Lloyds Bank Personal Loans Review
A Lloyds Bank Personal Loans offers people the chance to borrow a set amount of money. It could be for anything from an unplanned expense to a large purchase.
A Lloyds Bank personal loan gives people the chance to do things they may not have been able to do because of the cost.
Lloyds Bank Personal Loans
With a Lloyds Bank personal loans, people can borrow between £1,000 and £50,000. They can then pay back the loan over 1 to 7 years. It offers applicants the benefit of a fixed monthly repayment over an agreed period. Also, those applying for a personal loan from Lloyds Bank have the benefit of being able to:
- Make additional payments on their loan with no charge for doing this.
- Apply for a maximum of two repayment holidays each year, subject to approval from the bank.
Repaying the loan
When someone applies for a loan, the amount they have to pay back will be the loan plus interest. How much interest someone pays depends on the annual percentage rate (APR). The APR will vary as it’s based on the applicant’s circumstances, the amount they want to borrow, and how long they plan to repay the loan. For loans from £7,500 to £25,000, the APR is 3.9%. What this means for someone looking to borrow £10,000 over four years, their monthly repayments would be £225.04. By the end of the loan period, they will have paid back a total of £10,801.92. If a person wants to borrow a different amount, the APR will vary. An applicant looking to borrow between:
- £1,000 – £7,499 – APR varies from 15.4% to 26.7%.
- £25,001 – £50,000 – APR ranges from 6.3% to 7.3%.
The maximum APR on a loan from Lloyds Bank is 29.9%.
Personal Loan Calculator
If someone is thinking about a personal loan, they should check before they apply that they can afford to take one out. To help them decide, Lloyds Bank offers a personal loan calculator. The calculator provides potential applicants with an idea of what the monthly repayments and APR might be on a loan. The APR shown in the personal loan calculator is only an illustrative rate. It’s not until the person applying receives a decision from the bank that they will know the amount they can borrow and what the actual APR will be. This is because the bank looks at a person’s credit record along with the financial information they’ve noted in the application before making an offer.
Applying for a Lloyds Bank Personal Loans
Before anyone can apply for a loan from Lloyds Bank, they have to be a customer of the bank. They also need to have held a current account for at least one month. Customers can apply for a loan, online, over the phone or in their local branch. In the majority of cases, applicants will usually receive a quick decision on their loan request.