The benefits of a Lloyds Bank Personal Loan
You cannot use a loan to pay for:
- Speculative purchases, for example: gambling, investments and share purchases
- Any illegal purposes
- Business related purposes
- Purchase/Lease of land or property, either full or part purchase (including deposit)
- Timeshares/Holiday Clubs
Frequently asked questions
A personal loan is an amount of money you borrow from a lender in order to pay for a large expense, such as a car or home improvements. You then pay the loan back on a monthly basis, over an agreed period of time. With Lloyds Bank, you can choose to pay the loan back between 1 and 7 years.
When taking out a loan, you will pay an additional cost to borrow the money – this is called interest. The amount of interest you pay is based on a number of factors, such as the loan amount, how long you want to borrow the loan, and an assessment of your personal circumstances. This interest is added to your monthly repayments so you do not have to pay it back in one go.
Before you apply for a loan with Lloyds Bank, you can get a personalised quote where in most cases, we will tell you how much you could borrow and if you are likely to be approved, before you apply. This quote will not affect your credit score.
When you apply for a loan with us, we will conduct a credit check. This helps us understand whether you are able to pay the loan back. This credit check will be added to your credit history report and therefore may affect your credit score. However, the impact on your credit score will depend on your past credit history and personal circumstances. For example, if you have applied for credit several times within a short space of time, this may have a negative effect on your score. Missing repayments may also have negative impact on your credit score.
APR stands for annual percentage rate. It shows you how much it will cost you to take out a loan as a percentage. The APR is made up both loan interest and loan fees.
The APR helps when you’re comparing loan rates from different lenders.
Set up the Mobile Banking app
Join over 6 million of our customers who already use the app.
- It is fast, simple and secure.
- Get access to app exclusive features like changing your address.
- Log on using fingerprint or Face ID with a compatible device.
Please note: Our Mobile Banking app is supported by devices running iOS or Android. The app is not compatible with some older versions of the operating systems –check the App Store or Google Play for more details.
If your phone has been subjected to unauthorised modifications (e.g. jailbroken or rooted) the app will not be compatible with your device.
Android/Google Play is a trademark of Google Inc. Apple, the Apple logo, Touch ID and Face ID are trademarks of Apple Inc, registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
It may be unlawful to use some Internet and Mobile Banking services in some countries. Please check before you travel. Services may be affected by phone signal and functionality.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).
How much we lend and the rate available are subject to our assessment of your circumstances. You must be 18 years of age or over and a UK resident. You must have had a Lloyds Bank current account for at least one month.