TSB Personal Loan: Key Facts and How to Apply

Understanding the TSB Personal Loan

Considering a TSB personal loan as your next financial step? Here’s a comprehensive look at what’s on offer, from interest rates and terms to flexibility and support.

TSB Personal Loan Snapshot

• Loan amount: £300–£50,000
• Terms: 3–12 months (for £300–£999), 1–7 years (£1,000–£25,000), 1–5 years (£25,000–£50,000)
• Representative APR: From 5.9% (for £7,500–£25,000, 1–5 years). Actual rates depend on personal circumstances.
• Type: Unsecured personal loan
• Application: Online, phone, or in branch. TSB account holders get streamlined application and instant funding options.

“A TSB personal loan is designed with flexibility and transparent terms, making it suitable for diverse personal goals.”

Who Is Eligible?

To apply for a TSB personal loan, you’ll need to meet the following requirements:

• UK resident, aged 18+ (21+ for online applications)
• Minimum net monthly income of £850
• Employed or receiving regular income
• No recent County Court Judgments (CCJs), credit defaults, or bankruptcies
• Up to date with any TSB debts

Quick Tip: Existing TSB current account holders enjoy a faster application experience, with many receiving funds the same day.

What Can You Use It For?

TSB personal loans are ideal for:

• Car purchases
• Home improvements
• Debt consolidation
• Weddings
• Other personal expenses

Not allowed: business ventures, property deposits, refinancing student loans, saving, gambling, mortgage repayments, or paying utility bills.

Flexible Features & Repayment Options

• Overpayments: You can pay extra at any time, reducing overall interest and term.
• Early Settlement: Repay the full balance early with up to 58 days’ interest charge.
• Repayment Holidays: Take up to two one-month breaks each year (approval required, interest still accrues).
• Withdrawal right: Cancel within 14 days of signing, returning funds and accrued interest within 30 days.

"Flexible repayment features make it easier to manage your financial commitments without penalty."

Applying for a TSB Personal Loan

For existing TSB customers:

1. Log into online banking.
2. Use the TSB loan calculator. Many fields are pre-filled.
3. Obtain a personalised quote with no impact on your credit score.

For new customers:

1. Use the online loan calculator to check your estimate.
2. Submit your application online, over the phone, or in branch.
3. Receive a personalised quote before making a formal application.

No quote impacts your credit score, but submitting a full application will.

Need a hand? Book an appointment in branch or by phone—you’ll get guided support throughout the process.

TSB Loan Calculator: Plan Before You Commit

Utilise the online personalised loan calculator available on TSB’s website. It provides a tailored quote and monthly repayment breakdown, all without affecting your credit rating.

Fees, Charges & Key Terms

• No set-up fees for standard loans
• Early settlement: Max 58 days’ interest
• Repayment holidays: Interest accrues during breaks
• Borrow with confidence: 14-day withdrawal window

Responsible Lending & Customer Care

TSB encourages borrowing only what’s affordable. Customers are guided to

• Use budgeting tools
• Check monthly outgoings
• Factor in life changes

If you face repayment issues, TSB offers payment holidays, tailored support, and partnerships with agencies, such as StepChange, for unbiased financial guidance.

"We support our customers with open, responsible lending and access to help whenever it’s needed."

FAQs: TSB Personal Loans

1. Does applying affect my credit rating?

• Quotes do not; formal applications do.

2. When will I get the funds?

• Same day for many existing account holders (if approved before 6pm, Mon-Sat), next day for others.

3. Can I overpay or settle early?

• Yes, at any time. Early settlement may incur up to 58 days’ interest only.

4. What support is available if I can’t make a payment?

• Contact TSB to discuss options such as payment holidays or tailored assistance.

5. How do repayment holidays work?

• Subject to approval, max two one-month breaks per year. Interest accrues.

6. Is my money protected?

• Yes, TSB is covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.

Comparing TSB Personal Loans to Other Borrowing

• Overdrafts: Good for short-term needs; can be costly.
• Credit cards: Useful for purchases, but higher interest rates over time.
• Personal loans: Fixed repayments, lower rates for larger sums or debt consolidation.
• Mortgage additional borrowing: For homeowners needing larger sums (£10,000+).

Choosing the Right Option: Always compare APR, monthly payment, and total repayable across all products.

Stay Safe from Scams

TSB warns against loan-related fraud. Red flags:

• Being asked to borrow for investment or unknown parties
• Requests to send money as part of a ‘police’ instruction

Pause and check before handing over any money or personal details.

At a Glance: TSB Personal Loan Essentials

Tips for Successful Borrowing

• Use the TSB loan calculator before applying
• Only borrow what you can afford
• Set up Direct Debit for repayments
• Overpay if possible to clear debt faster

"Good planning and flexibility mean you’re always in control of your loan."

Ready to Apply?

Start by using the online calculator for a quote. For personalised advice, reach out to TSB by phone, in branch, or via online chat.

Remember: Always double-check you are dealing with TSB plc in the UK, not similarly named banks elsewhere.