Bank of Scotland Loans Review | www.bankofscotland.co.uk

Bank of Scotland Loans

Last Update: June 10th, 2016

About…
Address: PO Box 23581, Edinburgh, EH1 1WH.
Branding: Flexible Loan. AKA: Bank of Scotland Loans, BOS Loans.
FCA Licence: 593292.
From: Lloyds Banking Group Plc.
Launched: 1695.
Memberships: Non.
Related: Black Horse, BOS (Fin), Halifax (Fin), Halifax (Loan), Lloyds (Fin), Lloyds (Loan).
Website: www.bankofscotland.co.uk.

Product Details…
Bad Credit Bank of Scotland Loans Available?: No.
Manage: Bank of Scotland login provided via www.bankofscotland.co.uk.
Offers: Personal loans.
Opening Hours: Monday to Friday (8am/10pm), Saturday (9am/6pm), Sunday (9.30am/5.30pm).
Sums: £1000 to £25,000 (new and returning).
Terms: 12 to 84 months.

The Pricing…
£149 /£1000 (12).
£298.40 /£1000 (24).
£261.56 /£10,000 (12).
£506.96 /£10,000 (24).

Notes: Must hold a BOS account of at least 3 months to qualify. APR figures displayed are 29.9% and 4.9%. An instant decision and immediate funding follows. If you apply at a branch or by phone then documents will have to be signed off. The correspondence address has been displayed above. This looks to be in the same building as the head office (The Mound).

Noteworthy…
– Amounts: There are many shared characteristics to the Halifax loan. This includes the top £25k sum and the repayment terms.
– Branches: A Lloyds page highlighted there being 294 BOS branches. This doesn’t include the dozen or so that have been closing across 2016. Whilst the tally is small compared to their fellow brands, they are of course all bunched closely up North.
– Efficient: Quick payouts are processed between 9am and 8.30pm. Switching for newcomers wouldn’t work out since there is that 3 month delay. Once joined up, the handy BOS login enables you to view your statement, make additional payments, get an early settlement quote, pay off early or even apply for a repayment holiday.
– Experience: One of the UK’s oldest surviving banks. Their formation in 1695 was just a year after the Bank of England was established. This was one of the first European banks to print their own banknotes. The acquisition from Lloyds came in 2009. As the structure stands today, Halifax is a subsidiary.
– Extra-Features: The added flexibility of this product extends to the option of a repayment holiday for qualifying customers. Not much details are provided on the ins and outs.
– Operations: The times headed are for new applicants. For ongoing support there are differing times depending on your agreement digits. The most common one is Mon/Sun (8am/10pm).
– Ownership: A division of the Lloyds Banking Group who for market cap are the UK’s second largest, sitting behind HSBC. It is not clear why Halifax has been composed as a subsidiary of BOS (alongside many other companies as seen on their licence page). This may have to do with the sharing of The Mound head office with LBG.
– Profile: This is a prominent banking brand with a historic past. They have played second best to RBS in their home country. This has been a fierce rivalry with each in the early years setting to drive each other out of business. More recently a further Scottish challenger has come through the ranks in Clydesdale. The support of the LBG may help BOS to pose a greater edge in the future. As it stands, they have 2.8 million customers.
– Terms: A wide spread of repayments can be selected between 1 and 7 years.

Updates…
– APR (10k) increased to 4.9%. This has jumped up from 4.4%.
– Times updated.

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