Bank of Scotland currently offers an extensive range of personal loans for all purposes, alongside a more limited catalogue of secured loans. Interest rates as low as 3.9% APR are advertised for personal loans over £7,500 for up to five years, with secured loans typically being limited to mortgages. Loans which are, of course, secured on the property itself, are available for up to 85% of the total property value.
If interested in applying for a secured loan for a different purpose, we can help. By comparing major lenders like Bank of Scotland and dozens of independent specialists across the UK, we’re able to access exclusive deals on secured loans for all purposes. So whether you’re looking to borrow a small amount to meet an urgent expense or planning a major purchase of any kind, we’re standing by to offer our full support.
The vast majority of loans available from Bank of Scotland fall into the category of personal loans. These are the kinds of loans that are available with no specific collateral required, but are typically available in smaller sums. Your personal circumstances and requirements will determine which represents the better option, but there are nonetheless key differences to take into account.
For example, you will need collateral to cover the loan amount, if looking to take out a secured loan. The good news being that if you have the required collateral available, it can be significantly quicker and easier to organise the loan. Precisely why secured loans are typically turned to when time is a factor – personal loans taking significantly longer to process.
Another area in which secured loans and personal loans differ is credit ratings. If you’re looking to apply for any financial product from a major lender like Bank of Scotland, you’ll be expected to have a reasonably impressive credit score. If not, your application will not be taken any further. By contrast, credit scores are typically inconsequential with secured loans. The reason being that just as long as you have the required collateral to cover the loan, your credit score is unimportant.
It’s also perfectly possible to access much more competitive rates of interest with a secured loan. Particularly in instances where the collateral provided exceeds the value of the loan itself, borrowing costs can be kept to absolute minimums. Again, this is entirely dependent on if and the extent to which you can provide collateral to cover the loan value. If collateral is out of the question, you may be restricted exclusively to more conventional personal loans.
As a fully independent broker, we’re able to provide our customers with exclusive access to an extensive range of borrowing options. We work closely with dozens of dynamic lenders across the UK, carefully considering all available loans in accordance with our clients’ requirements. This way, we’re able to tailor the services we provide to meet the budget of any borrower.
Contact the team at UK Property Finance today for more information.