Whether it is a dream car or house renovation, a holiday trip, or any other key event or milestone that we encounter in our lives, we need an ample amount of money. Most of the time it happens that you become short of money and need to borrow money. A personal loan can help you to overcome any shortfall in your finances and provide an easy, comfortable way to get the desired amount of money. The Lloyds Bank Personal Loan is the one you should go with to overcome a shortfall.
Another important reason for getting a personal loan is debt consolidation. Paying off too many debts in one month can really make your life hectic. So with a manageable amount of debt you can roll all of your debt in one single monthly payment and get rid of different due dates.
The Lloyds Bank offers competitive personal with easy repayment methods to deal with your financial stress and make your life worth living.
Lloyds Bank Loan Requirements:
Lloyds Bank Personal Loans allows you to borrow an amount between £7,500 – £25,000 with an easy repayment term of 1 to 5 years. They offer an interest rate of 3%, as low as possible. But of course, the actual interest rate and the repayable amount you will get on the loan will depend upon your credit score and financial circumstances. Their maximum interest rate is 29.9%, comparatively lower than many other lenders.
How to apply for a personal loan at Lloyds Bank:
To apply for a personal loan at Lloyds applicants must be over 18, a UK resident, and a Lloyds bank account holder for at least one month. Applicants are able to apply for loans only online. Hence, you must have registered for online banking to get a loan from Lloyds. Log on to internet banking and get an instant quote for the required amount you want to borrow. They will do a soft credit check without leaving any footprint on your credit score. Once you get approved for the loan the funds will be transferred into your accounts immediately. To be noted that the best time to apply for a loan at Lloyds is between 9 am and 6 pm, if you apply in between you will get instant approval with immediate funds transfer.
Calculating the Personal Loan at Lloyds Bank:
Lloyds offers an interest rate of 3% to 29.9%. However, the exact interest rate and the total repayable amount depend upon your credit history, expenditure, and financial circumstances. Applicants with good credit scores often get low-interest rates.
As a representative example, if you want to borrow an amount of £10,000 with a loan term of 48 months, your representative APR will be 3.9% based on the annual fixed interest rate of 3.83%. The total repayable amount you have to repay will be £10,801.92 with a monthly repayment of £225.04.
So here was the simple revelation of how you can get a personal loan from Lloyds Bank. You can see they offer competitive loans with easy repayment options. But the most important thing that every borrower needs to know is that it is crucial that you can afford monthly repayments. Because any late payment can harm your credit score and cause trouble for getting a loan in the future.
For further info and queries, you can drop a call at 0330 123 3890.