TSB Loans Review | www.tsb.co.uk
Address: Customer Services, BX4 7SB.
Branding: TSB Loans. Also known as: TSB Bank Loans.
FCA Licence: 198797.
From: Banco de Sabadell S.A.
Related: No companies.
Available: Monday to Sunday (8am/10pm).
Bad credit considered: Fair-to-good score required.
Manage: TSB login provided via www.tsb.co.uk.
Offers: Personal loans.
Pricing: £132.92/£1000 (12) £265.28 (24) | £211.28/£10,000 (12) £408.80 (24).
Sums: £1000 to £25,000 (new and returning).
Terms: 12 to 84 months.
Notes: Officially named TSB Bank, although they brand themselves as titled. The rates as shown are 26.4% and 3.9%. Important: Only current account holders may qualify for this loan. Any accounts must have been held for 3 months or more and so switching is out of the question if you were looking to move across ASAP. Approved funds are received on the same day.
Amounts: A same day £25,000 loan is available to loyal customers. The payout times are immediate between 9am and 8.30pm that matches their new sector rival Lloyds Bank who they have now moved away from.
– Branches: There are close to 630 branches across the UK. Their network took a major revamp on their fresh relaunch and they also took on some Cheltenham and Gloucester branches. The tally isn’t quite as extensive as that of Lloyds who have over 1000.
– Efficiency: Instant payouts are provided and there is added flexibility in regards to overpayments and repayment holidays.
– Experience: Their origins date to 1810 when they arrived under the full title of The Trustee Savings Bank. They merged with Lloyds in 1995 and recently split and launched on their own terms in 2013 taking more than 4.6 million customers with them. The acquisition by Banco Sabadell took place in July 2015. Their new owner was established in December 1881.
– Extra Features: You can take 2 repayment holidays per year. Their rivals aren’t quite as generous on such breaks.
– Operations: The phones are manned 7 days a week and so new applications and ongoing queries will always be dealt with quickly.
– Ownership: Sabadell are not quite competing at the same level as Santander, but it will be interesting to see where they can take this historic British brand. Alike Santander, they were named after their home origin. They measure today as the 5th largest Spanish banking group.
– Pricing: Whilst their 1k rate of 26.4% is higher than Lloyds (26%), they charge just 3.9% at 10k in comparison to 4.4% and so they are competitive in the cost department. This is by no means a market leading rate, but instant decisions and same day payouts will be attractive, alongside the opportunity to defer payments more frequently than elsewhere.
– Profile: Most people will think of their past owner when they spot one of their trendy new branches. Whether they can shake this affiliation off and become a rising force in the industry remains to be seen. The initial reports are that they are emerging well, but much more money will have to poured into advertising if they plan on taking business away from the majors.