TSB loans review January 2020
We’ve all seen its family-friendly TV adverts, but TSB has much more to offer than stylised animations and melodic vocals. With loads of flexibility options, quick payment and what it’s calling "Britain’s best loan", TSB loans are definitely worth a look.
A lender with a full range of personal banking services, TSB offers competitive loans to those who already bank with them. Its criteria can be quite strict, but if you pass, its APR and benefits can be hard to beat.
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 make 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 next day.
Key features of TSB personal loans at a glance
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:
How can I apply?
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
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