TSB loans review October 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.

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR Link
TSB Existing Current Account Customer Personal Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.8% p.a. (fixed). Representative APR 2.8% and total payable £10,431.72 in monthly repayments of £289.77.
TSB Personal Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.8% p.a. (fixed). Representative APR 2.8% and total payable £10,431.72 in monthly repayments of £289.77.

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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 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

  • Loan terms from 1-7 years.
  • Loan amounts from £1,000-£25,000. If you hold a TSB current account, you could apply to borrow up to £50,000.
  • Personalised quick quotes with no impact on credit rating. TSB offer an online loan calculator and a checker which you can use as many times as you like with no impact on your credit score.
  • Fixed monthly repayments. TSB’s Fix and Flex loans set fixed monthly payments, but also have good flexibility benefits, including payment holidays and the option to pay more whenever you want.
  • Option to take repayment holidays. TSB loans come with up to two one-month payment holidays to take per year, but interest will accrue in this period, so it will cost you more in the long run.
  • Quick access to funds. If you bank with TSB already and apply before 8pm, you could have the funds in your account the following day.
  • Make loan overpayments. Pay more whenever you want so you can pay off your loan quicker. TSB may charge you up to 58 days interest on any full settlement you make.

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.

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

Finder.com has selected Accepty Technology Ltd to provide details of credit products and whether you may be eligible to get them. Accepty Technology Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 839295). Accepty is acting as a credit broker, not a lender, and may receive a payment from a credit provider if you take out a credit product.

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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