Personal Loan
Whatever you’re planning, a Lloyds personal loan could help make it happen. Borrow what you need and spread your repayments to suit your budget. Get a personalised loan quote online today with no impact to your credit score.
Log in to get a quoteImportant information: How much we lend and the rate available are dependent on our assessment of your circumstances. You must be age 18 or over and a UK resident.
Why get a personal loan with Lloyds?
Let's break it down
Before you apply
Explore your loan options
Select the option that applies to you and we'll guide you through the next steps.
Do you have a Lloyds, Halifax or Bank of Scotland current account?
What can you use a personal loan for?
Personal loans could be used to manage both unexpected and planned expenses. Below are some of the most common borrowing needs, but they aren’t the only reasons. You’re not limited to them when you apply. Simply select 'Other' during the application process if your reason for getting a loan isn’t listed.
What a personal loan can't be used for
A personal loan can help fund many planned expenses, but there are some things it can't be used for. Such as timeshares, holiday clubs or anything illegal.
Investments
Including stocks, shares and cryptocurrency.
Gambling
Any form of betting or gambling activity.
Business purposes
Including starting or running a business.
Property
Including house deposits and property purchases.
Get a quote for a personal loan
Log in or if you’re a new customer explore your borrowing 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.
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.
Whether you’re a new or existing 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 personal loan application, which would include 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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Help with money worries
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.
