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If you’re looking to borrow money, it is important you compare and choose the right options for you based on your circumstances.
Before you borrow any money be comfortable with the amount you borrow and confident you can pay it back. So before you make a decision, ask yourself:
Deciding to borrow may not just depend on how much you need to repay each month, or how long it will take to clear the debt. Using our online borrowing options tool could help you decide which type of borrowing may be right for you.
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How would this option help me? |
How much could I borrow? |
Repayment term / Payments |
Learn more |
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Arranged OverdraftAn arranged overdraft is designed for short term borrowing and lets you borrow money through your bank account. It can be a convenient way of accessing extra money when you need it quickly. |
How would this option help me?An arranged overdraft is a simple and flexible way to borrow money through your bank account. This can help you:
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How much could I borrow?Up to £5,000 |
Repayment term / Payments
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Learn more |
Credit CardThese are payment cards, separate from your other accounts, that could offer different benefits including protection on purchases, interest free periods or no fees when spending aboard. |
How would this option help me?A Credit Card helps you spread the cost, whether that is:
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How much could I borrow?Between £500 - £12,000 |
Repayment term / Payments
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Learn more |
Personal LoanWith a Personal Loan you'd have a fixed monthly payment and term. |
How would this option help me?A Loan allows you to borrow a fixed sum of money to help you:
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How much could I borrow?Between £1,000 - £50,000 |
Repayment term / Payments
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Learn more |
Online Car FinanceThis is a type of car finance which allows you to purchase a car from a dealer. |
How would this option help me?Lloyds Bank Car Plan Extra gives you 2 options to choose from:
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How much could I borrow?Between £3,000 - £60,000 |
Repayment term / Payments
The term is fixed when you take out the finance. |
Learn more |
Borrow more on your MortgageFor larger amounts you could look to borrow more on your existing mortgage. |
How would this option help me?Additional Mortgage Lending allows you to borrow money on your existing Lloyds Bank mortgage. This can help you:
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How much could I borrow?From £10,000 (minimum) up to 85% of the value of your property |
Repayment term / Payments
Your home may be repossessed if you do not keep up repayments on your mortgage. |
Learn more |
Section 75 of The Consumer Credit Act 1974
Section 75 of The Consumer Credit Act 1974 gives credit card customer’s legal rights if they’ve paid for goods or services using their credit card. It applies when the total price of the goods or services is between £100 and £30,000 and all or part of the purchase price was made using a credit card.
If you’ve bought something using your credit card, the credit card issuer and the merchant may be equally liable for compensating you if things go wrong. For example if there's a breach of contract or misrepresentation by the merchant against you, you may be able to successfully claim a refund through us.
Credit scoring
When you apply to borrow money, many lenders will use a credit score to help them make a decision on whether to lend the money or not. When you apply to borrow from us, your score might be based on what we know about your existing accounts with us, and information from other credit reference agencies. If you’re an existing Lloyds Bank customer, you can get a loan quote or check your credit card eligibility, which won’t affect your credit rating.
With a good credit history and payment record you're likely to be given a good credit score. If you've had many credit cards and loans, have missed payments and made lots of lending applications you may get a lower score. A low score may mean you're lent less money, given a higher interest rate or your application is turned down.
For full details, download our guide – Credit scoring – a guide to how it works (PDF, 915kb)