Loans

A loan could be a useful way to help cover the cost of a large expense

 

Coutts Loans could be used to borrow a specific amount in GBP on a sole or joint basis over an agreed term, between 6 months and 25 years. You need to be over 18 and a UK resident to be able to apply for a loan online. The minimum term on a loan is 6 months and maximum term you can apply for online is 10 years and we only offer sole loans currently, to apply for a Loan over a 10 year term or on joint basis, please contact your private banker. 

Representative 10.2% APR (variable)

This rate is available for loans between £5,000 and £150,000. Other loan amounts are available at alternative rates. Our rates depend on the term of the loan, amount of the loan and your circumstances. The loan rate may differ from the Representative APR. We also charge an arrangement fee of 1% of the loan, the minimum charge is a £50 fee. 

 

Representative example:

  • Borrowing amount £50,000
  • Over 36 months
  • Monthly repayments £1,591.99
  • Total repayment £57,811.56
  • Representative 10.2% APR (variable, Annual Percentage Rate)
  • Interest rate 9.09% p.a. (variable, 4.34% Above Coutts Base Rate)
  • Arrangement fee: £500

 

Credit subject to status. Exclusions may apply. Criteria apply. Over 18s only.

It doesn’t take long to apply for a loan and, should your application be approved, you will be able to e-sign your agreement.


You will have 14 days to withdraw from the agreement. If you do wish to withdraw from your loan during this time you must repay, no later than 30 calendar days after giving notice of withdrawal, the total loan amount (this is the amount we paid into your account) and the daily interest that we charge, both can be found in the Loan Agreement.

While Coutts offer a range of Loan options in a range of currencies and products, our digital proposition will only offer variable rate loans on a repayment basis with payments collected on a monthly basis.

We may conduct hard credit searches as part of your application should your application be reviewed. We may also use and share your information with credit reference agencies if your application requires validation. All applications are subject to status and assessment.

 

For further information on our other loan products, please contact your Private Banker.

 

Loan

Credit subject to status. Exclusions may apply. Criteria apply. Over 18s only.

The interest rate on the loan is variable, we charge a percentage over our Base Rate. As the interest rate is linked to our base rate, the monthly repayments will change if there is a change in our Base Rate, we will let you know if the repayments change. Full details will be in your Loan Agreement.

What features can you apply for digitally?

For all digital applications, we only offer new loans. This means that if you want to make any changes to an existing loan then please contact your Private Banker.

By proceeding to apply for a loan digitally, the following features will apply:

  • We only offer Sole Loans
  • All loans are on a repayment basis, and payments are collected monthly
  • We only offer a variable rate product
  • The maximum term you can apply for is 10 years

The following features are not available when you apply for a loan online:

  • A Joint Loan
  • An Interest Only Repayment option
  • Other Repayment schedules that aren’t monthly
  • Borrowing for the purpose of Debt Consolidation
  • A Term longer than 10 Years
  • Staged Drawdowns
  • A Fixed Interest Rate
  • Borrowing for the purpose of enhancing home energy efficiency

If you require any of the above or want to discuss your borrowing options, please contact your Private Banker.

Find out more about our other loan options or contact your Private Banker for further information and to discuss your needs.

You can apply for a loan through our digital services.

HOME ENERGY IMPROVEMENT

Are you borrowing to enhance the energy efficiency of your home?

If you are borrowing for one or more of the following purposes, you could be eligible for a refund of your arrangement fee, up to £500.

 

LIST OF ENERGY EFFICIENT IMPROVEMENTS

For every successful fee refunded, we will pledge to plant 10 native UK trees with The Conservation Volunteers.

To find out more and discuss an application, please speak to your Private Banker.

Full terms and conditions can be found here.

Frequently asked questions

Understanding loans

 

  • What is a personal loan?

    A personal loan is an arrangement to borrow money over a fixed term. You will then repay the loan back, with interest, in monthly instalments for the length of the loan.

  • Who can apply for a Coutts Loan digitally?

    • You are aged 18 or over
    • You are resident in the UK
    • You are in paid employment, or have a regular income
    • You do not have a history of bad credit (County court judgements or defaulting on debts)

  • What can I use the loan for?

