Personal Loans FAQs

No.

The monthly repayment cost of a loan will depend upon the amount borrowed, the term of the loan and the interest rate. To find out how much your monthly repayment will be you can get a personalised quote which won't affect your credit rating. This puts you under no obligation to proceed with the loan but will enable you to see how much you can borrow and what it may cost.

Unlike a secured loan, an unsecured loan isn’t taken out against the customers assets, such as a house or car. With an unsecured loan, you can borrow money from a bank by agreeing an amount as well as a repayment period. You will then make regular payments until the loan is repaid in full.

As an unsecured loan isn’t secured against the customer’s assets, this means interest rates tend to be higher, as it is riskier for the lender.

You’re more likely to be accepted for an unsecured loan if you have a good credit score, as the lender will see you as most likely to repay the loan in time and in full.

Unsecured loans include:

• Personal loans
• Student loans
• Credit cards

The interest rate of your loan is personal to you and will depend upon a number of factors including the amount borrowed, the term of the loan and your personal circumstances. To find out how much your loan will cost you can get a personalised quote, which won't affect your credit rating. This puts you under no obligation to proceed with the loan but will enable you to see how much you can borrow and what it may cost.

A secured loan is a loan linked to the customers assets. This tends to be property; however, it can also be taken out against a car and other assets. Secured loans tend to be used when borrowing more money than unsecured loans.

Lenders are more willing to offer larger amounts of money with secured loans and offer better rates. This is because they can reclaim the value of the customers assets if they cannot repay the loan.

For information about your loan application, please call us on 0345 835 3861. This number is available from 8am - 6pm Monday to Fridays, from 9am - 2pm on Saturdays. Closed Sundays.

Before we can give you a decision, there are a few things we need to discuss with you. If you’ve held a TSB current account for more than 3 months please contact us on 0345 835 3861 (9am to 5pm Monday to Friday, closed weekends) and we can give you a decision right away. Calls may be recorded.

How to prove your ID and bank details

We’ll send instructions by email.

When you’ve completed the process, we’ll contact you within 3 working days.

To get started, fill in this form.

Customers must not have been declared bankrupt or have a County Court Judgement. All other customers who meet the eligibility criteria are entitled to apply. TSB completes a credit search for each new application made to enable us to give a credit decision.

Our Personal Loans are available to customers who are employed or retired with a pension.

For existing TSB current account holders, the funds will be transferred to your bank account immediately between 9am and 8.30pm, or before 9am the following day if you’ve applied outside of these times.

For all other customers, we need to do a few more checks. The money is usually in your chosen bank account by 7pm the following working day (for applications completed before 6pm). Excludes weekends.

You can choose how long you want your repayment term to be when you apply for a loan. Our repayment terms range from 3 months to 7 years, depending on the amount you’re looking to borrow and whether you hold a TSB current account. Our Graduate Loans have repayment terms between 1 to 5 years.

When taking out a loan, the repayments will be based on how much you decide to borrow and the length of the repayment period. If your financial situation changes and you have more income, you can repay your loan early, either through one lump sum, or by paying back more each month.

This is known as a loan overpayment. Loan overpayments reduce the loan term, allow the customer to repay debts faster. Customers may also be entitled to a reduction in the total amount of interest owed when repaying loans early.

You can repay your loan early in full or part. To repay your loan early in full, including when you wish to refinance your existing loan, please contact us on 0800 111 4166  or visit us in Branch. We will arrange to send you a settlement balance. This is the amount you will need to pay to close your loan and is different to the current outstanding balance. Please note, we may charge you up to 58 days' interest on any full settlement you make.

If you make any other additional payments, we will use these to partially settle your loan. This means you will continue to make your normal monthly payments, but the number of repayments and the amount of your final repayment may change.

You can find details of your Loan on Internet Banking, in a branch or by calling us on 0345 835 3861.

You have 14 days to withdraw from the agreement.

This right to withdraw will start on the day after you sign your loan agreement. If you do wish to withdraw from your loan during this time you must repay, no later than 30 calendar days after giving notice of withdrawal, the total loan amount (this is the amount we paid into your account) and the daily interest that we charge, both can be found on the Loan Agreement.

You can withdraw by calling us on 0800 111 4166 (8am to 6pm Monday to Friday, 8am to 2pm on Saturday) or by sending any notice to TSB Bank plc, PO Box 453, Mitcheldean, GL14 9LR.

If you want to talk to us about withdrawing from your loan more than 14 days after you've signed your loan agreement, please call us on 0800 111 4166 or visit your local branch to find out the details.

If you can’t repay an unsecured loan, the lender can employ a collection agency to collect the debt, in some cases they can even take you to court.

If you default, you may have to pay additional charges, which can also harm your credit rating. However, banks or lenders will not be able to seize your assets if you can’t repay an unsecured loan. Although, you will still go to court and have a CCJ (County Court Judgement).

There may be lots of different reasons you might need to bank with us differently, either in the short term, or on a continuing basis. It could be because of your physical or mental wellbeing, or because of a life event you’ve experienced. Whatever the reason, we are committed to tailoring our support to your personal needs.

If you choose to tell us about your individual support needs, we will take the time to understand your circumstances and work with you to make sure you have the support you need when banking with TSB. We can add a Support Indicator to your account, which means whenever you talk to us, we'll be aware that you may need tailored support.

Find out more about how we support you