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TSB has reduced the interest rate on its unsecured personal loan and is now offering borrowers 2.9% APR on loans between £7,500 to £25,000.
The high street bank previously charged 3.2% APR and its rate reduction sees it offering one of the most competitive rates in the personal loans chart. The new rate is available to both existing and new customers and can be applied for online, in branch or by phone. It includes a number of features such as payment flexibility and payment holidays. Borrowers looking for a loan between £20,001 and £25,000 over terms of 61 months to seven years should be aware that TSB charges a higher APR.
Commenting on the rate reduction, Graham Dodds, head of loans at TSB, said: "At this time of year, many people will be re-organising their finances, thinking of buying a new car, planning their summer holiday or simply consolidating their outstanding debts. Whatever the reason, the new TSB market-leading rate of 2.9% could be the perfect solution as it also allows customers the flexibility to make overpayments and the opportunity to take payment holidays should they need to do so.”
The lowest rate currently available in the personal loan chart for those looking to borrow £12,500 over 24 months is 2.8% APR from cahoot. This loan is available to new and existing customers and can only be applied for online.
Along with TSB, there are eight providers that also offer 2.9% APR on a personal loan for those looking to borrow £12,500 over 24 months. Clydesdale Bank, John Lewis Financial Services, M&S Bank, Sainsbury’s Bank, Tesco Bank, Yorkshire Bank and Zopa all offer loans at 2.9% APR which are available to existing and new customers. Nationwide Building Society also offers 2.9% APR, but this loan is only available to existing customers.
For those looking to borrow a higher amount of £25,000 over 36 months, the lowest rate available for both existing and new customers is 2.9% APR, which is available from four providers including TSB. Along with TSB, Clydesdale Bank, Sainsbury’s Bank and Yorkshire Bank all offer this rate. Nationwide Building Society also offers this rate, but again, its loan is only available to existing customers.
Rachel Springall, finance expert at Moneyfacts.co.uk, said: “It’s fantastic to see TSB cut loan rates for prospective borrowers. Consumers may well be looking to consolidate debts or perhaps to fund some home improvements, so the 2.9% APR may be enticing. It is worth remembering that not all loan customers will be granted the advertised APR, as this would be offered to 51% of successful applicants. In the meantime, if borrowers are keen to take advantage, then they would be wise to review their credit score – such as with a credit report from Experian – to make sure they are in the best possible position before they apply.”
A full list of the current personal loans rates can be found on our personal loan chart.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?
Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.
Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research. In particular, loan rates have fallen on small sums – on a borrowing amount of £3,000 over a three-year repayment period, the average loan rate is down from 14.6% a year ago to 14.3% today. A recent survey from Direct Line revealed 50% of consumers they surveyed wanted to renovate to gain extra space. Loft conversions can be a popular way to maximise living space, and insulation can cost £2,750, according to research by estate and letting agents Barrows and Forrester.
Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research.
If you are looking to give your garden a complete makeover this holiday it could cost you between £5,000 and £10,000, according to Checkatrade, a directory for tradespeople. This cost is based on a “transformational project”, which typically requires more work than just restyling a specific area of your garden. It is also based on a project for a large rear garden of 100 metres squared.
If you are looking to give your garden a complete makeover this holiday it could cost you between £5,000 and £10,000, according to Checkatrade.
In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?
Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.
Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research. In particular, loan rates have fallen on small sums – on a borrowing amount of £3,000 over a three-year repayment period, the average loan rate is down from 14.6% a year ago to 14.3% today. A recent survey from Direct Line revealed 50% of consumers they surveyed wanted to renovate to gain extra space. Loft conversions can be a popular way to maximise living space, and insulation can cost £2,750, according to research by estate and letting agents Barrows and Forrester.
Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research.
If you are looking to give your garden a complete makeover this holiday it could cost you between £5,000 and £10,000, according to Checkatrade, a directory for tradespeople. This cost is based on a “transformational project”, which typically requires more work than just restyling a specific area of your garden. It is also based on a project for a large rear garden of 100 metres squared.
If you are looking to give your garden a complete makeover this holiday it could cost you between £5,000 and £10,000, according to Checkatrade.
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