    Loans can be taken out for a number of reasons such as buying a car, home improvements, household goods, going on holiday, wedding, or need extra cash to cover an unexpected emergency. However, we do not lend for the purposes below:

    • Buying or putting down a deposit on a property, static caravan or land
    • Household bills, rent or mortgage payments
    • Debt consolidation
    • Car tax
    • Business purposes
    • Court or solicitor’s fees
    • Tax avoidance arrangement
    • Payment in arrears
    • Gambling
    • Buying shares or other investment funds
    • Land refinancing purposes
    • Any illegal purposes

  • How do digital loans work?

    You must submit an application through our digital services and receive approval from Coutts to get a loan. After approval, you will receive a lump sum based on your approved amount. You will then repay the loan back, with interest, in monthly installments for the length of the loan.

  • What are the interest rates on your loans?

    The interest rate of your loan is personal to you and will depend upon a number of factors including the amount borrowed, the term of the loan and your personal circumstances. To find out how much your loan will cost you can get a personalised quote by applying for the loan online, which won't affect your credit rating. This puts you under no obligation to proceed with the loan but will enable you to see how much you could borrow and what it may cost.

  • How much could I borrow?

    You could borrow as little as £1,000 for a variable rate loan and a maximum of £150,000 through the digital journey (subject to application and status). For anything more than this, please contact your Private Banker to discuss your needs.

  • Can I get a loan if I have a bad credit history?

    Having a CCJ or having been declared bankrupt will not prevent you from applying for a Loan, we will assess your application, please discuss your needs with your Private Banker.

  • Can I get a loan if I am not drawing an income?

    We will assess your application based on your circumstances; we may require further information.

  • Are there any fees and charges?

    We charge an arrangement fee of 1% on the loan amount (£50 minimum).

  • What is the difference between a secured and an unsecured loan?

    With a secured loan, Coutts will ask for something such as your home as security, in case you can't pay the loan back. Personal loans are unsecured, so you're not asked to provide anything as security and is available to apply for digitally.

  • How is a Loan different from credit card debt?

    Coutts Loans have a fixed repayment term. Credit cards often have higher variable rates that may change from time to time and have no set repayment term.

  • What is Representative APR?

    APR stands for Annual Percentage Rate. APR is a way that lenders show the interest and additional charges you will pay on what you're borrowing. A representative APR is an advertised rate that is presented in a standard way. It allows you to compare and contrast borrowing costs between different lenders.  When a representative APR is promoted, it means at least 51% of people take out a loan of a particular size from a lender who will be given this rate or lower.

    Things to keep in mind about representative APRs:

    • They change depending on the loan amount
    • Just because a lender has a low or high representative APR, it doesn't mean they'll offer you the best rate
    • The rate you're offered won't necessarily be the same as the representative APR.

 

Applying for a loan

 

 

managing your loan

 

  • Can I borrow more if I need to?

    Currently, you cannot borrow more on an existing loan.

    If you are looking to apply for additional borrowing, please contact your private banker.

  • Can I repay my loan early?

    Yes, you can pay off your loan early. Please call Coutts 24 on 020 7957 2424 to make overpayments on your loan with no early repayment charges.

  • What will the monthly repayments be on my loan?

    Your monthly payment is a combination of principal and interest divided evenly into monthly installments over the term of your loan. If you are unsure of what your payment amount is, it is available as part of your account details in your online or mobile banking profile. Your monthly payment will also be referenced in your loan agreement. As the interest rate is linked to our base rate, the monthly repayments will change if there is a change in our Base Rate, we will let you know if the repayments change. Full details will be in your Loan Agreement.

  • How can I see details of my loan?

    Your loan will be available to view on your banking app/online banking profile. Details of your loans are also available in your loan agreement.

  • How do I withdraw from my loan?

    You have 14 days to withdraw from the agreement. If you do wish to withdraw from your loan during this time you must repay, no later than 30 calendar days after giving notice of withdrawal, the total loan amount (this is the amount we paid into your account) and the daily interest that we charge, both can be found in the Loan Agreement.

  • How do I repay my loan on a monthly basis?

    Your loan repayments are taken monthly by Direct Debit from your nominated current account. If you need to change the account, we take the funds from, please contact Coutts 24.

  • How do I make additional payments into my loan account?

    If you wish you make an overpayment, please contact Coutts 24.

  • What should I do if I am unable to make a loan payment on time?

    If you are unable to make a loan payment on time, please contact Coutts 24 or your private banker.

  • I need extra support – accessibility

    We are committed to tailoring your support to your personal needs. Please contact Coutts 24 on 020 7957 2424 for further assistance.