02 January 2018

TSB reduces personal loans rate to 2.9% APR

Competitive rate: 2.9% APR on amounts between £7,500 and £25,000.
Borrow well with TSB’s loan:  fast, flexible and personalised quotes without affecting credit rating.
 
From 3 January 2018, TSB will reduce its personal loan rate for amounts between £7,500 and £25,000 to 2.9% APR representative.  The rate is applicable for all loan terms between one and five years and it is dropping from 3.2% APR.
 

Flexible borrowing

Unlike with some personal loans providers, all customers will receive a personalised quote upfront, telling them the rate they will get if they choose to apply, without affecting their credit rating. 
 
TSB current account customers could get the money in their account the same day.  For those who don’t bank with TSB, they could still have the money in their account the next day once they’re approved, faster than any other loan provider.
 
TSB loans also offer the flexibility for customers to make free unlimited overpayments, so they can reduce the term and amount of interest paid overall, should they so wish.  
No wonder TSB has been awarded five stars from Defaqto, contributing to it being Britain’s best loan.
 

Borrow well 

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 such as whether they can take a repayment holiday or if there are fees should they pay off the loan in full early.
 
Nick Smith, Head of Loans at TSB, says:  “Reducing the rate on our loans is great news for the many people who may be making plans for 2018.
 
“At this time of year, whether you’re consolidating other loans, planning home improvements or looking to finance a car, our personal loans help customers to borrow well.  Unlike some providers, we don’t punish people for shopping around for a loan, as we offer personalised quotes on a TSB loan without affecting your credit rating.”  
Customers can apply online at tsb.co.uk, by phone on 0345 835 3861 or in a TSB branch.  
 

About TSB

TSB was built to bring more competition to UK banking and ultimately make banking better for all UK consumers.  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 five million customers appear to notice: TSB is Britain’s most recommended high street bank and was recently identified as one of the top 10 big companies to work for.
For further information about TSB Bank plc, please visit our website www.tsb.co.uk.

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Notes to editors

  • Other loans are 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 one and seven 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.

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