TSB has reduced its personal loans rate for amounts between £5,000 and £7,499 to 3.3% APR representative. The market-leading rate is applicable for all loan terms between one and five years. The rate is dropping from 3.5%.
TSB is committed to helping people to ‘borrow well’, which means helping them to borrow money in a way that makes the best financial sense for them. It is essential that people not only borrow an amount they can afford to repay and at a competitive interest rate but understand the product’s features. This includes knowing whether they can take a payment holiday or if there are fees should they pay off the loan in full early.
Nick Smith, Head of Loans at TSB, says: “Our market-leading personal loans rate helps customers to borrow well, whether they’re consolidating other loans, planning home improvements or simply looking to finance a ‘big ticket’ purchase such as a car.
“What’s more, we don’t punish people for shopping around for a loan, as we offer personalised quotes on a TSB loan without affecting credit ratings.”
TSB’s personal loans for amounts between £7,500 and £25,000 over 1 to 5 years continue to be available at a competitive rate of 2.8% APR.
How to apply for a TSB loan
Customers can apply online at tsb.co.uk, by phone on 0345 835 3861 or in a TSB branch. Unlike with some personal loans providers, customers will receive a personalised quote instantly without affecting their credit rating. This means that customers will know the exact interest rate and monthly repayment they will pay on their loan before they choose to apply.
TSB current account customers could get the money in their account the same day, with other successful applicants getting their money as soon as the next day. TSB loans all offer the flexibility for customers to make overpayments, so they can reduce the term and amount of interest paid should they so wish.
TSB was built to bring more competition to UK 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 5 million customers, award winning mobile and digital banking, nationwide network of branches and 8,200 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.
Notes to editors
- Other loans available. The amount that you can borrow with a personal loan will depend upon your personal circumstances. However we provide unsecured loans from £1,000 up to £25,000 for a term of between 1 and 7 years.
- Lending is subject to status and lending criteria.
- Borrowers must be aged 18 or over and a UK resident (over 21 to apply online).
- More information on TSB loans can be found at www.tsb.co.uk/loans.