There comes a time in life when most consumers face the tough decision of saving up for an item or to rather take up a loan. In some instance, there is just no choice and a loan is the only option. Lloyds Bank Loans offers customers a good variety. This review takes the offers into consideration and compares them to some of the best around the world.
Personal loans is a tough product to package and sell across the various needs. A bank that packages a single loan type into multiple packages is National Australia Bank.
About Lloyds Bank
Lloyds Bank was founded over two centuries ago and has provided superior banking services since. At first, the services were limited but soon became more easily accessible to the general public. Thanks to efforts to secure a solid client base and presence in the country, growth was the natural effect. Mergers, acquisitions, and further expansion ensured the bank would have its place on the list of biggest banks in the world.
We recently did a full review on Lloyds Bank as a whole.
Handy Tips to Manage Loans Well In Tough Times
When things go well, managing debt seems to be a cakewalk. It’s when things start going pear-shaped that it takes dedication and perseverance to get through tough times.
Resist the Temptation to Make More Debt
Debt consolidation loans and using one loan to pay off another can be a dangerous cycle. Once the funds run out, there is almost nowhere to turn to and consumers face the risk of exceeding their income. Additional installments will not alleviate the issue in the long term.
Put Luxuries on the Back Burner for a Little While
This includes things such as dinner dates and impromptu trips to the country. Try to keep spending to a minimum and use those funds to clear off debt instead. It may also be a good idea to stick some funds away in savings for a rainy day.
Get Rid of Unnecessary Items
This could be subscriptions to magazines that are no longer read or even items in storage that could be sold. It’s also a good way to address overspending as these items will rarely fetch a good price again unless they’re antiques or have value.
Pay On Time, Every Time
Consumers who are habitually late on their loan repayments will find it hard to get out of debt. This is because the penalty interest and additional charges make it difficult to keep on top of the payments. The capital balance will hardly move if the majority of the installment is just penalties and fees.
Lloyds Bank Loans
Online Exclusive Loan
Customers who like to do their banking online and have access to Lloyds Bank Internet Banking should consider this loan. Furthermore, this loan is managed entirely online as well.
- This loan provides customers with competitive rates.
- Customers can borrow between £1,000 to £50,000 over one to seven years.
- The loan also provides flexible repayment options. This means customers can make additional payments whenever they wish without additional charges.
- Furthermore, this loan type is only available to Lloyds Bank current account holders who have had their account for at least a month.
- The loans are granted according to the personal financial position of the client.
- Once the loan is approved, the funds are disbursed within the same day if before 8:30 PM, or before 9 AM the following day.
- Customers enjoy repayment holidays when they meet certain criteria. They can apply for two repayment holidays per year, subject to approval.
- Also, customers can request a personalized quote without it affecting their credit record.
- Finally, customers are charged a penalty fee should the account move over to their collections department.
This loan type is available to customers in the branch or over the phone. Furthermore, the loan type is available to Lloyds Bank current account holders who have had their account for at least a month.
- Customers enjoy a competitive interest rate.
- The loan amounts range from £1,000 to £50,000 and is payable over one to seven years.
- Each application is assessed individually and the outcome will depend on the customer’s personal financial position.
- Furthermore, customers enjoy flexible repayment options which allow them to make additional payments without incurring penalties.
- Customers also don’t have an early settlement adjustment fee to worry about with this particular loan.
- Once the loan is approved, customers will have their funds in the account the same day.
- Customers may apply for a personalized quote that won’t affect their credit rating.
- Finally, penalty fees apply to late or missed payments.
Buying A Car
There might be other loan types more suitable for car finance, but this option allows a bit more flexibility. This is a great option for those who wish to purchase an older car or include a few additional items in the purchase. This could also work well for those who wish to have access to funds for other vehicle types, such as two-wheelers.
- Styled as a personal loan, customers will still have access to competitive rates.
- These loans are only available to Lloyds Bank current account customers who’ve had their accounts for at least one month.
- The amounts range between £1,000 and £50,000 with repayment periods between on the seven years.
- Furthermore, customers may make additional payments to their loan without incurring penalties. However, early settlement may attract penalty interest.
- Customers who meet certain conditions will have access to repayment holidays. These are available twice a year and subject to approval.
- Also, customers are assessed based on their personal circumstances.
- Finally, other borrowing options may be more suitable.
Customers who prefer a traditional approach to car finance should take a look at what is offered through Lloyds Bank.
Customers who wish to make some changes to their properties or give it a fresh new look will find this loan type suitable. Furthermore, this is also suitable for those who wish to spruce up their gardens and do proper landscaping.
- The loan amounts range from £1,000 to £50,000 with repayment periods of one to seven years.
- Customers enjoy flexible repayment options which allow them to make additional payments without incurring additional charges. There may be a penalty interest charge for loans settled in advance.
- Once the loan is approved, customers usually have the funds in their account the same day. If not, it’s usually by 9 AM the following day.
- Furthermore, there are two repayment holidays per year for those who qualify.
- These loans are exclusive to Lloyds Bank current account customers who’ve held the account for at least a month.
- Finally, the customer’s individual situation determines the outcome of the loan.
Customers who have a hard time managing numerous little installments should find debt consolidation useful. It allows customers to consolidate all their payments into a singular one in order to streamline their finances.
- These loans typically offer customers a competitive interest rate.
- Only Lloyds Bank current account customers have access to these loans.
- Furthermore, the loan conditions are determined by the customer’s personal financial situation.
- Also, this loan type allows customers to make additional payments without charge. There is, however, the chance of penalty interest being charged for early settlement.
- There are two repayment holidays per annum and these are subject to approval.
- The funds tend to be disbursed the same day of approval. If not, it’s usually by 9 AM the next morning.
- Finally, there is the risk of paying more over the period as refinance starts the clock all over again.
The ideal loan type for those who have just graduated and need funds to kick-start their new lives. These are ideal for those who need funds to set up their apartments, buy clothing for their new jobs, and more.
- Customers can apply for loan amounts of between £1,000 and £10,000 with repayment periods between one and five years.
- These loans are only available to Lloyds Bank Graduate Account holders who’ve had their accounts for at least five years.
- Furthermore, the client's personal financial position determines the outcome of the loan.
- Customers may make additional payments without incurring additional charges. Furthermore, they may also settle the loan without incurring early settlement penalties.
- Finally, the loan type allows two repayment holidays per year which is subject to approval.
Critical Reviews Rating Lloyds Bank Loans – 8 of 10
At first glance, these loans seem absolutely perfect when it comes to choices. There are a variety of options to suit the individual needs of customers. In fact, there is more than one personal loan type which is a lot more than many other institutions offer. But then, as we dig a little deeper, it becomes clear that many of the loan types are the same. They merely have different names, however, the terms and conditions remain the same.
The second aspect that has us a little baffled is the lack of accessibility. Customers from other institutions will need to open a current or graduate account to apply for this loan type. They also need to have the account with Lloyds Bank for at least a month before they may apply. For us, this is bad on two fronts. The first is that it may discourage future clients from moving over their business to the bank. The second is that existing customers who have other products with the bank may have a hard time. They could hold savings and investment account without qualifying to apply for a personal loan, irrespective of their personal financial position. This means the product is more geared towards risk mitigation than client satisfaction.
Lloyds Bank also offers a range of mortgages to suit the various lending needs.