This page discusses the merits of Lloyds TSB secured loans (also known as Lloyds TSB formal loans).
Lloyds TSB (formed from the merger of Lloyds Bank, one of the oldest banks in the world, and the TSB group), has a long history in the banking and personal finance sector in the UK. With that history comes stability, professionalism and a dedication to industry best practices. This holds true not only on Lloyds Banking Group savings and deposit accounts, but on other Lloyds TSB services such as personal and home lending.
Lloyds TSB secured loans are aimed at borrowers who need to gather £7,500 to £25,000 in personal finances, quickly, with an emphasis on small signature loans that mature on time spans of three to five years. Lloyds TSB secured loans are loans drawn against a tangible asset, such as a property, for values in excess of £25,000. While the most common form of these loans includes a lien against your home or house, Lloyds TSB secured loans have also been taken out against fixed annuities, insurance policies and vehicles.
As higher loan amounts are usually specified, applications for a Lloyds TSB Bank secured loan are more likely to require a more pronounced checking procedure, with full background and credit checks.
Lloyds TSB Secured Loan Benefits
Lloyds TSB secured loans can be used for multiple purposes: home renovations, paying for the education of your child, buying a car, paying for a holiday or funding a small business start-up.
There are a number of benefits to a Lloyds TSB formal loan. If you have an account with Lloyds there may be bundled options (such as discounts on homeowner’s insurance for a house with a second loan on it), as well as the usual Lloyds benefits of customer service and stability including the ability to track your balance and last payments etc. online throughout the day.
Most Lloyds TSB secured loan repayment terms are in the 10 to 20 year range and as with all lending organisations, the Lloyds TSB’s rates will vary depending on market conditions.
N.B. Lloyds TSB may charge secured loans arrangement fee for successful applications that are taken up. If you are looking to consolidate your loans at a lower rate, or to take out a longer term to get lower monthly payments, talking to a Lloyds TSB secured loans specialist may help you to fully understand your own requirements as well as other important features you are looking for from your loan.
Applying for a Lloyds TSB Secured Loan
To apply for a Lloyds TSB secured (formal) loan you must be:
- an existing Lloyds TSB customer with an active Lloyds TSB current account
- a legal resident of the United Kingdom
- aged at least 18 years of age and under 75 years when your loan term is scheduled to end.
Applications for Lloyds TSB loans can be carried out at any high street branch of the Lloyds TSB. Most secured loans applications will receive an answer within 24 hours.
Securing a Lloyds TSB Loan Against Your Property
As with all secured loans, a Lloyds TSB secured loan requires assets to be used as collateral (security). Consequently there is always the risk that if you default on repayments, the bank will take your asset in forfeiture. This means taking a secured loan against your home can entitle the lending organisation to take ownership it.