Finance Choices
Royal Bank of Scotland Personal Loan
Royal Bank of Scotland Personal Loan
By the end of 2002, Royal Bank of Scotland was listed as the second largest bank in Europe. It was originally founded in Edinburgh in 1727. Since the 1920s it has developed, by acquisition, a major presence in England and a wide range of products and services. Following the takeover of National Westminster Bank in 2000, the Group has continued to grow its business around the globe and has offices in Europe, the USA and Asia.
Highlights of the Royal Bank of Scotland Personal Loan
Loanguard Insurance is offered with the Royal Bank of Scotland loan. This is known as payment protection insurance, which protects you against being unable to pay your bills. There is no minimum income required for eligibility. Joint applications are allowed, which not all loan providers make available.
Things to consider about the Royal Bank of Scotland Personal loan
If you think you?ll be in a position to repay your loan early, be aware that this will incur an early repayment penalty (a fee you have to pay on top of your loan). This amount differs from supplier to supplier, so ensure you take this charge into account when comparing loans.
Summary
The Royal Bank of Scotland Personal loan shares a trend with many banks of not offering the best rates because they don't have to- enough people already have accounts and fail to shop around for them to get good business. Even the site is hard to use. So except for their graduate products, shop around among the online services and get a better deal. To find out more and apply visit the RBOS loans website below, or alternatively visit the Finance Choices loans guide for other personal loans in the UK.
Royal Bank of Scotland
Finance Choices loans guide
By the end of 2002, Royal Bank of Scotland was listed as the second largest bank in Europe. It was originally founded in Edinburgh in 1727. Since the 1920s it has developed, by acquisition, a major presence in England and a wide range of products and services. Following the takeover of National Westminster Bank in 2000, the Group has continued to grow its business around the globe and has offices in Europe, the USA and Asia.
Highlights of the Royal Bank of Scotland Personal Loan
Loanguard Insurance is offered with the Royal Bank of Scotland loan. This is known as payment protection insurance, which protects you against being unable to pay your bills. There is no minimum income required for eligibility. Joint applications are allowed, which not all loan providers make available.
Things to consider about the Royal Bank of Scotland Personal loan
If you think you?ll be in a position to repay your loan early, be aware that this will incur an early repayment penalty (a fee you have to pay on top of your loan). This amount differs from supplier to supplier, so ensure you take this charge into account when comparing loans.
Summary
The Royal Bank of Scotland Personal loan shares a trend with many banks of not offering the best rates because they don't have to- enough people already have accounts and fail to shop around for them to get good business. Even the site is hard to use. So except for their graduate products, shop around among the online services and get a better deal. To find out more and apply visit the RBOS loans website below, or alternatively visit the Finance Choices loans guide for other personal loans in the UK.
Royal Bank of Scotland
Finance Choices loans guide
posted by Barbara Gordon at 8:37 AM
Royal Bank of Scotland Personal Loan
6 Comments:
So you're looking for a loan. You might be consolidating existing debts like credit cards or store cards, in which case your only real concern is the interest rate. But the Royal Bank of Scotland Personal Loan rates are by no means the most competitive (around 2% above what you could find elsewhere); furthermore you can only borrow between £2000 and £15,000, which is an unimpressive range.
But what if this is a holiday or home improvement loan- things where extras and flexibility might be more of an advantage, or you're borrowing a large sum? Even further advances secured on your home are fairly inflexible from RBOS and the product offers no benefit over a second mortgage (in which case stick with your existing mortgage lender). There are no flexible account options or payment holiday options and the "Loanguard" payment protection policy is nothing to write home about either. The point is, whilst some benefits offered by lenders may be immaterial or inappropriate to your needs; to offer no special deals is plain average.
At 8.1%, the lowest possible typical rate is still 0.2% higher than some other online lenders can offer for even very small borrowing amounts. To clarify- that's like a shop selling cornflakes in bulk amounts at a higher rate than individual portions. We even found the Royal Bank of Scotland Personal Loan calculator fiddly to use.
There's really no excuse- The Royal Bank of Scotland Personal Loan service is shared with other names like NatWest and Clydesdale so there's no shortage of potential customers. The only people who might get an advantage are graduates or persons requiring vocational training loans which attract relatively competitive rates.
In summary, the Royal Bank of Scotland Personal Loan is uninspiring, and too many banks are getting away with sitting on their laurels because their existing customers fail to shop around.
Royal Bank of Scotland is possibly one of the last of the big British bankers to maintain an old fashioned idea of customer loyalty. That means that even if their rates are a little salty, when you've got problems you can still talk to a real person with relative ease. Here are some other reasons why they are worth considering:
? A serious approach to debt and money in general
? A desire to win and then keep customers
? A dogged determination to stay in the game with the other High Street players without becoming too "flash"
? A customer based approach to banking that mean private customers with current accounts can access a whole range of financial products.
As an RBS customer they were the first place I went for a loan. They have a really easy site it is full interactive and they give you an in principal decision there and then. The forms are really easy to complete. They want to know all the usual stuff about you, your job and financial commitments. I didn?t go with them in the end as I got a better deal. This site is well worth a look, and the bonus is you don?t need to be a customer to get a loan online.
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