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Tuesday, October 23, 2018

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TSB cuts rate on personal loans

Jordan Williams | 07:30 Wednesday 3rd January 2018

TSB has cut its personal loan rate from 32% to 29% APR for amounts between £7,500 and £25,000.

The provider of personal and business banking has introduced the new rate to all loan terms between one and five years.

Nick Smith, head of loans at TSB, said: “Reducing the rate on our loans is great news for the many people who may be making plans for 2018.

“At this time of year – whether you're consolidating other loans, planning home improvements or looking to finance a car – our personal loans help customers to borrow well.

“Unlike some providers, we don't punish people for shopping around for a loan, as we offer personalised quotes on a TSB loan without affecting your credit rating.”

Last year, the bank announced it was planning to launch its new digital banking platform in the first quarter of 2018.

TSB also became one of the latest adopters of facial recognition technology to enable customers to unlock their mobile banking app.

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