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 itās 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 ā but it wonāt be more than 58 daysā interest and weāll tell you how much itāll be when you apply.
If you choose to combine your existing and new borrowing, youāll need to take out at least an extra Ā£1,000. The total of your new and existing loan can be up to Ā£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.