If you are paying high interest rates on other loans and credit cards and want to reduce your monthly repayments, you may want to consider a Consolidation Loan. With a Representative APR 19.5% the Consolidation Loan may reduce your monthly payments compared to many credit and store cards, and having one manageable monthly repayment could take the pressure off your outgoings and help you to streamline your finances.

Scotwest will pay your creditors on your behalf

As part of the application process we will contact you to ask for full details of the loan, credit or store cards that you are looking to consolidate with the loan. In the event your application is approved, we will pay these off leaving you to only pay your Scotwest Consolidation Loan going forward.

Every loan application is carefully and individually assessed; decisions are based on a range of factors, always considering your income and expenditure and ability to repay.

Please note from 22 May 2025 we will not be accepting loan applications from new members. Our online membership form will reflect this as soon as possible but any loan application completed on this form will not be processed. We are sorry for any inconvenience this may cause.

 

Loan Example – £15,000 over 60 months at 19.5% representative APR

Amount per month	Representative APR	Interest rate	Total charge for credit	Total repaid
£380.49	19.5%	17.95%	£7,829.61	£22,829.61

With the Consolidation Loan you can borrow from £1,001 to £20,000 which can be repaid over a period of up to 7 years.

Coming Soon: Open Banking for Faster Loan Applications

We’re making it easier and quicker to apply for a loan by introducing open banking. This allows you to safely and securely share your financial information with us electronically, so there’s no need to provide bank statements or proof of income.

With your permission, we’ll access what we need directly helping us make faster decisions on your application.

When this feature becomes available, you’ll have the option to use open banking through our partner oohMoolah during the application process. Simply follow the prompts to complete the requested information and we’ll take care of the rest. If you prefer not to use open banking you can still apply the usual way by uploading your documents manually however this will slow-down the assessment of your loan.

To learn more about open banking and how it works, visit the MoneySavingExpert guide here:
https://www.moneysavingexpert.com/banking/open-banking/

 

Consolidation Loan Terms & Conditions

 

At Scotwest, we help members who are struggling with their Scotwest loans. If you are experiencing debt problems, make sure that you get help straight away by speaking to your lender in the first instance before it spirals out of control. You can read guides on borrowing money and take the Debt Test from the team at Money Advice Scotland on our website here: scotwest.co.uk/borrowing-money

View the Current Interest Rates