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TSB loans review 2023
TSB offers fixed-rate unsecured loans to both existing and new customers with good credit.
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
Originally named the “Trustee Savings Bank”, before becoming part of the Lloyds TSB group, TSB re-entered the stock exchange with a revamped version of its old identity in 2014. Since then, it’s been pushing its image as a trusted, family-friendly and approachable challenger bank, and is offering some competitive mid-range personal loans to back it up.
Whatever it is that has seen you needing a little extra cash, TSB makes it easy for you to calculate your interest rates, repayment schedule and benefits, and if you already bank with TSB, you could have the money in your account the same day.
TSB loan rates at a glance
The TSB Existing Current Account Customer Personal Loan charges 5.9% APR representative on loans between £7,500 and £25,000. TSB offers the loan with repayment terms between 3 and 7 years and applicants can apply to borrow from £300 to £50,000.
The TSB Personal Loan charges 5.9% APR representative on loans between £7,500 and £25,000. TSB offers the loan with repayment terms between 1 and 7 years and applicants can apply to borrow from £1,000 to £25,000.
Overview of features
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £300.00 to £50,000.00 |
| Loan terms | 3 Months to 7 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same day funding available | |
| Same day funding note | Must hold a TSB current account for more than 3 months. |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct Debit |
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £25,000.00 |
| Loan terms | 1 Year to 7 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same day funding available | |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct Debit |
Interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It 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 interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and 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 personal loan?
You should only apply for a TSB personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
- UK resident not living on the Channel Islands or on the Isle of Man.
- Over 18 (if you are younger than 21, you won’t be able to apply online).
- Employed or retired with a pension.
- Regular income above £10,200 a year.
- On the electoral roll.
- You must hold a good credit rating without a history of County Court Judgment or bankruptcy for you or anyone you are associated with.
- You must hold a bank account in your name that is able to accept direct debits.
What credit score do I need to get a TSB loan?
TSB typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that TSB will consider. However if you don't have a high credit score, you're very unlikely to get approved for a TSB loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Can I get a second TSB loan?
Yes, TSB allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, TSB also allows you to effectively "top up" your loan, by closing your current loan and starting a new, larger loan. There's no penalty for repaying ahead of time, but bear in mind that any overpayments may be subject to up to two months of interest beyond the date on which you overpay. Because of this, it may work out cheaper to run a second loan alongside the first, rather than consolidating the two.
Can I make overpayments on a TSB loan?
Yes, you can make overpayments without incurring any penalty fee. However TSB can continue to charge interest for up to two months on any sums overpaid, so although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
How can I apply?
If you've decided that a personal loan from TSB is right for you, you can head over to TSB's website to apply. Completing the secure online application form usually takes about 15 minutes. In most cases TSB will give an instant decision. Before you apply, you can provide TSB with a few details about yourself in order to find out your likelihood of being approved. This will not affect your credit score.
You can apply for a personal loan online via the TSB website as long as you are over 21, but those between 18-21 must apply by phone or in branch. Anyone can also apply by phone at 0345 835 3861 between 8am-6pm Monday to Friday and from 9am-2pm on a Saturday.
You can also find your local branch with its branch finder.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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