TSB Loans

TSB personal loans

Regardless of its purpose, all TSB personal loans are unsecured and come with a fixed interest rate.

The specific details of your loan will depend on whether it is a standard TSB personal loan, a small loan, or a graduate loan.

» COMPARE: Personal loans

How much can I borrow?

With a TSB loan, you may be able to borrow between £1,000 and £25,000 if you do not have a TSB current account, and between £300 and £50,000 if you do.

How much you borrow will affect your loan term. If you borrow between £300 and £999, your loan term can be between three and 12 months.

If you borrow between £1,000 and £25,000, your term can be between one and seven years.

Loans between £25,000 and £50,000 have a term of one to five years.

And if you apply for a graduate loan, your term will be between one and five years.

What are the interest rates on a TSB loan?

The interest rate on your TSB loan will depend on your personal circumstances, how much you want to borrow, and the term of the loan. It will be fixed for the lifetime of the loan.

Can I get a small loan from TSB?

TSB offers a specific small loan, where you can borrow between £300 and £999.999 over three to 12 months.

These small loans typically come with a higher interest rate than a standard personal loan.

As well as TSB’s standard eligibility criteria, you will need to have had a TSB bank account for more than three months to apply for a small loan.

Can I get a graduate loan from TSB?

It is possible to get a specific TSB graduate loan, allowing you to borrow between £1,000 and £10,000 over one to five years.

TSB graduate loans typically come with a higher interest rate than a standard personal loan.

You must have had a TSB Graduate Account for more than three months in order to be eligible.

Can I get a joint loan from TSB?

Currently, TSB does not offer joint loans.

With a joint loan, more than one person signs up for the loan, meaning that both borrowers are liable to repay the loan even if you weren't the one spending the money.

Can I get a secured loan from TSB?

Currently, you cannot get a personal secured loan from TSB.

Secured loans require you to supply an asset, such as a house or car, as collateral. This is not the case for unsecured loans.

» COMPARE: Secured loans

How do TSB loans work?

Once you have submitted your loan application, TBS will carry out credit and affordability checks.

If you are successful, you will be sent a loan agreement. After you have signed and returned it, TSB will deposit your funds into your bank account.

You will then start paying back the loan in monthly instalments, including interest, for the length of your agreed term.

Can I change my mind?

You can withdraw from your TSB loan within 14 days of signing the loan agreement.

If you do decide to withdraw from your loan, you will need to repay the total amount, including the daily interest charged, within 30 days of giving the lender notice.

Can I take a repayment holiday?

You are able to take two non-consecutive one-month repayment holidays within a 12 month period with your TSB loan.

You will still be charged interest for those months, and they will be added to your term length, meaning you will pay more interest overall.

To be eligible for a TSB repayment holiday, you must:

• have made at least one repayment
• have a direct debit set up
• be up to date with all loan repayments, or have missed no more than one repayment
• not be in the process of making a loan protection insurance claim
• have at least 30 days left on your loan term

What if I miss a payment?

If you miss a loan repayment, you may incur extra charges and your credit score may be negatively affected.

If your financial circumstances change, or you have missed a payment, you should contact TSB as soon as possible. You may, for example, be eligible for a loan repayment holiday.

You can also contact debt charities such as StepChange for help.

Can I pay off a TSB loan early?

You can pay off your TSB loan early.

You will not be charged if you make loan overpayments. However, if you want to repay your remaining balance in full before the end of your term, you may be charged up to 58 days’ worth of interest.

TSB loan eligibility criteria

In order to qualify for a TSB loan, you must be a UK resident over the age of 18 years old.

If you want to apply online, and do not have a TSB current account, you will need to be over the age of 21.

If you want to borrow less than £1,000, or more than £25,000, you will need to have had a TSB current account for longer than three months.

You will also need to pass the lender’s credit checks and affordability assessments. This includes having no previous declarations of bankruptcy or County Court Judgments (CCJs).

Can I get a TSB loan with bad credit?

As long as you have never been bankrupt, or had a Country Court Judgment, you can apply for a TSB loan if you have a poor or limited credit history.

However, you may find it harder to get a loan. And if you do, you may be subject to higher interest rates than you would be offered with a higher credit score.

» COMPARE: Bad credit loans

How to apply for a loan from TSB

If you have had a TSB current account for longer than three months you can apply online, in branch or over the phone. If you do not have a TSB current account, you can only apply online if you are over 21; otherwise you will need to apply in branch or by phone.

1. Once your application has been submitted, TSB will carry out its credit checks and affordability assessments.
2. If you are approved, you will be sent a loan agreement for you to sign and return.
3. After you have returned your loan agreement, your funds will be placed into your bank account.

How long does it take for a TSB loan to be approved?

There are a number of factors that will determine how quickly your TSB loan is approved, including whether or not you are an existing TSB customer, and if the lender needs you to supply more information.

If you are an existing customer, you can expect to receive your funds immediately on the day of application, as long as you have applied between 9am and 8.30pm. Outside these hours, you should receive your money before 9am the next day.

If you do not have a TSB current account, your money will be deposited into your account by 7pm the following working day for applications completed before 6pm.