TSB personal loans: At a glance
TSB Personal Loan
1 to 7 years
£300 to £50,000
5.9%
Yes
Representative APR 5.9%. Based on a loan of £7,500 over 60 months at an interest rate of 5.75% p.a. (fixed). Monthly repayments of £144.11. Total amount payable £8,646.60. Maximum APR 39.9%.
- Must be aged 18 or over.
- Must be a UK resident.
- Must have a TSB current account (for more than 3 months) to apply for loans of £300 to £50,000, if not, the amounts available are £1,000 to £25,000.
- Must have an annual income of at least £10,200
TSB is a UK high street bank, which was acquired by the Spanish banking group Sabadell in 2015 after Lloyds TSB split into two separate firms in 2013. TSB offers a range of personal and business financial products, including current accounts, mortgages, credit cards and personal loans.
You can apply for a TSB loan if you have a TSB current account or not. But if you don’t have a current account, you will only be able to borrow between £1,000 and £25,000 and it could take longer to receive your money.
» MORE: Compare personal loans and rates
TSB loans pros & cons
Pros
- You can ask to change your payment date.
- You can apply for a payment holiday.
- TSB current account holders can apply for smaller and larger loan amounts.
- You can get a joint loan.
Cons
- If you’re not already a TSB customer, you may not get the money in your account until the next working day.
- TSB may charge up to 58 days’ interest if you want to make a full early settlement.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
Am I eligible for a TSB loan?
You need to meet the following requirements to apply for a TSB loan:
- You need to be a UK resident.
- You must be at least 18 years old (or 21 years old to apply online).
- You need to earn at least £850 a month after tax.
- You must be employed or retired with a pension.
- You must have no bankruptcies or county court judgments (CCJs) within the last five years on your credit file.
You are eligible to apply whether you have a TSB account or not.
TSB will run a hard credit check, which will appear on your credit file, and other affordability checks to make a final decision on whether to approve your loan application.
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Other loans may be available in the UK loans market that are not included in this service.
TSB frequently asked questions
TSB is a high-street bank that has a long history in the UK. It is authorised and regulated by the Financial Conduct Authority (FCA). You should do your own research into the services offered by TSB and look at customer reviews to work out if the bank is best for your situation.
The interest rate on TSB loans can change. The interest rate you receive also depends on a number of factors, including the amount you borrow and your credit score. If you have a higher credit score, you improve your chances of getting a lower rate of interest.