Lloyds Loans Review | www.lloydsbank.com
Address: Customer Services, BX1 1LT.
Branding: Flexible Loan. AKA: Lloyds Loans.
FCA Licence: 004685.
From: Lloyds Banking Group Plc.
Related: BOS (Fin), BOS (Loan), Black Horse, Halifax (Fin), Halifax (Loan), Lloyds (Fin).
Bad Credit Lloyds Loans Available?: No.
Manage: Lloyds Bank login provided via www.lloydsbank.com.
Offers: Personal loans.
Opening Hours: Monday to Sunday (8am/10pm).
Sums: £1000 to £25,000 (new and returning).
Terms: 12 to 84 months.
£138.08 /£1000 (12).
£275.84 /£1000 (24).
£263.96 /£10,000 (12).
£511.76 /£10,000 (24).
Notes: To qualify a current account must be held by the applicant (of at least 3 months). Existing customers can benefit from instant payouts. The product in focus is branded as the Flexible Loan. The APR rates are 27.5% (1k) and 4.9% (10k). The login is served on a subdomain.
– Amounts: £25k can be received within minutes of approval between 9am and 8.30pm.
– Branches: They control over 1000 of the 2000 branches within the Group. Every one of these took on rebranding changes in 2013. A few will be closing over the next few years.
– Efficiency: As noted, immediate transfers are available. It is just a shame that they run exclusivity on their product. The added flexibility allows overpayments, simple early settlements and there is also a loan repayment holiday.
– Experience: This is one of the most historic names in global banking, formed in the year 1765. They have restructured a few times including TSB who they have now split ties with. The Group is certainly progressing well in the modern era, although they are still overshadowed by HSBC who remain the dominant force in UK banking.
– Extra Features: You can take a holiday break for a month throughout the term.
– Operations: Customer support runs between 8am and 10pm on each day if the week. Praise is due for keeping the hours fixed over the weekend when many users may only be able to reach them outside their busy time at work.
– Ownership: The LBG is the UK’s second biggest for market cap. Through their cluster of banks they are the UK’s largest provider of mortgages and savings. There are just over 30 million customers across the Group. Halifax has 18 million and BOS has 2.8 million. The tally for this central arm is 11 million.
– Profile: With the new rebranding and complete overhaul of their banking products it is going to take time to see just how well this new bank can perform now that TSB is out of the picture. There is no doubt that they have a huge challenge ahead from Santander who themselves have been gathering massive traction. There has been huge advertising spends in 2015, but the primary reason for this surrounds the marking of their 250th year in operation.
– Customer tally updated.
– Rates have increased. These were 26% (1k) and 4.4% (10k). Now 27.5% and 4.9%.