Our partners for featured placement of their products or services. While we are independent, we may receive compensation from That aims to provide you with the tools you need to make betterĭecisions. Unsure you should get independent advice before you apply for anyį is an independent comparison platform and information service Service provider and read the information they can provide. We endeavour to ensure that the information on this site is current andĪccurate but you should confirm any information with the product or Offer credit facilities from a panel of lenders. We are a credit broker and not a lender and How do TSB loans compare against the competition?į Comparison UK Limited (company number: 10482489) isĪuthorised and regulated by the Financial Conduct Authority (firm Our calculations assume that you don’t overpay or take a repayment holiday (and instead just stick to the repayment schedule). Both overpaying and taking repayment holidays are likely to have an impact on the overall cost of your loan. Alternatively, you can request to take up to two repayment holidays annually – although it’s crucial to note that your outstanding balance will still be accruing interest during these periods. You can repay early or make overpayments without penalty – although you may continue to be charged interest on overpayments for up to 58 days. TSB loans also offer a decent level of flexibility. TSB is only obliged to award its advertised representative APR to 51% of customers, while everybody else could be offered a different (higher) rate – at the time of writing, the maximum APR you’ll pay on a TSB loan is 30.0%. We base our calculations on TSB’s representative APR, but it’s important to note that credit is subject to status – so in other words, your circumstances may affect the rate you’re offered. You can also get an idea of how TSB’s rates stack up against other popular lenders. Our calculator lets you pick how much you want to borrow over a period that suits you, so you can get an idea of how much you’ll pay back each month and how much you’ll pay back overall.

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Principal: The principal is the amount you borrow before any fees or accrued interest are factored in.

Your loan’s principal, fees, and any interest will be split into payments over the course of the loan’s repayment term.

Repayment term: The repayment term of a loan is the number of months or years it will take for you to pay off your loan.You can use Bankrate’s APR calculator to get a sense of how your APR may impact your monthly payments. APR: The APR on your loan is the annual percentage rate, or cost per year to borrow, which includes interest and other fees.This rate is charged on the principal amount you borrow. Interest rate: An interest rate is the cost you are charged for borrowing money.When taking out any loan, it’s important to understand these four factors:

Common types of unsecured loans include credit cards and student loans. Unsecured loans don’t require collateral, though failure to pay them may result in a poor credit score or the borrower being sent to a collections agency. In exchange, the rates and terms are usually more competitive than for unsecured loans. Common examples of secured loans include mortgages and auto loans, which enable the lender to foreclose on your property in the event of non-payment. Secured loans require an asset as collateral while unsecured loans do not.

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