Financial emergencies are like uninvited guests that you have to entertain anyway. Whether it’s for a home improvement project, your dream wedding, or piled-up debts, a personal loan can really help with big-ticket expenses.
Personal loans are a popular credit option for meeting such unexpected financial needs. Lloyds Bank offers one of the most rewarding personal loan schemes to its existing customers. It comes with several benefits such as low interest and early settlement options.
The loan scheme is specially designed for people who are looking for financial support with a long repayment tenure. If this is something you’re looking for, read more about the Lloyds Personal Loan Scheme in this article.
Features of the Loan Scheme
Lloyds Bank offers personalized quotes without affecting your credit score. The interest rate of the personal loan scheme is low compared to other personal credit providers. Moreover, Lloyds Bank offers an early settlement plan that allows you to repay the balance amount at any time.
You can also make additional monthly payments for no extra charge. The bank provides up to two repayment holidays every year on demand. You’ll also get flexible loan tenure ranging from 1 to 5 years.
How to Apply for the Personal Loan?
You can apply for the loan in the following three ways.
Online
First, login to your internet banking account on the Lloyds Bank website. Request a personalized quote answering a few questions as you go. Once you receive a quote that you approve, you may proceed with the application link.
The entire process will be completed online without any physical paperwork.
At the Branch
You can visit your nearby Lloyds branch with your documents to apply for a personal loan. The bank representative will provide you with a loan term that you’re eligible for. Once approved, you can go forth with the process and even get the amount on the same day.
By Phone
After reading all the borrowing terms, you can apply for the loan by calling the bank at 0330 123 3890. The call lines are open seven days a week from 8 am to 10 pm.
Eligibility Criteria
Lloyds Bank has laid down the following eligibility criteria for its personal loan scheme.
You must be at least 18 years or more at the time of applying for the loan. You are a permanent resident of the United Kingdom and will continue to be one for the entire loan tenure. You have been a Lloyds Bank current account holder for at least one year.
Lloyds Bank won’t provide you with a personal loan for gambling, investments, share purchases, the purchase or lease of land/property or paying off any property debts, timeshares, or holiday clubs.
You’ll require proof of residence (tax documents, utility bills, mortgage papers, etc.), proof of identity (Driving License or any government-issued ID), and proof of income/employment. You can also check your eligibility using this Lloyds bank loan calculator online.
Interest and Other Charges
Interest Rates and APR
For a loan amount between £7,500- £25,000, the bank charges a representative APR (Annual Percentage Rate) of 3.9%. The annual interest rate (3.83%) and processing fees are included in the APR.
The interest and APR vary according to your income, loan amount, and credit history (highest APR being 29.9%).
Repayment Charges
If you want to settle your loan early, the bank will charge up to 58 days interest on the existing balance.
Late Payment Charges
Every time your profile goes to the collections department for late payment, you’ll be charged £25.
Contact Information
Telephone
0330 123 3890.
Address
LONDON – RED LION COURT
46-48 Red Lion Court
London
SE1 9EQ
The Bottom Line
The Lloyds Bank Personal Loan can help you tackle any urgent financial needs. It’s a great way to cover your expenses without any hassle to pay off the debt in a short period. We recommend that you check when personal loans are helpful before you decide to go ahead.
Note: There are risks involved when applying for and using credit/ loan. Consult the bank’s terms and conditions page for more information.