16 July 2020

TSB launches market leading personal loan rate

Today, TSB has launched a new unsecured personal loan rate of 2.8% APR for loans between £7,500 - £25,000 over one to five years – TSB’s lowest rate. 

The new rate is available for new and existing customers and can be obtained in branch, online or by telephone. 

Key features of the TSB personal loan are: 

  • Payment flexibility – customers can make overpayments whenever they want and can pay off the loan early if required. Early settlement charges may apply. 

  • Payment holidays – customers can take a break from their repayments, with up to three one-month repayment holidays every year (see Editors’ notes). 

  • Loan flexibility – repayment periods of between one and seven years are available. 

  • Personalised quotes – these can be obtained before applying, without affecting the customer’s credit history. 

  • Personal Loan calculator – is available online for customers to decide the best deal for them. 

This new low rate comes at a time when TSB research indicates that almost 40% of Brits are worried about their finances since the pandemic began and almost a quarter of Brits (24%) feel financially ‘worse off’ because of the pandemic. 

Graham Dodds, Head of Loans at TSB, said: “We want to help our customers as much as we can during this time whether it be to support them with consolidating their debt, replacing or buying a new car, or making home improvements. Whatever the reason, both new and existing customers will have access to a market leading personal loan rate to help them feel money confident.” 

Media Contacts

Avni Raval, Media Relations Manager 
T: 07880 276 391| avni.raval@tsb.co.uk 

Joseph Eyre, Senior Media Relations Manager 
T: 07483 432 546 | joseph.eyre@tsb.co.uk 

TSB Media Relations 
T: 020 7003 9369 | media@tsb.co.uk 
Follow us on twitter: @TSB_News 

The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.

Notes to editors

  • TSB’s new low rate matches that offered by Cahoot, and both offer a market leading rate on the market. 

  • The research has been conducted by Opinium Research in June 2020 surveying 2,000 UK adults.  

  • More information on the new low rate and how to apply can be found here: https://www.tsb.co.uk/personal-loans/ 

  • To support customers impacted by Covid-19, TSB introduced a number of measures including support for customers with a personal loan. More information can be found here: https://www.tsb.co.uk/coronavirus/