If you are looking for funding to get your business off the ground or to take it to the next level, challenger bank TSB could help with a loan of £1,000 to £100,000 for up to 25 years.
TSB is a direct lender, not a broker. Founded as the Trustee Savings Bank in 1810, TSB is one of the oldest and biggest names in British banking. Spun out of Lloyds Bank in 2013, it has 631 high street branches across the country. With 24-hour online account management and UK-based call centres, you can manage your money easily from anywhere at any time.
Whether you’re starting a business or you need a cash boost to help it grow, TSB could help with a fast and transparent business loan. It’s quick and straightforward to apply.
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TSB loan options
TSB offers two types of business loans:
- Base rate loan. This is an adaptable finance option which can be tailored to meet long or short-term financial needs. The loan is linked to TSB’s bank base rate, so the interest rate that you pay will change as the base rate changes.
- Fixed rate loan. This option has a fixed interest rate for the entire term, so you’ll know exactly what the repayments will be each month. Fixed rate loans are less dependent on market conditions, giving you confidence that you will be able to meet your financial obligations.
Key features of a TSB base rate loan:
Key features of a TSB fixed rate loan:
The interest rate you are offered will depend on factors like the amount you apply for, the term of the loan, the performance of your business and your business’s credit rating. This may differ from the advertised “Representative APR”.
What is APR?If you’re comparing any credit-based products, it won’t be long before you’ll come across the annual percentage rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both the interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of the loan.
All lenders must calculate the APR of their products in the same way, and they must tell you the APR before you sign an agreement, so for consumers, it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for a TSB business loan?
You should only apply for a TSB business loan if you’re certain you can meet the repayment terms. You must also:
How can I apply?
To apply, you will need to call the TSB customer services helpline or visit a branch. You should have to hand:
- How much you would like to borrow and for how long.
- The purpose of the finance.
- Details about your business including profiles on all business owners and investors.
- Business plans and cash flow forecasts.
Frequently asked questions