Whenever you need to borrow money to overcome a shortfall in your finances, the very first step is deciding how to do it. You might think of a home equity loan or credit card, but a personal loan is the best choice for so far. It is the fairly quickest and easy way to get instant money without any collateral. And Royal Bank of Scotland is the best available option to get a RBS personal loan. It is one of the oldest banks that play a massive role in building the country and helping others reach their financial goals. 

So if you want to renew your home, buy a dream car, consolidate debt, or spruce things up with some DIY, RBS is here to help you. They offer straightforward, competitive loans with easy repayment methods. 

Requirements of RBS personal loans:

RBS personal offer loan rates start from £1,000 to £50,000 with a specific repayment period of 2 to 10 years. Plus, their representative APR starts from 3.9%, which is relatively less than the other competitors. However, the final rates depend on the financial circumstances of the customers and the amount they borrow. 

Besides, there are few things to consider before the customer applies for a loan at RBS. RBS offers different ranges of APR. Suppose you borrow an amount of £7,500 with a loan term of over 60 months, your representative APr will be 3.9%, according to the RBS interest rate. Or if you borrow £50,000, your APR will rise to 6.9%, and with £3,000, it will be 16.9%. Thus the more the amount you borrow, the lower your APR will be. However, the maximum APR customer can receive is 29.9%. 

Consider a representative example:

If you borrow an amount of £23,150 for home improvement over the loan term of 4 years, your representative APR will be 4.9%, according to the fixed interest of 4.90%. You will have to repay a total amount of £25,484.64 with monthly increments of £530.93. But again, the total repayable amount and representative APR will be subject to change according to your credit score and financial circumstances. 

How to Apply for a loan?

You can apply for a personal loan either online or in-person to the nearest Royal Bank of Scotland branch. Applicants need to be over 18, have a good credit score, be a UK resident, and have a Royal Bank of Scotland bank account, credit card, or mortgage. Plus, the applicant also was responsible for money and didn’t have any declared bankruptcy in the past six years. Once you applied for the loan, RBS did a soft credit check which didn’t affect your credit score and provided instant approval. Once your application is approved, you will get funds transferred to your account within two working days. 

Here you see how it is pretty easy and straightforward to get a personal loan from RBS. Plus, they also offer short-term personal loans. So if anybody doesn’t want to make a big purchase or is looking for a small loan, RBS is still here to help you. Whatever it is a home renovation, dream car, or debt consolidation, overcome your financial shortfall with RBS personal loans.