Lloyds TSB Island Personal Loan

Good:
Competitive rate loan available to the residents in the Channel Islands and the Isle of Man

Bad:
Interest rate can be very high even though you must have good credit to be able to apply

Verdict:
Have a look around before you apply as you may end up with a really high rate and you won't be eligible to apply elsewhere

Lloyds TSB Island personal loan is available only to Lloyds Account holders living in the Channel Islands or the Isle of Man. Apply today for anything between £500 and £20,000, for any purpose. Lloyds offer repayment holidays on all their personal loans, this is a great added feature that allows you to take a break from repayments. Bear in mind though that the interest still applies during your payment break.

To apply you must visit a local branch or call them on 08457 301 280. If you are an existing customer and you do it in a branch, the money can be paid out as quickly as 30 minutes after applying. If you are approved, you will be asked to sign a loan agreement. Lloyds will only lend you as much as you can afford, this will be decided after they carry out a assessment of your circumstances. This does mean you will be credit checked and you may need to provide extra documentation such as wage slips if necessary.

A standard £20 charge is issued on top of the charges you will receive for missing a direct debit though this can be expected with most of the main banks. Poor communication within the company has led to a few customers complaining about unfair charges being added to their account. With this in mind we would recommend making sure you get everything you agree with them during the course of the loan in writing. Only apply for this lender if you have a good credit history as they do not accept people who may have had late payments, CCJs or defaults in the past.