RBS Loans Review | www.rbs.co.uk

RBS Loans

About…
Address: Freepost, PO Box 594, Chatham, ME4 9DP.
Branding: RBS Loans. AKA: The Royal Bank of Scotland Loans.
FCA Licence: 176720.
From: The Royal Bank of Scotland Group Plc.
Launched: 1727.
Memberships: Non.
Related: NatWest, Ulster Bank.
Website: www.rbs.co.uk.

Loan Details…
Available: Monday to Friday (8am/8pm), Saturday (9am/6pm).
Bad Credit Considered: Fair-to-good score required.
Manage: RBS login provided via www.rbs.co.uk.
Offers: Personal loans.
Sums: £1000 to £25,000 (new and returning) | £35,000 max (in-branch).
Terms: 12 to 84 months (120 for home improvement).

The Pricing…
£125.72 /£1000 (12) £250.40 (24)
£208.64 /£10,000 (12) £403.76 (24)

Notes: Headed rates are 24.9% (1k) and 3.9% (10k). If you want more funds than the £25k threshold then you’ll need to head to a branch. Only existing current account holders qualify and so a switch would be required for outsiders. One benefit of this exclusivity is that the funds are cleared by the next working day for online banking users. With no access, it may take a week before the money is available. The logins are actually served at www.rbsdigital.com.

Noteworthy…
– Amounts: £25,000 itself is a sizeable sum and the potential is there to head up to £35,000.
– Branches: There are 700 or so branches. Many of these are found in Scotland although they have spread across England in many prime areas. It was actually a surprise to not see a larger network than 700. NatWest has more than double this tally at 1600.
– Experience: This is certainly one of the most historic names in the world of banking. Their story began in 1727 that was also when the larger Group itself was formed.
– Operations: Support is available throughout extended times of 9am to 6pm on Saturdays, but there is no support on Sundays. A dedicated Twitter account has however been created that is claimed to be available around the clock (@RBS_Help).
– Ownership: At one time the world’s largest bank. The government majority-owned banking force (through the UKFI) was however smashed during the financial crisis and they have struggled to keep up with their rivals who all make up the Big Four. Across the globe they do however control a sizeable customer base of 24 million.
– Profile: Of this global 24 tally, there are around 17.5 million in the UK. NatWest has 7.5, Ulster has 2 and so there should be close to 8 million through this central banking arm (we assume 14.5 worldwide). Whilst they do edge out National Westminster for users, they have a much smaller branch network and their loans aren’t as popular (based on Google keyword data studied). Since the financial crash there has been some further controversies that hasn’t helped their cause. You do wonder if they’ll ever manage to recapture the magic and one day become the best of British again.
– Terms: An RBS loan can be taken over as long as 84 months (7 years). If the borrowing purpose is home improvement then the repayment can extend to 120 months (10 years).

Updates…
– Rate change. Was 22.9% (1k) and 4.9% (10k). Now 24.9% and 3.9%.

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