Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
Best for: Fast lending
Maximum loan
£50,000
Product fee
N/A
Early redemption fee
Yes
Lloyds bank plc is a retail and commercial bank founded in Birmingham 1765, considered one of the “big four” banks in the UK. You can apply for a personal loan from Lloyds online, in branch or over the phone.
If you’re looking to buy a new car, consolidate debt, refurbish the kitchen, or take that desperately needed holiday, Lloyds offers a wide range of borrowing options.
Lloyds offers unsecured personal loans, meaning they’re based on creditworthiness, rather than using property, vehicles and other assets as collateral. The loans are available over a period of 1-7 years for loans between £1,000 and £50,000.
While Lloyds rates are normally competitive, the representative APR may not be the rate you’ll receive: Lloyds will offer you a rate based on an assessment of your personal financial circumstances.
| Loan amounts | From £1,000 to £50,000 |
|---|---|
| Loan terms | From 12 months to 84 years |
| Age eligibility | 18 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
All interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
When applying for a Lloyds personal loan, factors such as your credit history, income and the amount you apply for will be considered. You also need to be certain you can meet the repayment terms. You’ll then also need to meet the following criteria:
However because Lloyds personal loans are only available to Lloyds current account holders, if that includes you, you may not need to jump through so many hoops!
Lloyds typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Lloyds considers. However, if you don't have a high credit score, you're very unlikely to get approved for a Lloyds loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Yes, Lloyds offers instant decisions online in most cases. (Occasionally, more information may be required.) First, you can use the soft-search eligibility checker to find out your chances of getting approved. (This won't affect your credit score.) Then, if you opt to go ahead and apply, you'll get an instant answer. Lloyds can also offer same-day funding of your loan.
Yes, Lloyds allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, Lloyds also allows you to effectively "top up" your loan by closing your current loan and starting a new, larger loan. There's no penalty for repaying ahead of time, but bear in mind that any overpayments may be subject to up to 2 months of interest beyond the date on which you overpay. Because of this, it may work out cheaper to run a second loan alongside the first, rather than consolidating the 2.
Yes, you can make overpayments without incurring any penalty fee. However, Lloyds can continue to charge interest for up to 2 months on any sums overpaid. So, although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
If you’ve decided that a Lloyds personal loan is for you, then you can apply online by logging in to your existing Lloyds bank account and following the loan application process.
Yes, Lloyds offers personal loans for debt consolidation for up to £35,000. As with a regular Lloyds loan, you’ll need to have good credit, and be an existing Lloyds Bank current account holder. With a Lloyds debt consolidation loan, you’ll also have the option of repayment holidays, additional payments and early repayment.
Lloyds Bank has received mostly negative reviews from customers, according to review platform Trustpilot. It currently has a rating of 1.7 out of 5, based on more than 4,500 reviews (updated May 2024). Some customers reported issues getting a loan, as well as poor customer service.
"I needed to get a loan because I’d been renovating my house and I overspent. So I got the loan to consolidate my debt. I wasn’t totally happy about the interest rate the Lloyds offered me but I decided to get the loan from Lloyds because I banked with them. This meant it was easy and fast to get the loan – I got the money the same day I applied.
If there’s one thing you’d tell a friend who’s thinking of getting this, what would it be?
My tip would be to always look really carefully at what it’s going to cost you to pay back the whole loan. For me, it was a lot more than I’d thought."
To get in touch with customer support for personal loans, you can call Lloyds on 0330 123 3890, or you can message customer services via the Lloyds app.
Considering a Lloyds personal loan? Use our calculator to work out how much you’ll pay back. Not only that, you can see how Lloyds stacks up against the competition and make sure you’re getting the best deal.