Loans FAQs

Features & Benefits

• Choose to borrow between £300 to £999*, over 3 to 12 month loan terms, £1,000 to £25,000, over 1-7 year loan terms*, or £25,000 to £50,000*, over 1-5 year loan terms.
• A personalised quote that doesn’t affect your credit rating.
• Can make over payments.
• Can take up to two repayment holidays each year. Subject to approval**.
• Your loan repayments are taken monthly by Direct Debit from your TSB current account or, for non-TSB current account holders, your preferred bank account.

Our responsibility to you

We'll never encourage you to borrow more than you can afford. We have lots of advice and guidance to help you get it right.

* To apply for a loan between £300 - £999 and 25,000 - £50,000, or for repayment terms longer than 5 years you need to hold a TSB current account.
** You may pay more interest over the term of the loan.

If you’re over 18, a UK resident; and have had a TSB current account for more than three months, you can apply online, in a branch or by calling us on 0345 835 3861. 

If you haven’t had a TSB current account for more than three months, or are completely new to TSB, you can still apply for a loan with us. You will need to be a UK resident. If you are aged 18 or over you can apply in branch or by calling us on 0345 835 3861. You can also apply online if you are over 21.

Please note that we do not accept loan applications for:

• Speculative ventures e.g. share purchase or gambling
• Illegal purposes, e.g. drug related activities or racketeering
• Business purposes
• Refinancing of a loan arranged through the Student Loans Company
• Purchasing or putting down a deposit on a property, timeshare or land
• Retaining property rights (e.g. to repay an existing mortgage in full or to pay ground rent or service charges)
• Savings
• Paying household bills

These purpose exclusions apply whether the customer is looking to borrow money on their own behalf or to support a third party, e.g. a parent wishing to borrow money to provide a child with a property deposit must be declined.

For existing TSB current account holders, the funds will be transferred to your bank account immediately between 9am and 8.30pm, or before 9am the following day if you’ve applied outside of these times.

For all other customers, we need to do a few more checks. The money is usually in your chosen bank account by 7pm the following working day (for applications completed before 6pm). Excludes weekends.

You can choose how long you want your repayment term to be when you apply for a loan. Our repayment terms range from 3 months to 7 years, depending on the amount you’re looking to borrow and whether you hold a TSB current account. Our Graduate Loans have repayment terms between 1 to 5 years.

When taking out a loan, the repayments will be based on how much you decide to borrow and the length of the repayment period. If your financial situation changes and you have more income, you can repay your loan early, either through one lump sum, or by paying back more each month.

This is known as a loan overpayment. Loan overpayments reduce the loan term, allow the customer to repay debts faster. Customers may also be entitled to a reduction in the total amount of interest owed when repaying loans early.

You can repay your loan early in full or part. To repay your loan early in full, including when you wish to refinance your existing loan, please contact us on 0800 111 4166  or visit us in Branch. We will arrange to send you a settlement balance. This is the amount you will need to pay to close your loan and is different to the current outstanding balance. Please note, we may charge you up to 58 days' interest on any full settlement you make.

If you make any other additional payments, we will use these to partially settle your loan. This means you will continue to make your normal monthly payments, but the number of repayments and the amount of your final repayment may change.

No.

The interest rate of your loan is personal to you and will depend upon a number of factors including the amount borrowed, the term of the loan and your personal circumstances. To find out how much your loan will cost you can get a personalised quote, which won't affect your credit rating. This puts you under no obligation to proceed with the loan but will enable you to see how much you can borrow and what it may cost.

New customers

How much you can borrow will depend on your circumstances, we offer unsecured personal loans from £1,000 to £25,000 over 1 to 5 year terms.

Existing customers

If you’re a TSB current account customer, you can apply for loans from £300 to £50,000. Loans between £300 and £999 can be repaid over 3 to 12 months. You can also apply for £1,000 to £25,000 with repayments over 1 to 7 years, or between £25,000 to £50,000 with 1 to 5 year term.

Other options

We also offer Graduate Loans from £1,000 to £10,000, over 1 to 5 years.

For information about your loan application, please call us on 0345 835 3861. This number is available from 8am - 6pm Monday to Fridays, from 9am - 2pm on Saturdays. Closed Sundays.

Before we can give you a decision, there are a few things we need to discuss with you. If you’ve held a TSB current account for more than 3 months please contact us on 0345 835 3861 (9am to 5pm Monday to Friday, closed weekends) and we can give you a decision right away. Calls may be recorded.

