Lloyds TSB loans

pwuk

Hi, I was thinking of applying for a Lloyds TSB loan and wonder if anyone here is familiar with making an online application via existing customers internet banking?

Any information would be much appreciated e.g. does it ask what the loan is for etc. and does it allow you to fully consider the suggested APR against a proposed terms.

I've not applied before but do like to carefully consider my options and don't want to have a session time out.

Also if you apply for a loan with Lloyds can it be easily restructured at a later time to avail of improved interest rates etc (if interest rates are indeed likely to improve

Thanks all and apologies if this should be asked within the banking thread and for the blandness of the query.

Apples2

I'm intrigued as to what this loan is for but you don't seem keen to let the lender know.

It is normal practice to state a reason for a loan though.

The APR offered will be an "accepted in principle" offer. It means from the little info they have checked about you, it is likely you would get an APR "around that figure". It won't become firm until they have conducted a full search though so it may go up or down (mostly up).

Loans don't normally get restructured. Of course you can always apply for another loan in the hope of getting a lower APR but be cautious that your total level of unsecured debt will have gone up, so makes further borrowing more difficult.

As a general rule of thumb, your total unsecured borrowing shouldn't be more than 50% of your Salary (this includes available credit (Credit card limits)).
also bear in mind that even a consolidation loan will be considered as if it is being added to your current total debt.

If your Sig % figures are 37.5% of your total Salary, you only have another 12.5% left "in the pot".
That may be enough for this loan, but would make further borrowing extremely difficult.