21 September 2016

TSB leads the market with it’s best ever loan rate

- Best ever rate of 3.2% for personal loans between £7,500 and £14,999 -

- Customers could get an instant decision with quickest transfer of funds amongst high street lenders -

- No bank offers a better loan -

TSB has today leapt to the top of the best buy table for personal loans with the launch of the Bank's best ever rate of 3.2% APR representative [1] , for loans between £7,500 to £14,999.

Not only that, Britain's challenger bank is leading the market by being the only high street lender to be able to transfer funds to a borrower's account the next working day, even if they don't have an existing current account with TSB.

In addition to TSB's best ever loan rate, the Bank is helping Brits borrow well by offering a soft quote [2] for borrowers before they apply (helping to protect their credit rating), as well as offering up to two monthly repayment holidays in a 12-month period and allowing borrowers to overpay on their monthly loan repayments for free.

TSB currently offers personal loans from £1,000 to £25,000, and, unlike other lenders, doesn't expect borrowers to be an existing TSB current account customer before they apply.

Nick Smith, Head of Personal Loans at TSB , said: "We know that TSB's lowest ever loan rate of 3.2% APR representative will be a great help to borrowers who may want to make improvements to their home before Christmas, buy a new car for the winter months or consolidate existing debts into one manageable monthly payment.

"But it isn't just a low rate that makes TSB the market leader for personal loans. Offering a soft quote, so borrowers know exactly how much they will be repaying before they apply, making a quick decision, so customers aren't left in the dark, and being able to transfer funds to a customer's account the next working day are all great benefits that allow TSB to help people borrow well. No bank offers a better loan."

From now until October 18 2016, customers taking out a TSB Home Improvement Loan will receive a free online interior design consultation with a Design Expert from Dulux Amazing Space to help customers transform a room in their home.


Notes to editors

[1] Representative rate applies on loans between £7,500 to £14,999 from 1-5 years. No bank offers a better loan (based on Defaqto scoring, 5th September 2016). *Next day payment applies to customers approved before 8pm Sunday to Friday (excluding bank holiday). Branch and online applications only. Borrowers must be UK residents and aged 18 or over, or if you apply online and have not held a TSB current account for more than 3 months, you need to be aged 21 or over. Lending is subject to status and actual rate offered will depend on our assessment of your personal circumstances.

[2] A soft quote is a personalised quote that won't affect a customer's credit rating. It searches a customer's credit report to check how much they can afford to borrow, over what time period and at what interest rate before making a firm application.

About TSB

TSB was built to bring more competition to British banking - to be a real challenger to the big banks and to deliver the kind of banking the people of Britain want. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.

Our 4.8 million customers, award winning mobile and digital banking, nationwide network of branches and 8,600 Partners mean we are big enough to make a difference, but small enough to be an agile challenger to the entire market.  

For further information about TSB Bank plc, please visit our website www.tsb.co.uk