TSB Personal Loan
Borrow from £7,500 to £25,000 with a competitive 5.9% APR. Decisions and payouts can happen the same day. No fees for overpayments. Flexible for your needs.
TSB’s Personal Loan stands out in the UK market, offering a striking 5.9% APR representative for amounts between £7,500 and £25,000, repayable over 1 to 5 years. For those seeking quick access to funds, successful applicants may get their money the same day. There are no fees attached for overpayments, providing valuable flexibility if you plan to clear your balance early.
How to Apply: Step by Step
To apply, ensure you’re a UK resident, over 21 if applying online, and earning at least £850 per month after tax. If you’re an existing TSB customer, the easiest route is via the TSB app, provided you’ve held an account for over three months. Alternatively, new customers can use the TSB website to get a personalised quote without affecting their credit score and then complete the application online. Non-digital applicants have the option to apply by phone or in-branch.
Key Pros of TSB Personal Loan
A major plus for this loan is the fast payout, which can often land in your account the same day as approval. Additionally, there are no penalties for overpayments, meaning you can reduce interest by paying off your loan earlier. The ability to get a personalised rate quote without impacting your credit score adds further reassurance.
Key Cons of TSB Personal Loan
While rates are competitive, only those with excellent credit may qualify for the headline 5.9% APR. Applications require stable income and credit history; those with financial blips such as recent CCJs or defaults aren’t eligible. Also, strictly personal purpose exclusions apply, limiting flexibility on usage.
Verdict
TSB’s personal loan offers competitive rates, rapid processing, and flexible early repayment. If you meet the eligibility criteria and need a straightforward lending experience, it’s a strong contender worth considering for your next personal loan.