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If you are looking for a secured loan rather than an unsecured loan, you may wish to consider the Lloyds TSB Formal Loan through which you may borrow more than £25,000 for any period up to 20 years in duration.

The rate you are charged for your Lloyds TSB loan will be subject to status and the bank's assessment of your financial circumstances. Lloyds TSB will consider a combination of factors to set your personal loan price, including your past account history, your past credit history and other personal details. You must be over the age of 18 and a UK resident.

Lloyds TSB makes a charge if you repay the whole loan early. This administration fee will be equal to 58 days' interest, up to a maximum of £250 calculated on a daily basis on the outstanding balance on the loan account. You may wish to bear this in mind if you think you are likely to be able to pay off your loan ahead of schedule.

You do not need to bank with Lloyds TSB in order to arrange a loan although repayment by a direct debit mandate is compulsory. You may use your Lloyds TSB loan to consolidate existing debt. The cost of your Lloyds TSB loan, the APR, will vary dependent on the amount of the loan and the term (the length of time you wish to borrow the money for).

As a bank, Lloyds TSB traces its roots back to 1765, where it was established in Birmingham as Taylors & Lloyds. The current name, Lloyds TSB, is the result of the merger of Lloyds Bank and TSB Bank in 1995. In the same year, Lloyds took over Cheltenham & Gloucester Building Society, making it a major player in the home loans arena.

Is a Lloyds TSB loan right for you? Maybe yes, maybe no. The best way to find out which is the right personal loan for you is to use a comparison tool like Moneyextra's Personal Loan Search.