What loans does TSB offer?
TSB is a UK high street brand that has gone through ownership changes in the past two decades. Here we look at its loan proposition and whether you should consider it as a lender?
Who is TSB?
TSB Bank is based in Edinburgh, Scotland and operates over 200 branches in the UK. It offers a range of personal and business banking services, including current accounts, mortgages, credit cards, insurance, and savings products.
Its loan offerings include personal loans, as well as various business loans and commercial mortgages. In 1995, it merged with Lloyds Bank, and following the credit crisis of 2008, it eventually became a subsidiary of the Spanish financial group Banco Sabadell in 2015.
What types of loans does TSB offer?
TSB Bank offers a variety of unsecured personal loans to cater to different financial needs:
Car loans can be used to finance the purchase of a new or used vehicle, offering flexible repayment terms and competitive interest rates to suit your budget.
Whether you're planning a major renovation or a small upgrade, home improvement loans can provide the funds necessary to enhance your living space, with options to overpay or take repayment holidays, subject to approval.
For smaller financial needs, TSB offers small loans starting from £300, with terms ranging from three to 12 months, providing a manageable solution for unexpected expenses.
Designed exclusively for TSB Graduate Account holders, these loans range from £1,000 to £10,000 over one to five years. This option assists recent graduates in managing post-university expenses effectively.
Debt consolidation loans allow customers to combine multiple debts into a single, manageable monthly repayment. This approach simplifies finances and can potentially reduce overall interest costs, especially if the consolidation loan has a lower interest rate than existing debts.
Car loans
Home improvement loans
Small loans
Graduate loans
Debt consolidation loans
How much can I borrow with TSB?
TSB provides unsecured loans from:
£300 to £999 over three to 12-month loan terms
£1,000 to £25,000, over one to seven-year loan terms
£25,000 to £50,000, over one to five-year loan terms
TSB also offers Graduate Loans from £1,000 to £10,000 to be paid back over one to five years.
The bank also advertises some of the lowest loan rates in the UK for potential customers with the best credit scores looking to borrow between £7,500 and £25,000 with one to five-year loan terms.
What is the eligibility criteria?
To be eligible for a TSB loan you will need to:
Be a UK resident
Be over 18, or over 21 if you apply online
Be employed or have a regular income
Earn at least £850 per month after tax
Not have any recent CCJs, Credit Defaults or Bankruptcies, and be up to date with any TSB debts
How quickly will I receive the money?
Loan approval and the time it takes to receive the funds can vary based on your relationship with TSB.
Existing customers could receive the funds on the same day your loan is approved, but new customers might have to wait until the next working day.
These timelines are subject to approval processes and may vary depending on individual circumstances.
Are there any fees or charges?
TSB doesn’t list any charges such as arrangement fees or late fees. You can repay your loan early at any time in full or part, but you might be charged up to 58 days interest on any full settlement you make.
Can I take a repayment holiday from my TSB loan?
You are allowed two repayment holidays of one month each on your TSB loan every 12 months, but repayment holidays can’t be back-to-back. Interest will continue to grow during the repayment holiday.
Why compare with MoneySuperMarket?
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