A guide to borrowing.

Borrowing A guide to borrowing. Overdrafts, credit cards and loans. Borrowing options. At times it s good to be able to borrow money. Whether you need a lump sum or a little more flexibility in your monthly
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Borrowing A guide to borrowing. Overdrafts, credit cards and loans. Borrowing options. At times it s good to be able to borrow money. Whether you need a lump sum or a little more flexibility in your monthly budget we can help find the right borrowing solution for you. We offer three lending options, giving you the choice to borrow large or small amounts with repayment terms to suit your circumstances. Overdrafts help you deal with unforeseen costs and help stretch your finances until the following month for greater flexibility and peace of mind. Credit cards offer a simple, flexible way to manage your everyday spending and consolidate balances from other credit or store cards with flexible payment options. Loans allow you to borrow a larger one-off amount, and to budget for regular fixed repayments. Before you borrow. We want you to be comfortable with the amount you borrow and confident about your ability to pay it back. We lend responsibly and want to help you borrow responsibly too. Here are some things to consider before you borrow: What will my commitment be? Can I afford to pay the money back? Are my circumstances likely to change? Will I be able to afford bigger repayments if interest rates rise? Are there any risks? What will happen if I can t pay back what I borrow? What are the important features or benefits? For helpful guidance and support about borrowing options with Bank of Scotland visit us in branch. Or you can find out more online at Overdrafts. Typically used for short-term borrowing for example, when your car service costs more than expected or all your bills arrive at once. An overdraft is where we lend you money through your current account. You can take out money that will be extra to the balance you have in your account, up to a figure agreed with us. You can discuss this with us to find an account and overdraft to suit you. If you have unexpected expenses or things are looking tight an overdraft can help tide you over until your next pay day. There are two types of overdraft. For a Planned Overdraft we agree a maximum borrowing limit with you in advance. Depending on which account you have, you pay a daily fee or a monthly overdraft usage fee and interest on the amount you borrow. An Unplanned Overdraft is where you use more money than you have available in your account without asking us first. These are best avoided because you ll pay more for an Unplanned Overdraft. All our overdrafts are subject to status and repayable on demand. For more information on overdrafts please speak to us in branch. Overdrafts at a glance: Smaller amounts for unexpected costs. A planned overdraft can help you avoid unplanned fees if you go overdrawn by accident and costs nothing if you don t use it. Can help tide you over from one month to another borrowing that s easier to manage if you pay it off promptly. Overdrafts: Lines are open Monday to Friday 8am 10pm and Saturday to Sunday 8am 7pm or visit Credit cards. Typically used for short-term borrowing for everyday shopping such as groceries and petrol, or for larger purchases such as holidays or a television. It can even be used to consolidate balances from other credit and store cards. Our credit cards can help you manage your money by spreading the cost of your everyday spending and providing a secure way to pay. You can use them to buy goods and services, in shops, by telephone or online. As with all credit cards, some purchases bought between 100 and 30,000 have protection through Section 75 of the Consumer Credit Act 1974, meaning, if there s an issue with your suppliers, you may be able to claim a refund from us. Our credit cards also let you transfer balances from other credit and store cards (which you may want to do if you re paying a higher rate of interest on that card). We ll send you a statement each month showing your outstanding balance. You can choose how much of your balance to pay off from the minimum payment to the full balance and you can even set up a monthly direct debit for an amount that suits you. If you only use your card for purchases and you pay your balance in full and on time each month, you will not pay any interest (however if you have transferred balances and aren t in a promotional period or have taken out cash, interest will be charged even if you pay your balance in full). You should also be aware that interest rates are variable and may change. Credit cards at a glance: Flexible borrowing within an agreed credit limit with monthly repayments. Consolidate balances from other higher rate credit or store cards. Manage the cost of everyday spending we won t charge interest on the purchases you make as long as you pay the full balance on time every month. Credit Cards: Lines are open Monday to Friday 8am 10pm and Saturday to Sunday 8am 7pm or visit cards Loans. Typically used for one-off larger items or long term plans such as a new car or kitchen, a family wedding or reorganising your finances. If you are planning to make a larger purchase and don t have all the money you need, then a fixed rate loan can help. It can also provide a simple and cost effective way to manage any existing debts. We lend you a lump sum that you ll pay back in fixed regular repayments together with interest, over a number of years. Your repayments will stay the same making them easier to budget for. To find out what you can comfortably borrow, visit and try out our Quick Calculator. You ll need to keep up repayments on your loan to avoid extra charges. Please be aware that there are alternative lending products such as mortgages that are secured against your home. Loans at a glance: Larger amounts up to 25,000 for one-off purchases or long term plans. Fixed repayments are easier to budget for. Planned long term borrowing at a fixed rate over a number of years. Loans: Lines are open Monday to Friday 8am 10pm, Saturday 8.30am 6pm and Sunday 9.30am 5.30pm or visit Useful things to know when borrowing. APR stands for Annual Percentage Rate. This figure is based on the interest rate, how you repay the amount borrowed (the term of the loan, timing and repayment amounts) and other fees and charges. You can use it to compare different credit card and loan offers. The APR may not include all fees and charges on a loan or credit card you may still need to pay missed or late payment charges, or balance transfer fees for example. EAR stands for the Equivalent Annual Rate. This is the actual interest rate of an overdraft. It doesn t take account of any fees or charges. Credit Scoring When you apply to borrow money, many lenders will use a credit score to measure how much of a risk you are to help them to make a decision of whether to lend the money or not. When you apply to us, your score will be based on what we know about any existing accounts you have with us, and information from other credit reference agencies. With a good credit history and payment record you re more likely to be given a good credit score. If you ve had many credit cards and loans, have missed payments or made lots of credit applications you may get a lower score. A low score may reduce the amount you can borrow, increase the interest rate you pay or mean that your application is turned down. Important Information If you don t keep up payments or stay within your agreed limits, this may affect your ability to obtain additional credit and there may be additional charges. Do you need extra help? Please contact us if you d like this information in an alternative format such as Braille, large print or audio. If you have a hearing or speech impairment and would prefer to use a Textphone, please feel free to call us on (lines open 9am-5.30pm, 7 days a week). If you are deaf and prefer to use BSL then you can use the SignVideo service available on our website: signvideo Your call may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service. If you need to call us from abroad or prefer not to use our 0845 number, you can also call us on Credit cards, loans and bank accounts are provided subject to status to UK residents aged 18 or over. We subscribe to the Lending Code; copies of the code can be obtained from Bank of Scotland plc. Registered in Scotland No. SC Registered office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, except for lending where we are licensed by the Office of Fair Trading. Information correct as at October / (10/13)
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