Personal Loan
Borrow what you need and spread your repayments with a personal loan from Lloyds. Log in to get a personalised loan quote which won’t impact your credit score.
Log in to get a quoteImportant information. How much we lend and the rate we offer are dependent on our assessment of your circumstances. You must be age 18 or over and a UK resident. You must have had a Lloyds current account for at least 1 month.
Why get a loan with Lloyds?
- Borrow between £1,000 and £50,000. You can choose to pay this back over a repayment term of 1 to 7 years. The longer the term, the more interest you’ll pay.
- 6.9% APR representative. This applies to loans from £7,500 to £25,000 over 1 to 5 years. We offer other loan amounts and terms, with rates from 6.0% APR, subject to status.
- Money when you want it. If your loan application is approved, the money could be in your account the same day, 9am to 8.30pm, or by 9am the next day.
- Fixed interest. With a fixed rate loan, you know exactly how much you’ll be paying each month. This can help you plan and budget for your repayments.
- Repayment holidays. Subject to approval, you can apply for up to 2 repayment holidays of 1 month each, provided they are not taken back‑to‑back, within a rolling 12-month period. Just be aware that daily interest will still be charged and your loan term will be extended, which will increase your overall borrowing costs.
- Make extra payments at any time. This could help to reduce your loan term and borrowing costs. We won’t charge extra for making extra payments.
- Pay off your loan early. You can repay your loan in full if you want to. Just be aware we might charge up to 58 days’ interest for early settlement.
- Manage your loan online. Keep track using online banking or the Lloyds app.
Representative example
You could borrow £10,000 over 48 months with 48 monthly repayments of £238.03. Total amount repayable will be £11,425.44. Representative 6.9% APR, annual interest rate (fixed) 6.69%.
This representative APRThe representative APR is the rate that at least 51% of people are expected to receive when taking out a loan within the stated amount and term range. applies to loans of £7,500 to £25,000 over 1 to 5 years. Other terms and loan amounts are available at different rates. The maximum APR is 29.9% APR.
What is a personal loan?
A personal loan is a fixed amount of money you borrow and repay in monthly instalments over an agreed term.
You’ll pay interest on the loan, which is included in your monthly repayments. The amount of interest you pay is based on the rate you’re offered. That rate depends on how much you borrow, the repayment term you choose and the lender's assessment of your personal circumstances.
Get a quote for a personal loan
Log in to get a personalised loan quote with no effect on your credit score. Just tell us how much you want to borrow, and over how long.
If you’re happy with your quote, you can complete a loan application and get a decision online. If approved, you could receive the money the same day.
Let’s look at the details
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When you apply for a loan, the lender will complete a hard credit check. This does have the potential to affect your credit score, whether you’re approved or not.
If approved, a new loan increases your total debt and decreases the average age of your accounts. This could lead to a temporary drop in your credit score but managing your repayments carefully and on time should help your score to recover.
If you’re declined, it could cause a short-term dip in your credit score, so it’s wise to wait and work to improve your score before you try again. Making multiple credit applications in a short space of time can compound any negative effect on your score.
If you’re a Lloyds customer, you can get a personal loan quote online, which won’t affect your credit score. If you’re able to apply, we’ll tell you how likely you are to be approved before you complete a full loan application involving a hard credit check.
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APR stands for annual percentage rate. It helps give you an idea of how much your loan could cost over a year, shown as a percentage. The APR includes the interest rate and standard fees only.
The lower the APR, the cheaper it could be for you to borrow. But you should aim to borrow the lowest amount over the shortest possible term, helping to keep your borrowing costs to a minimum.
When you apply, we’ll work out your personalised loan rate (APR) based on:
- your application details. Including how much you want to borrow and the time you need to repay it
- your credit record. This gives us a breakdown of your credit history, your ability to keep up with repayments and any potential risks we should be aware of
- your past account history. Including how you’ve managed any loans, credit cards and other accounts you’ve held with us before.
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Generally, the higher your credit score is, the better your chances are of being accepted for a personal loan.
Your credit score can also influence the amount you can borrow and the interest rate you’re offered.
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No, you cannot borrow more than £50,000 with a Lloyds personal loan.
We offer loans ranging between £1,000 and £50,000. How much you can borrow will depend on an assessment of your personal circumstances.
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If you miss a loan payment, we’ll usually send you a secure message through online banking or the mobile banking app to ask you to make the payment. This message will also cover any late charges or extra interest you might have to pay.
If you’re worried about missing a payment or have already missed one, let us know.
Understanding credit
Your credit score can affect whether you’re likely to be accepted for a personal loan. Learn more about how credit works and how it might impact applying for a loan.
Looking for support?
Visit the help and guidance hub to learn more about personal loans. Compare the different types and find out how to manage your loan.
