Monthly Repayment Loans - Royal Bank of Scotland

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Monthly Repayment Loans

Everything you need to know about monthly repayment loans

Borrow between £7,500 and £19,950 at our rate of 

Representative 3.4% APR  

Other amounts available at alternative rates. Our rates depend on your circumstances and loan amount and may differ from the Representative APR. To apply, you must be 18+ and a UK resident with either a Royal Bank of Scotland current account (held for 3+ months), credit card or mortgage (held for 6+ months). Credit card and mortgage customers must apply online or by phone.

Monthly repayment loans

A monthly repayment loan allows you to spread out your payments over a period of time to help you afford the things you need right now. Repayments for the amount you borrow will be split over an agreed number of months, so you’ll have a clear idea of how much you’ll be paying back each month.

Representative Example

Representative APR: 3.4%
Loan Amount: £7,500
Duration of the agreement: 5 years
Total amount payable: £8,155.20
Monthly repayment: £135.92
Interest rate:       3.40% p.a. (fixed)

Paying back your loan

How much you pay back each month for your Royal Bank of Scotland loan and the length of time over which you’ll be making the repayments can vary. Online tools, such as our Loan Calculator can be used as a guide to help you work out which loan is right for you and your own personal circumstances, as well as how much you can expect to pay back each month.

The amount you pay back each month will depend on the length of time over which you’ll be repaying your loan, as well as the amount borrowed. The shorter the lending period, the less you will pay back overall, but the higher the monthly repayments will be.

For example:
If you were to borrow £3,500 and pay it back over 3 years, you would be paying £127.04* every month. With the interest that would be added over this time, the total amount payable would add up to £4,573.44.

If you were to borrow the same amount, £3,500 over a longer period of 5 years, you would be paying £89.43 each month, with the total amount payable adding up to £5,365.80.

* Representative 19.9% APR
Interest rate 19.90% p.a.(fixed)

The minimum term is 2 years and the maximum term over which you can pay the loan back varies between 5 years (60 months) and 7 years (84 months). In some cases, home improvement loans over £2,500 may be extended to a term of up to 10 years. You can borrow a minimum of £1,000 and up to maximum of £50,000.

A tool such as our Budget Calculator can help you work out how much you can afford to pay back each month so you can get the loan best suited to you.


Missed monthly repayments

If you miss one of your monthly Royal Bank of Scotland loan repayments, you may be charged a late payment fee. In the event that you do miss a payment, your credit score could be negatively affected and this, in turn, could affect any future applications for credit.

It may be possible to extend the term of your loan if you are unable to keep up with monthly repayments. This will lower the monthly repayment but will increase the total amount payable overall due to the added interest.


Making early repayments

You may pay off part or all of your loan at any time, but you may incur fees for doing so. These fees can include any interest you already owe as well as up to 58 days interest on the amount that you pay early. In the case that you make an additional payment, you will still be required to continue to pay your monthly repayments. 

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