Lloyds Bank offers seamless banking processes that make transactions easy. Its model applies to both banking services and online transaction. Some of the services offered at this public listed company include savings, investment portfolios, insurance (home, life and motor), mortgages, credit cards, ISAs and current accounts. At the core of these services is Lloyds Bank personal loan which has a competitive age due to their ratings, customer reach and their lending experiences.
How to Apply for a Lloyds Bank Personal Loan
One can apply for a loan using Lloyds Bank online portal, by calling or through the numerous bank outlets. However, the customer must meet the following criteria to apply for Lloyds Bank personal loans
- He or she must be 18 years and above.
- Have an account with Lloyds Bank running for at least a month.
- They must be a resident of the United Kingdom.
The amount to be borrowed is based on the past account history, personal details and the past credit repayment history.
Loan Application Using the Online Portal
The customer has to create an account online with the bank. Thereafter, he or she should log in to the account to get how much they can borrow. In most cases, the bank has already set the limit. It also tells the customer if the loan can be approved. The whole process takes less than 10 minutes to get the loan approved.
Loan Application by Visiting the Branch
This involves talking to Lloyds bank’s credit officers face to face. They give all the possible scenarios involved in borrowing, help the customer understand the APR ratings, duration of payment and expected total interest accrued over the set period. If all is set, the application takes at most one day and the money wired to the account. This happens in all Lloyds banks across the United Kingdom.
Loan Application over the Phone
If the customer can neither access the online portal nor visit the branch, there are dedicated line they can call and get a loan. The customer has to satisfy the basic requirements. For those who have an existing bank account, they can get a loan by dialing 0330 123 3890 for assistance. For credit card holders and those with either an existing loan or a mortgage, their direct line is 0330 123 4715. The lines are open between 0800hrs and 2200hrs every day.
Lloyds Bank Personal Loan Calculator
The bank charges an illustrative APR of 3.9%. This means that, if the customer borrows £7500 and spaces his or her repayment period to 4 years, the monthly repayments will be £168.78, totaling to £8,101.44 for the entire period.
Please note that 3.9% APR Representative with the Personal Loan. On loans between £7,500 – £25,000 and over 1 to 5 years. The maximum APR is 29.9%.
Lloyds Bank personal loan range from £1,000 to £50,000 and have a maximum payment duration 7 years, based on the size of the loan and agreed repayment dates. It also has fixed monthly repayments and some additional payments. One can choose between the three ways to borrow, making the process faster and achievable