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TSB launches Britain’s best personal loan
Fix and Flex allows free unlimited overpayments and two repayment holidays
Our lowest ever rate of 2.9% for personal loans between £7,500 and £15,000
Customers benefit from same day payment
TSB today launches Britain’s best personal loan, offering convenience, same day payment1as well as a highly competitive rate of 2.9% APR representative2, for loans between £7,500 and £15,000 to be repaid between one and five years.
Designed for customer convenience, TSB’s Fix and Flex loan offers the peace of mind of fixed payments as well as the freedom to pay off more of your loan whenever you want3and two one month repayment holidays every year for the life of the loan4.
Helping customers when they need it the most, Fix and Flex loans can be paid into customers’ accounts on the same day of application1– or the next working day if they don’t hold a current account with TSB5.
What’s more, TSB will help borrowers protect their credit rating by offering them a personalised quote before they apply in full to get an idea of what they could borrow and for how long – and this won’t affect the customer’s application or approval.
The Fix and Flex loan launches as new TSB figures reveal that 44% of Brits with debt (excluding mortgage debt) pay more than 15% APR, while a quarter (25%) don’t know the level of interest they pay on their debt repayments6.
Nick Smith, Head of Personal Loans at TSB, said: “We know that many people will be worrying about how much they’ve spent over the festive period and January is often a time when people pause to take stock of their finances. We all have a tendency to go overboard at Christmas and sometimes we need a bit of extra help when it comes to paying it all off. At TSB, we want to help those people looking to get their finances in order for the year ahead by offering what we believe is Britain’s best personal loan, Fix and Flex, which also offers a great rate of 2.9% APR representative.
“For us it’s all about encouraging people to borrow well by giving those who may hold debt in a number of places or who may be looking to borrow for their 2017 plans the opportunity to pay for this with one affordable, manageable loan.
“Fix and Flex was designed with the customer in mind, and it does exactly what it says on the tin – offering the reassurance of fixed repayments and the flexibility of two repayment holidays a year and fee-free overpayments. We also offer customers a personalised quote so they know exactly how much they will be repaying before they apply to help protect their credit rating. Then if they choose to go ahead, they can benefit from same day payment, ensuring they have fast access to money when they need it most.”
For more information visit: http://www.tsb.co.uk/personal-loans/
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to editors
[[1]]The money will be in your account the same day if youhave held a TSB current account for more than 3 months and your application isapproved before 8pm.
[2] Representative rate applies onloans between £7,500 to £15,000 from 1-5 years. Borrowers must be UK residentsand aged 18 or over, or if you apply online and have not held a TSB currentaccount for more than 3 months, you need to be aged 21 or over. Lending issubject to status and actual rate offered will depend on our assessment of yourpersonal circumstances.
[3]Charges could apply if the loan is repaid early.
[4]Repayment holidays are subject to approval. If youdecide to take a repayment holiday, the length of your loan will increase andyou’ll pay more interest overall.
[5]Next daypayment applies to customers approved before 8pm Sunday to Friday (excludingbank holidays). Branch and online applications only.
[6]Research conducted by OnePoll on a sample of 2,000adults in the UK in November 2016.
TSB was built to bring more competition to British banking – to be a real challenger to the big banks and to deliver the kind of banking the people of Britain want. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.
We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.
Our 4.8 million customers, award winning mobile and digital banking, nationwide network of branches and 8,600 Partners mean we are big enough to make a difference, but small enough to be an agile challenger to the entire market.
For further information about TSB Bank plc, please visit our website www.tsb.co.uk.
