What do I get with a TSB loan?
You can borrow anything from £1,000 up to £25,000 – repayments can be made between one and seven years plus you can take up to two repayment holidays a year so you’ve got added flexibility for repayments should you need it. If you do decide to take a repayment holiday, then you’ll still be charged interest which means that you’ll be paying more interest back overall. There are also fixed repayments on this loan which makes it easy to budget as you’ll know exactly how much you need to set aside for your monthly repayments.
The current headline representative offer is 3.2% APR on loans between £7,500 and £14,999 payable over one to five years. Although this APR will only be reserved for those with gold star credit ratings so the APR you’ll get will very much depend on your own circumstances. If you’re worried about your credit rating you can check it for free at one of the credit reference agencies (Experian, Equifax and Callcredit), each one offers either free trials or free access to your credit report, just make sure you cancel your subscription before you get charged if you opt for one of the trials).