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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.

• Have a Coutts beta account
• 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)

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
• Tax avoidance arrangement
• Payment in arrears
• Gambling
• Buying shares or other investment funds
• Land refinancing purposes
• Any illegal purposes

You must submit an application through our digital services and receive approval from Coutts beta 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.

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.

You could borrow as little as £1,000 for a fixed rate loan and a maximum of £150,000 through the digital journey (subject to application and status). 

Having a CCJ or having been declared bankrupt may prevent you from applying for a Loan, we will assess your application.

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

There are no arrangement fees or other charges on a Coutts beta Loan.

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

Coutts beta 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.

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.

For a minimum term of 2 years and maximum term of 10 years digitally. 

Should your application be approved, you will receive your funds after you have signed and returned the loan agreement. If your application is being reviewed, you will be notified with next steps.

If you have applied for a loan, your application is currently under review and you may be required to provide further information to support your application, you will be notified.

You may need to provide basic employment and income information to apply for a loan. Once we receive the application, we will determine if any additional information is required.

Currently, you cannot borrow more on an existing loan. 

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

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. Full details will be in your Loan Agreement.

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.

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.

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 beta 24.

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

If you are unable to make a loan payment on time, please contact Coutts beta 24.

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

An overdraft lets you borrow extra money through your current account. For example, if you have no money left in your account and you spend £30, your balance would be -£30. This means you’re using an overdraft.

An overdraft is a form of debt and is repayable on demand. Always make sure you have enough money in your current account, or a suitable arranged overdraft limit in place before any payments are due to come out of your account.

It's important to remember that both types of overdraft have associated charges but you'll only pay interest if you use it. To find out how much an overdraft might cost you, you can use our cost calculator. You can read full details of this when you apply for an overdraft.

Typically, you’ll agree an overdraft limit with your bank or lender – this is known as an arranged overdraft.

• An arranged overdraft is when we agree to a limit that lets you spend a bit more money than you have in your current account. This could help you manage your money if you have to cover short-term expenses such as an unexpected bill.
• To find out if you might be eligible for an overdraft, you can use our eligibility tool.

An unarranged overdraft is when you spend more money than you have and you haven’t previously arranged an overdraft limit with us, or you have exceeded your existing overdraft limit.

You can pay off an overdraft at any time, simply by ensuring you have a positive balance in your account.

Unlike loans and credit cards, overdrafts have no scheduled repayment dates. This can make paying off your overdraft a little trickier to manage. We recommend setting targets of how much you want to pay off each month and factoring these targets into your budget.

Using an overdraft could affect your credit score if your account remains inside the overdraft limit for long periods and you don’t pay it back. However, if you pay off your overdraft regularly, this could help to improve your credit rating.