Bank of Scotland offers cheap loans to customers applying online for borrowing of between £7000 and £25000. These personal loans are fixed in interest for the life of the loan and can be taken for any duration between two and seven years.

Bank of Scotlands so-called smaller loans are available between £1000 and £6999 and come with a higher APR. The period over which you must repay the loan is also shorter at between one and five years.

Again the interest rate is fixed for the chosen term of the smaller unsecured loan and no repayment is required during the first three months - although interest starts to be charged as soon as the loan is completed. Borrowers will receive an online instant decision and according to the Bank of Scotland it takes just 10 minutes to apply. Once agreed funds are then delivered into your bank account within 24 hours.

Whether you opt for the personal loan or smaller loan - which both constitute unsecured lending - Bank of Scotland offers optional payment protection insurance PPI. If you require this insurance you can chose from three levels of cover.

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2009-03-03 09:28:11 © Moneyextra.com