TSB is today launching its lowest ever personal loan rate for existing customers at 3.9%* on amounts between £7,500 and £20,000 and 4.4%* for loans over £20,000. The rates are applicable for all loan terms between one and five years.
A key initiative at TSB is to help people to 'borrow well' by enabling them to borrow money in a way that makes the best financial sense for them. It is essential that people not only use the right kind of product, but also that they are borrowing an amount they can afford to repay at a competitive interest rate.
Nick Smith, Head of Loans at TSB says:"By reducing our personal loans to their lowest ever rates, we're helping TSB customers to borrow well, giving them access to a competitive loan rate and helping them to make plans as they look to the future."
Customers who have been a TSB current account customer for three months or more can apply for a loan in branch, online or over the telephone and will receive a personalised quote instantly without leaving a credit footprint. Customers' bank accounts are credited instantly with the loan amount when they apply in branch, or online between 9:00 am and 8:30pm.
Customers with a TSB loan can request up to two repayment holidays a year, should they need some financial flexibility. Customers are also welcome to make overpayments so they can reduce the term and amount of interest paid should they so wish.
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Notes to editors
- Representative APR.
- For loans between £7,500 - £20,000.
- Loans are transferred between the hours of 9am-8.30pm or by the following day outside of these times.
- TSB loans are available to TSB Current Account Holders who have held a TSB current account for three or more months.
- Lending is subject to status and lending criteria.
- Borrowers must be aged 18 or over and UK resident.
- If a customer takes a repayment holiday, the length of the loan will increase and interest will still be charged on the outstanding balance of the loan during the months of the repayment holiday.
- More information on TSB loans can be found at www.tsb.co.uk/loans
TSB was created 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 4.6 million customers, award winning mobile and digital banking, nationwide network of branches and 8,500 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.