Bank of Scotland has launched a new ‘flexible loan’.

Customers who take out the new Bank of Scotland Flexible Loan will be able to make as many additional payments as they choose and repay their loan early or refinance without any additional charges.

In addition, those customers who have had a personal current account with Bank of Scotland for more than five years will benefit from a 1% loyalty discount on their personalised rate on loans of £7,500-£25,000 over 1-5 years (6.4% APR representative).

Loans are available from £1,000-£25,000 over one to seven years and are available through Bank of Scotland directly in branch, online or by phone.

Chris Baker, head of loans at Bank of Scotland, said: “It is important to us that we help our customers take control of their finances and get debt free faster. We are pleased that our new competitive range of Flexible Loans will help customers do this by allowing them to make as many repayments to their loan as they wish.

“They can also repay us early without incurring additional interest charges.”