Lloyds Bank, one of UK’s leading financial companies, offers personal loans for £25,000 at a low interest of 3.9%. This product allows customers to avail money for different uses such as emergency expenses, vacations, home improvement, debt consolidation, and other large purchases.
The bank makes borrowing easy by providing its website advanced tools like its handy online calculator. With this application, aspiring borrowers can easily find out the monthly repayments and APR that they need to settle. They can also avail flexible repayment options which enables them to make additional payments whenever they want to without additional charges.
Customers can also apply for up to two repayment holidays per year. But when doing so, the borrower should take note that the bank will still charge the APR during this period, which can result in more significant interest and extension of the borrower’s original repayment term.
Application Process
Only existing Lloyds Bank account holders can apply for the loan. They can request Lloyds Bank Personal Loan online, by phone or in a Lloyds Bank branch. Moreover, borrowers must be 18 years old or over and UK citizens or permanent residents to qualify. Customers can borrow from £1,000 to £50,000 which they can pay in 1 to 7 years. The amount of money they can loan depends on their financial circumstances and credit history.
Fees and Interest Rates
Lloyds Bank Personal Loan does not charge an origination fee. But borrowers should take note that they should pay a fee of £25 if they missed a monthly payment. They should also keep in mind the bank can charge up to 58 days’ interest if borrowers make an early settlement.
Lloyds Bank Personal Loan has a variable annual interest of 3.9% to 26.7% which will be based on the amount of the loan, length of repayment and the financial circumstances of the borrower.
