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Borrowing more

Can I borrow more?

You can apply to borrow more if you have an existing Lloyds Bank current account, for at least one month, and have a single Lloyds Bank loan in your name only; not a joint loan. 

You can use a loan for just about anything; some common uses for borrowing are to:

  • make home improvements
  • buy a car
  • combine your debt into manageable monthly payments.

Just be aware, there are things you can't use a loan for.

Your other options - when borrowing money, you need to make the right choice for you and your circumstances. Other borrowing options may be more suitable.

How much can I borrow?

  • You can ask to borrow between £1,000 and £35,000 on top of your existing loan with us, up to a maximum of £35,000.
  • Choose a repayment term  between 1 and 7 years.

 

The decision to lend and the rate offered is based on our assessment of your personal circumstances.

How it works

If you choose to borrow more, you can either:

  • This combines your existing loan and new borrowing into a new loan with a single monthly repayment. This option also allows you to set a new repayment term, as long as it’s a year or longer. If you choose this option, your existing loan is automatically closed as part of the process.

    Your new loan could be charged at a higher interest rate and your loan term could be longer. This means you could pay more interest overall. There may be a charge to settle your current loan early – but it won’t be more than 58 days’ interest and we’ll tell you how much it’ll be when you apply.

    If you choose to combine your existing and new borrowing, you’ll need to take out at least an extra £1,000. The total of your new and existing loan can be up to £35,000.

    If you want to combine more than one Lloyds Bank loan or want to consolidate other debts visit your nearest branch for more information or call us on 0330 123 3890. Lines are open 8am-10pm, 7 days a week.

     

  • You can borrow more by taking out an additional loan, up to a maximum of £35,000, which will run alongside your current loan. Each loan will have its own term and monthly repayment amount.

     

Quick and easy

Get a quote - just log on to Internet Banking for a personalised quote. This won't affect your credit score.

What's in the quote - in most cases we'll tell you how much you could borrow and if you're likely to be approved, all before you apply.

Receive your money quickly - and into your bank between 9am-8:30pm, or before 9am the next working day.

Offering you flexibility

  • Repayment holidays - you can apply for up to two repayment holidays per year, subject to approval.
  • Make additional payments with no extra charge.
  • Or pay off your loan early. Just be aware, we will charge up to 58 days' interest for early settlement.

Representative example

You could borrow £10,000 over 48 months with 48 monthly repayments of £225.04. Total amount repayable will be £10,801.92. Representative 3.9% APR, annual interest rate (fixed) 3.83%.

This representative APR 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 you could be offered is 29.9% APR.

Get a quote in minutes

Log on to Internet Banking to get a personalised quote.

  • Tell us how much you want to borrow and over how long to get a quote in minutes.
  • This won't affect your credit score.
  • If you go on to apply, you’ll get an instant loan decision online.

Other ways to apply

Apply in branch – our local branch will be happy to help you apply for a loan.

Find your nearest branch 

Apply over the phone – if you have a:  

  • Lloyds Bank Current Account, call us on 0330 123 3890.
  • Credit card, mortgage or existing loan with us, call us on 0330 123 4715

Speak to an adviser 8am-10pm, every day.

Making sure you get a fair deal

We want you to find a product that's right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

To find out more you can read the statement of responsibilities, which details what's expected of us, the lender and you the borrower.

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).