Debt Consolidation Loans

Lots of lenders? Or just one? 

Take control with a loan from Bank of Scotland

Put simply, debt consolidation involves paying off your existing debts with one single loan, leaving you with one monthly repayment. Our loans could help.

We offer an instant online decision on your loan application. In the majority of cases we’ll tell you how much you could borrow and if you’re likely to be approved when you get your quote. This wont impact your credit score.

If you’re looking to borrow money, it’s important that you make the right choice for your circumstances. Other borrowing options may be suitable for your needs.

How much we lend and the rate available are subject to our assessment of your circumstances.

More about our Personal Loan

Money worries?

If you have money worries we’re here to help manage your finances. Talk to us.

Features and benefits

  • You could receive a rate as low as 6.7% APR Representative if you borrow £7,500 – £25,000 over one to five years*
  • Paying off your existing debts with one single debt consolidation loan could save you money, reduce your overall monthly payments, and help you budget more easily. With a debt consolidation loan, you only have one monthly repayment to make
  • Flexible repayment options, where you can make additional payments free of charge
  • Instant money in your account. Apply online to have funds immediately transferred to your bank account between 9am–8:30pm, or before 9am the following day
  • You can manage your loan on Internet Banking
  • Repayment holidays – Once you've made the first monthly repayment on your loan, you’ll have the option to apply for a repayment holiday. You can apply for up to two non-consecutive repayment holidays of one month each, in a rolling 12-month period (subject to approval). Just be aware – even though you won’t need to make your usual repayment during your repayment holiday, we’ll still charge daily interest on your loan. This means you’ll pay more overall, and your loan’s end date will be extended by one month each time.

*Other loan amounts between £1,000 and £50,000 are available at different rates.

Keep in mind

  • Our loans are only available to Bank of Scotland current account holders who've had their account for at least one month
  • Repayment holidays are available if you meet certain conditions. Interest will be charged if you take a repayment holiday, so you'll pay more interest overall and your original term will be extended
  • If you make an early settlement on the Personal Loan, we will charge up to 58 days' interest
  • If you refinance any existing debts you may pay a higher rate of interest or make repayments over a longer term. This means that you may pay more interest overall.

Representative Example

You could borrow Â£10,000 over 48 months with 48 monthly repayments of Â£237.16. Total amount repayable will be £11,383.68. Representative 6.7% APR, annual interest rate (fixed) 6.5%.

This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years. Other terms and loan amounts are available at different rates. The maximum APR you could be offered is 29.9% APR.

The representative APR is the rate that at least 51% of people are expected to receive when taking out a loan within the stated amount and term range.

Feel like you're juggling your finances with other loans, store cards or credit cards?

If you’re an existing customer, you could combine all your borrowings into one manageable repayment, making it easier to budget. To get a personalised quote and apply online, you just need to be a Bank of Scotland customer with a Bank of Scotland bank account (excluding Easycash) held for at least 1 month, be over 18 years old and a UK resident with a permanent UK address (excluding the Channel Islands and the Isle of Man). You can still get a quote and apply if you have a credit card, a mortgage or a loan with us.

  • Before you apply, make sure that you’ve done your homework.

    For example, try adding together the monthly repayments for all your existing debts, and comparing this to a new borrowing quote based on the total amount it would cost to pay off these debts. 

    This could give you an idea whether you can save money, although it’s worth finding out whether paying off any of your existing debts incurs any charges or early settlement adjustment. 

    If you’ve taken out any of our other loans, the amount you agree to repay includes interest that is charged to the end of the loan term. If you make an early settlement we'll reduce the charge for credit you have agreed to pay us which means you wouldn’t have to pay all of the interest. This reduction may be adjusted by up to 58 days’ interest - this is the early settlement adjustment.

    Keep in mind that if you choose to extend your repayments over a longer term, you may pay more interest overall, even if the monthly repayments are lower. Your new loan may also incur a higher interest rate than you are currently paying.

    You may also want to reduce credit limits on, or close, any credit cards or overdrafts that you are paying off with your new loan. This may help you manage your total debt.

    More information on managing debt

    If you've done your research and have decided a loan is the best option for you, a Personal Loan from Bank of Scotland might be able to help you consolidate your debt, and other large purchases you might make.

    Our responsibilities to you

    We'll never encourage you to borrow more than you can afford. To help you get it right, we have lots of help and guidance.

Apply online

Log in to Internet Banking to get a personalised quote. It takes around one minute, and in the majority of cases we'll tell you how much you can borrow and if you're likely to be approved before you apply. This wont impact your credit score.

If you then apply for a loan, we could give you a decision in around five minutes.

Log in for a quote Log in to get a personalised quote and decision in minutes

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