Customers must not have been declared bankrupt or have a County Court Judgement. All other customers who meet the eligibility criteria are entitled to apply. TSB completes a credit search for each new application made to enable us to give a credit decision.

Our Personal Loans are available to customers who are employed or retired with a pension.

The monthly repayment cost of a loan will depend upon the amount borrowed, the term of the loan and the interest rate. To find out how much your monthly repayment will be you can get a personalised quote which won't affect your credit rating. This puts you under no obligation to proceed with the loan but will enable you to see how much you can borrow and what it may cost.

You can find details of your Loan on Internet Banking, in a branch or by calling us on 0345 835 3861.

You have 14 days to withdraw from the agreement.

This right to withdraw will start on the day after you sign your loan agreement. If you do wish to withdraw from your loan during this time you must repay, no later than 30 calendar days after giving notice of withdrawal, the total loan amount (this is the amount we paid into your account) and the daily interest that we charge, both can be found on the Loan Agreement.

You can withdraw by calling us on 0800 111 4166 (8am to 6pm Monday to Friday, 8am to 2pm on Saturday) or by sending any notice to TSB Bank plc, PO BOX 373, Leeds, LS14 9GQ.

If you want to talk to us about withdrawing from your loan more than 14 days after you've signed your loan agreement, please call us on 0800 111 4166  or visit your local branch to find out the details.

• You can repay your loan early at any time in full or part
• We may charge you up to 58 days interest on any full settlement you make
• If you make any additional payments we will use these to partially settle your loan. This means that you will continue to make your normal monthly payments, but the number of your repayments and the amount of your final repayment may change.

You must make your monthly payment by direct debit. Any other payments made to your loan, such as cash, cheque or faster payments, will be treated as an additional payment and not towards or in place of your monthly payment.

This means if you do not make your monthly payment by direct debit, your loan may go into arrears, even if you’ve made the payment via another method.

If you need to change the account we take the funds from, please call us on 0345 835 3861.

Additional payments can be made directly to your loan account from your TSB current account using Internet Banking, or by sending a payment to:

Sort code : 30-28-90
Account number : 00000000
and Loan agreement number as the reference. This can be found on your statement.

These are credited in line with our payment timescales. Repayments made this way may take up to 48 hours to appear on the loan statement after we receive the payment, but we'll reduce the interest you'll pay from the day we receive it. There is no charge for making additional payments to a loan.

There may be lots of different reasons you might need to bank with us differently, either in the short term, or on a continuing basis. It could be because of your physical or mental wellbeing, or because of a life event you’ve experienced. Whatever the reason, we are committed to tailoring our support to your personal needs.

If you choose to tell us about your individual support needs, we will take the time to understand your circumstances and work with you to make sure you have the support you need when banking with TSB. We can add a Support Indicator to your account, which means whenever you talk to us, we'll be aware that you may need tailored support.

Unlike a secured loan, an unsecured loan isn’t taken out against the customers assets, such as a house or car. With an unsecured loan, you can borrow money from a bank by agreeing an amount as well as a repayment period. You will then make regular payments until the loan is repaid in full.

As an unsecured loan isn’t secured against the customer’s assets, this means interest rates tend to be higher, as it is riskier for the lender.

You’re more likely to be accepted for an unsecured loan if you have a good credit score, as the lender will see you as most likely to repay the loan in time and in full.

A secured loan is a loan linked to the customers assets. This tends to be property; however, it can also be taken out against a car and other assets. Secured loans tend to be used when borrowing more money than unsecured loans.

Lenders are more willing to offer larger amounts of money with secured loans and offer better rates. This is because they can reclaim the value of the customers assets if they cannot repay the loan.

If you can’t repay an unsecured loan, the lender can employ a collection agency to collect the debt, in some cases they can even take you to court.

If you default, you may have to pay additional charges, which can also harm your credit rating. However, banks or lenders will not be able to seize your assets if you can’t repay an unsecured loan. Although, you will still go to court and have a CCJ (County Court Judgement).

Unsecured loans include:

• Personal loans
• Student loans
• Credit cards

You may still be able to qualify for an unsecured loan, even with bad credit. However, as unsecured loans aren’t supported by any collateral, the borrower’s creditworthiness is a more important factor for lenders than with a secured loan.