Loans FAQs

1. How much can I borrow?

Loans are available from £3,000 to £25,000 subject to individual circumstances.

2. How quickly do I get a decision?

In most cases we give you an instant decision, although we may sometimes require further information before we can complete your application.

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3. How quickly do I receive the money?

If successful, a cheque along with your loan documents can be delivered within 24 hours if you select our optional courier service. Delivery may take longer in outlying areas or for evening or weekend applications. If you choose the optional courier service a £50 fee will be payable before your first monthly repayment. Non couriered documents are sent in the post and must be signed and returned to us before we can release the funds to you.

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4. What does 'Typical APR' mean?

This is the APR at or below which we expect an average of 66% of customers to receive a loan when applying, as a result of the advertisements on this website.

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5. How long can I take the loan over?

You can repay the loan over a period of between one and seven years. Repayments commence after the first three months, this means if you repay your loan over seven years, the loan term will be seven years and three months.

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6. Are there charges if I repay the loan early?

If your loan is regulated by the Consumer Credit Act 1974, you can settle your loan agreement at any time by giving us written notice and paying us the amount you owe under the loan which may be reduced by a rebate. If you have opted for our no early settlement fee loan there are no charges for repaying the loan early.

If you have taken out payment protection insurance, provided that you have not made a successful claim, you may also be entitled to a part refund of the premium. This will not be calculated on a strict pro rata basis. This is to take into account the cost of insurance during the early part of the loan whilst the balance is highest and the risk of an extended claim is greatest. For an illustrated example please refer to the General Provisions section of your policy conditions. If you want to cancel your cover please write to Bank of Scotland at the Customer Services Department Premier House, City Road, Chester CH88 3AN.

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