up paying more. Thus, take the time to visit your local branch and speak to one of our financial advisors or call us and we’ll assist you in deciding whether or not this option is the best one to take.

Remember, a consolidation loan will not erase your existing debt but rather, it will help you gather it all up into a more manageable package.

Loan rates

Whether you are a new or existing customer, the rate will be the same. Your rate is dependent on the amount you wish to borrow as well as the circumstances unique to you. However, our rates will never be more than 29.9% p.a.

Simple application process

The application process is quick and easy. Apply online and if possible, we’ll give you an instant decision. You can also apply over the phone or visit one of our branches for assistance.

To be eligible for a loan, you need to be 18 and over, be an existing current account holder (for at least 3 months), have a credit card or mortgage (for at least 6 months)and be a UK resident. Borrow from £1,000 to £50,000 for up to 5 years. Alternatively, if you borrow from £7,500 upwards, you can borrow over an extended-term period of up to 8 years.

The amount we can lend you depends on our full assessment of your personal circumstances. We understand that you are in a difficult position- hence you have made the application- therefore during our assessment, we’ll always be reasonable and fair.