TSB Bank has been in existence for more than two centuries. It currently has a significant high street presence through its 631 branches all over the UK. The bank offers myriads of financial products and services – from bank accounts to personal loans.
What to Expect from a TSB Bank Loan
You can apply for a loan amounting anywhere from £1,000 to £25,000 with repayment options from 1 to 7 years. For added flexibility, you can avail of as many as 2 repayment holidays per year. This way, you can avoid defaulting on your loan payments in case you need a break. However, you will still be charged for interest.
The loan allows you to stick to your budget since the interest rate is fixed. You know exactly how much to pay each month and how your entire loan will cost overall. You will likewise not be affected by sudden interest rate hikes as your monthly payment will remain the same.
At present, the headline representative APR offering is 3.2% for loans from £7,500 to £14,999 with a repayment period of 1 to 5 years. While this APR offer is exclusive for borrowers with sterling credit ratings, you can still apply for a loan even with a less-than-outstanding credit score, but the APR may be different.
Before applying, you may want to check your credit rating first with any of the following credit bureaus – Equifax, Experian, or Callcredit. This way, you can get a good idea on what APR will most likely be offered to you.