How to get a loan

 

Before logging on to your Internet Banking to apply,  think about a couple of things :

This could help you get approved for a personal loan.

 

Loan eligibility 

Your credit score can affect whether you’re likely to get accepted for a personal loan. Learn more about how credit works and how it might impact applying for a loan.

Can I apply for a loan with Lloyds Bank?

To apply for a car loan, you need to:

  • be age 18 or over.
  • be a UK resident (except for the Channel Islands and the Isle of Man).
  • have held a Lloyds Bank current account for at least one month.
  • be in paid employment or have a regular income and are not a full-time student.
  • have a good credit score, with no history of poor credit, such as County Court Judgements (CCJs) or bankruptcy.

What can you borrow for?

Here are the most popular reasons customers take loans out with us:

·       Car loan

·       Debt consolidation

·       Energy efficient home upgrades

·       Existing customers – borrowing more

·       Home improvements

·       Holiday loan

·       Wedding loan

 

What can you not borrow for?Pay for speculative purchases, for example: Gambling, investments (such as stocks, shares and crypto currency), business reasons, land or property – buying, leasing or paying a deposit, timeshare or holiday clubs, anything illegal

Setting your borrowing limits

Other things to think about are how much you want to borrow, how much you can repay each month and how long you want to take to pay the loan back in full.

How much can you borrow

We offer personal loans of between £1,000 and £50,000.

The amount you can borrow and the interest rate you receive is based on your personal circumstances. 

How long you can take to repay the loan

You can take a Lloyds Bank personal loan for between one and seven years. Just bear in mind that the longer you borrow, the more interest you’ll pay overall.

To pay less interest overall, choose the shortest term you can afford on the lowest rate you can find.

You can pay your loan off early if you have some money to spare. Keep in mind, we may charge up to 58 days' interest for early settlement.

Get a personal loan quote

Log on to Internet Banking for a personalised quote. Usually, we’ll tell you how much you can borrow and if you’re likely to get approved before you apply. 

This won’t impact your credit score.

Get a personalised loan quote

What we look at when deciding to offer loans

We typically look at several factors when deciding if we’ll offer a loan to someone. The main things we consider are your income, your employment status and your credit score.

Income

Your loan application is more likely to get approved if you have a steady income. This is because as a responsible lender, we want to see that you can cover your monthly loan repayments.

Employment

Employment in a full-time, permanent job Increases your chance of getting a loan. If you are unemployed, or in part-time or short-term employment you may be more likely to get declined. 

Credit score

A good credit rating shows us that you have a track record of repaying loans on time. This means you are a lower risk. You are more likely to get a loan approved, sometimes at better rates.

Learn more about credit scores

Credit score

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.

How you can improve your credit score

We will make a decision about your eligibility based partially on information held about you by credit reference agencies, such as Experian, TransUnion and Equifax.

This credit information helps to build a picture of you and your financial history. While it is not always possible to find a better paid job and increase your income, you can improve your credit rating.

Learn more about improving your credit score

A personal loan is just one type of finance and may not be right for your circumstances. Read our guide to borrowing options to find out more.

Ready to apply?

Log on to Internet Banking to get a personalised quote. It takes one minute, and usually we’ll tell you how much you can borrow and if you’re likely to get approved before you apply.This will not impact your credit score.

Apply for a loan

Loan calculator

See what your repayments on a Lloyds Bank loan could be

Use the calculator

Related products

Related guides

You may also like

Money worries

With the rising cost of living, it's natural to worry about your money. We’re here to help.

Help with your finances

Borrowing options

When borrowing money, you need to make the right choice for you and your circumstances.

Borrowing options

Existing customers

Already have a loan with us? We have a range of flexible ways to help you.

Existing customer

Explore personal loans

Whether you’re planning a large purchase, or simply want to get your finances in order, a personal loan could help bring your plans to life.

Explore loans

Two people putting bags in a car.

Explore personal loans

Whether you’re planning a large purchase, or simply want to get your finances in order, a personal loan could help bring your plans to life.

Explore loans