TSB borrowers will be able to take out short-term loans from the bank in future, as it plans to offer an alternative to payday lenders, loan sharks, and overdrafts.
The bank has revealed it’s looking to launch a set of new shorter-term personal loans to help those with cash flow problems.
It’s yet to divulge what rates and lengths people will be able to borrow for or when exactly the new deals will launch, but it says these will be targeted at working families and those with varying incomes.
The bank says it wants to fill the gap where borrowers feel they have no other alternative but to take out pricier types of credit.
It currently offers personal loans of between £7,500 to £25,000 for those borrowing between one and five years at a competitive rate of 2.9 per cent, which was this week reduced from 3.2 per cent.
So it’s likely it’s new range will be on loans of less than a year that are for under £7,500.
How to get out of debt
RECORD numbers of Brits are seeking help to manage their debt.
While getting back on track can seem like a daunting task, we’ve taken a look at what you can do to help you on the way.
Get help for free: There are lots of groups who can help you with your debts.
- Citizens Advice – 0808 800 9060
- StepChange – 0800 138 1111
- National Debtline – 0808 808 4000
Don’t ignore bills: Ignoring your bills won’t make them go away, as tempting as it may be, and the problem will likely…