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.”
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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/