Bank of Scotland Personal Loan 6.1%APR - Might Not Be Cheapest

gogaz

I have applied for the Bank of Scotland Personal Loan through https://www.moneysupermarket.com. It came up top of the list for my loan amount and payment period.

Particularly good as the terms and conditions say

"Option of no repayments for the first three months." and the product profile says "Deferred Payment Option - Yes" under the loan details.

However - the quote given on Moneysupermarket.com is without the deferred period. If you want to defer it will cost you an extra £200 in interest! or about £2 per month on a £13,000 loan over 5 years. Not much - but it all adds up!

You won't get the proper repayment figure until you speak to one of their advisors.

Yes - a great loan. But check your figures before signing up and compare other offers!

raymo_2

Gogaz,

Thanks for the info, i'm just about to apply myself.

Raymo

raymo_2

Hi Gogaz,

Just got my money through you are correct the first option you are offered is with the deffered payment (cost app. £200) and not to forget the brow beating to buy payment protection Blah! Blah!
Eventually got the figure quoted on the moneysupermarket.

Thanks again for the heads up info.

Cheers

rsykes2000

To be fair to BoS, they are not alone in this. I don't think there's any other company that stops calculating interest when taking payment holidays.