6th November 2014
TSB has launched its lowest-ever personal loan rate but only for existing bank account customers.
The lender has cut rates for personal loans from 6.9% APR representative to 4.9% APR representative on amounts between £7,500 and £20,000 and from 7.4% APR representative to 5.4% APR representative on loans between £20,001 and £25,000.
The new rates are applicable for all loan terms between one and five years.
Customers can apply for a TSB loan in branch, online or over the telephone and will receive a personalised quote instantly without leaving a credit footprint.
While TSB’s cuts have been deep, there are cheaper deals elsewhere, for example M&S Bank offer a rate of 3.9% APR representative on loans between £7,500 and £15,000.
Nick Smith, head of loans at TSB says: “We are pleased to be able to reward our customers’ loyalty by offering them TSB’s lowest ever loan rate. We know our customers like to bank with us in a variety of ways which is why we’ve made it easy to apply for a loan in branch, over the phone or online. Applying for a personal loan with TSB is quick and easy and, in our branches, nine out of every 10 personal loan applications are approved.”