*Annual Percentage Rate (APR) is the total cost of the credit expressed as an annual percentage. It represents the actual yearly cost of credit over the loan term and includes the rate of interest and a £250 arrangement fee for a £13,000 loan. The APR will vary depending on the loan amount and term.
**Annual Percentage Rate Representative (APR Representative) is the advertised rate (or a lower rate) we reasonably expect at least 51% of people who are accepted for and enter into the loan agreement as a result of the advertising or marketing will pay.
***Annual Interest Rate (AIR) is the rate of interest on a loan with the rate compounded on a monthly basis.
****Simple Interest Rate is the rate at which daily interest accrues on the loan (not compounded)
Any property given as security which may include your home, may be repossessed if you do not keep up repayments on your mortgage or other debts secured on it.
All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
**There is always a possibility that interest rates may go down leaving a fixed rate loan at a higher level compared to a variable rate loan.
However, if interest rates rise, a fixed rate loan will remain at the same rate.
***A break cost may be applied on fixed rate loans, on any early or partial/full repayment of the loan. This could be substantial depending on the interest rate at the time.
****An arrangement fee will apply and is related to the amount you choose to borrow. These terms will be discussed with you before you take out the loan. To cover our administration costs for smaller facilities, there will be a minimum scale charge of between £100 and £250 resulting in the overall charge being more than 1.5%.
Before you apply
To apply for a business overdraft from TSB you will need to confirm the following: