Personal Loans FAQs
Our loans are a flexible way to bring your plans to life. Whether you're thinking of a new car, some work around the house or just reorganising your finances. Apply online and you could have the money in your account instantly*.
Information about loans
What you can expect when you take out a personal loan with us:
Features & benefits
- Choose to borrow between £300 to £999*, over 3 to 12 month loan terms, £1,000 to £25,000, over 1-7 year loan terms*, or £25,000 to £50,000*, over 1-5 year loan terms
- A personalised quote that doesn’t affect your credit rating
- Can make over payments
- Can take up to two repayment holidays each year. Subject to approval**
- Your loan repayments are taken monthly by Direct Debit from your TSB current account or, for non-TSB current account holders, your preferred bank account
Try our loan calculator
Our lowest rate is just 5.9% APR representative for loans between £7,500 and £25,000 for 1 - 5 years.
The representative APR is the Annual Percentage Rate of charge. You can use it to compare the overall cost of credit between different lenders.
Our responsibility to you
We'll never encourage you to borrow more than you can afford. We have lots of advice and guidance to help you get it right.
* To apply for a loan between £300 - £999 and 25,000 - £50,000, or for repayment terms longer than 5 years you need to hold a TSB current account.
** You may pay more interest over the term of the loan.
- You can repay your loan early at any time in full or part
- We may charge you up to 58 days interest on any full settlement you make
- If you make any additional payments we will use these to partially settle your loan. This means that you will continue to make your normal monthly payments, but the number of your repayments and the amount of your final repayment may change.
No.
The monthly repayment cost of a loan will depend upon the amount borrowed, the term of the loan and the interest rate. To find out how much your monthly repayment will be you can get a personalised quote which won't affect your credit rating. This puts you under no obligation to proceed with the loan but will enable you to see how much you can borrow and what it may cost.
Unlike a secured loan, an unsecured loan isn’t taken out against the customers assets, such as a house or car. With an unsecured loan, you can borrow money from a bank by agreeing an amount as well as a repayment period. You will then make regular payments until the loan is repaid in full.
As an unsecured loan isn’t secured against the customer’s assets, this means interest rates tend to be higher, as it is riskier for the lender.
You’re more likely to be accepted for an unsecured loan if you have a good credit score, as the lender will see you as most likely to repay the loan in time and in full.
Loan applications
What you can use a TSB loan for
You can use a loan for
- Making a large purchase, like a car or electrical goods
- Home furnishings or improvements
- Travelling or going on holiday
- Consolidating your debts
- Other personal uses
You can't use a loan for
- Investing or speculative ventures, such as buying cryptocurrency, shares, or gambling
- Illegal purposes, e.g. drug related activities or racketeering
- Business purposes
- Refinancing of a loan arranged through the Student Loans Company
- Purchasing or putting down a deposit on a property, timeshare or land
- Retaining property rights (e.g. to repay an existing mortgage in full or to pay ground rent or service charges)
- Savings or paying household bills
To apply for a loan, you'll need to:
Already a TSB customer?
The easiest way to apply is in the app
You’ll need to be over 21 and had a current account with TSB for at least 3 months
In the app, select ‘Loans’ then ‘Apply now’
Get a quote and see your rate without impacting your credit score
New to TSB?
Get a quote to see your rate without impacting your credit score
You have to be over 21 to apply online. Under 21s can apply in branch or over the phone
See your rates and apply
If you prefer to apply in branch or through telephone banking, you can book an appointment in advance.
For information about your loan application, please call us on 0345 835 3861. This number is available from 8am - 6pm Monday to Fridays, from 9am - 2pm on Saturdays. Closed Sundays.
Before we can give you a decision, there are a few things we need to discuss with you. If you’ve held a TSB current account for more than 3 months please contact us on 0345 835 3861 (9am to 5pm Monday to Friday, closed weekends) and we can give you a decision right away. Calls may be recorded.
How to prove your ID and bank details
We’ll send instructions by email.
When you’ve completed the process, we’ll contact you within 3 working days.
To get started, fill in this form.
We use Docusign for this kind of request. Docusign will pass the information you provide to us in a secure manner and won’t process it in any other way. Information on how we use your data can be found in our Data Privacy Notice.
Customers must not have been declared bankrupt or have a County Court Judgement. All other customers who meet the eligibility criteria are entitled to apply. TSB completes a credit search for each new application made to enable us to give a credit decision.
Our Personal Loans are available to customers who are employed or retired with a pension.
For existing TSB current account holders, the funds will be transferred to your bank account immediately between 9am and 6pm, or before 9am the following day if you’ve applied outside of these times.
For all other customers, we need to do a few more checks. The money is usually in your chosen bank account by 7pm the following working day (for applications completed before 6pm). Excludes weekends.
Managing your loan
You can choose how long you want your repayment term to be when you apply for a loan. Our repayment terms range from 3 months to 7 years, depending on the amount you’re looking to borrow and whether you hold a TSB current account. Our Graduate Loans have repayment terms between 1 to 5 years.
If you have a TSB current account, the quickest and easiest way to make an early repayment on your loan is using the TSB app. Simply tap into your loan, select ‘Pay off Loan’ and follow the instructions on screen.
Don’t have a TSB current account? The best way to make an early repayment on your loan is to call us on 0800 111 4166. Alternatively, you can visit us in branch and we’ll be happy to help.
It’s important to know:
- If you’re paying off your loan in full, we’ll send you a copy of your Early Settlement Quote by post. This quote shows the amount needed to close your loan, which may differ from your outstanding balance. This is because we may charge up to 58 days' interest on any full settlement
- Any additional payments will be used to partially settle your loan. This means your normal monthly payments will continue, but the number of repayments and the amount of your final repayment may change
- If you close your loan early and your monthly loan payment is due within 5 working days, the payment might still be taken. If this happens, we’ll return the funds to you within 5 working days
You can find details of your Loan on Internet Banking, in a branch or by calling us on 0345 835 3861.
You have 14 days to withdraw from the agreement.
This right to withdraw will start on the day after you sign your loan agreement. If you do wish to withdraw from your loan during this time you must repay, no later than 30 calendar days after giving notice of withdrawal, the total loan amount (this is the amount we paid into your account) and the daily interest that we charge, both can be found on the Loan Agreement.
You can withdraw by calling us on 0800 111 4166 (8am to 6pm Monday to Friday, 8am to 2pm on Saturday) or by sending any notice to TSB Bank plc, PO Box 453, Mitcheldean, GL14 9LR.
If you want to talk to us about withdrawing from your loan more than 14 days after you've signed your loan agreement, please call us on 0800 111 4166 or visit your local branch to find out the details.
If you can’t repay an unsecured loan, the lender can employ a collection agency to collect the debt, in some cases they can even take you to court.
If you default, you may have to pay additional charges, which can also harm your credit rating. However, banks or lenders will not be able to seize your assets if you can’t repay an unsecured loan. Although, you will still go to court and have a CCJ (County Court Judgement).
There may be lots of different reasons you might need to bank with us differently, either in the short term, or on a continuing basis. It could be because of your physical or mental wellbeing, or because of a life event you’ve experienced. Whatever the reason, we are committed to tailoring our support to your personal needs.
If you choose to tell us about your individual support needs, we will take the time to understand your circumstances and work with you to make sure you have the support you need when banking with TSB. We can add a Support Indicator to your account, which means whenever you talk to us, we'll be aware that you may need tailored support.
