Maybe it’s for a new car? Or to refurbish a house? Or to go on holiday? For applicants who are self-employed, Lloyds Bank Personal Loans might be useful to smooth out cash flow issues while waiting on payment from clients.
Debt consolidation is another legitimate reason to get a personal loan. Perhaps too many credit cards have become a hindrance, and keeping track of payments has become difficult, a loan can help to get rid of debt so there is only one monthly installment. These are just a few of the reasons as to why a customer might need to take out a loan.
Lloyds Bank Personal Loans features
Lloyds bank personal loan is offering rates as low as 3.9% APR on loans between £1,000 – £50,000 borrowed over a one to seven-year period. For applicants who are shopping around looking for a quote, the bank will not run a credit check. For customers who do take out a loan, there is no fee for those wanting to repay more than the agreed monthly payment.
To apply for a loan, applicants will need to be over 18 years old, a resident of the United Kingdom, and a Lloyds bank account holder for at least one month. The loan is only available online; therefore customers will need to have registered with internet banking. If applicants apply for the loan between 9 am and 6 pm, funds are transferred to the customers bank account immediately.
Calculating the Lloyds Bank Personal Loans
The funds made available to applicants will depend on an assessment of financial circumstances. However, if customers want to get an idea of how much it will cost to pay back, there is a free of charge online calculator. For example, to borrow £10,000 at an interest rate of 3.9% over 60 months, the monthly repayments will be £183.41, and the total amount to pay back will be £11,004.60. All loans are subject to status.
Although there are several benefits to taking out a personal loan, it is essential that applicants can afford the monthly repayments. Late payments can harm credits rating which will affect the ability to get credit in the future.