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How do I close my loan account?

Overpayments

You can make overpayments at any time and this could shorten your loan term.

For loans applied for from 15 November 2010 we charge:

  • 58 days interest if the original loan term was more than 12 months.
  • 28 days if the original loan term was 12 months or less.
  • The remaining number of days interest if there are less than 58 days (or 28 days) left in the loan term.
  • Interest is charged on the amount by which your outstanding balance is reduced.

We recommend you contact our lending team or visit your local branch if you would like to discuss the impact of the overpayment before you make it.

If you bank online

You can set up a new payee to make additional payments into your loan. You may be asked to use your card-reader when setting up a new payee. You can order your card-reader from within your Digital Banking service.

You will receive a letter confirming the change to your loan.

Early closure/repayment

If you wish to settle your loan early, please contact our lending team or visit your local branch. The balance you see on Digital Banking is not the amount needed to pay off your loan in full. We charge a fee on the same basis as for overpayments, except that the fee is charged on the amount of the loan that is repaid ahead of the due date.

If you're taking additional borrowing, apply for the total amount you require to pay off your existing loan plus any additional funds you require:

  • Your existing loan will be repaid and closed down and the remaining balance released to you.
  • The total borrowing will then be at the new interest rate, as your previous loan will have been repaid.

Royal Bank of Scotland Lending
0800 121 121 (overseas +44 131 549 8888)
Minicom: 0800 404 6160
Open 8am - 8pm Monday to Friday
Open 9am - 4pm Saturday
(excluding public holidays)
Calls may be recorded.

Alternatively, you can visit your local branch.

Royal Bank of Scotland branch locator
Find your nearest branch using our branch locator (opens in a new window).