Loan repayment holidays
When you find that things aren't going to plan, then a bit of financial flexibility can sometimes help.
Features and benefits
- Once you've made the first monthly repaymentWith a loan, we give you a sum of money up front and each month after that you pay back some of what you owe. That monthly sum is called your repayment. With our personal loans, your repayments are fixed. That means you’ll owe the same amount each month for the entire life of your loan. on your loan, you can apply for up to two one-month repayment holidays every year of your loan.
Keep in mind
- Repayment holidays are available if you meet certain conditions. Interest will be charged if you take a repayment holiday, so you'll pay more interest overall and your original term will be extended.
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Repayment holidays are subject to approval, and they can’t be taken in consecutive months.
We'll advise you of the additional interest before we finalise your repayment holiday. Your original repayment term will be extended every time you take a repayment holiday.
You need to inform us at least five days before your next loan repayment is due for this to be applied to your next payment.
You can request a repayment holiday at any time, providing you:
- have made at least one repayment, and have a Direct Debit in place
- are up-to-date with your loan repayments
- are not in the process of making a loan protection insurance claim
- have 30 days or more remaining on your loan term.
You can request a repayment holiday by:
- logging on to Internet Banking and selecting your loan from the account overview page
- calling us on 0330 123 3890 (Mon–Sun 8am–10pm)
- Visiting your local branch
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Repayment holidays aren’t intended to help solve money troubles, so if you are struggling to make your monthly repayments we have a range of options that may be able to help you. Call us on 0800 389 8766 (Mon–Fri 8am–9pm, Sat 9am–5pm) and we'll talk through options with you.
A repayment holiday will extend the length of your loan. We will continue to charge interest on your outstanding loan balance, so you will pay more interest overall. We will advise you of the additional interest that will apply when you call.
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Online
You can apply for a repayment holiday by logging on to Internet Banking and selecting your loan from the account overview page.
By phone
Taking a repayment holiday will extend the length of your loan and we'll continue to charge you interest on your outstanding loan balance. We'll advise you of the additional interest that will apply when you contact us.
Please call us at least a week before your next loan repayment is due for this to be applied to your next payment.
Lines are open 8am–10pm Mon–Sun
In branch
Pop into your local branch and our staff will be happy to help.
Apply for a repayment holiday
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 more than one month.