Searching for the best and most profitable opportunity to develop or promote business ideas, a customer pays much attention to the terms and conditions of the offered loan.
TSB Bank is an innovative company that features fair and clear lending terms, helping clients manage their finances.
Another distinctive quality of the bank is the assistance in finding and applying for a proper financial solution for business.
Thus, with TSB Bank Business Loans you may be sure to select the optimal option you have been looking for.
TSB Bank Business Loans: General Features
Currently this financial institution offers two types of business loans, including base and fixed rate loans.
Additionally, a client can apply for other finance products, such as business overdraft, enterprise finance guarantee, residential buy-to-let mortgages and others.
Each option has certain benefits and downsides, but they can be highly lucrative if it suits your needs and requirements.
Types of Business Loans Offered by TSB Bank
The lender provides various offers for fast solution of financial difficulties. TSB Bank presents two major loan types for business:
Base Rate Loan and Its Advantages
Considering the base rate loan, it is important to emphasize its dependence on the base rate.
The option can be adapted to meet both short- and long-term financial needs.
However, since the loan is interrelated with bank base rate, the interest rate will change simultaneously. Nevertheless, the offer is still profitable, and its features include the following:
- The client can borrow the necessary sum of money starting with £1,000;
- The repayment term can vary from 1 to 25 years with a corresponding interest rate;
- The interest rate of your loan will change in accordance with the Bank of England rate changes;
- The lender provides optional services, including security, capital repayment holidays and others.
Fixed Rate Loans with Its Benefits
This loan type available in TSB Bank presupposes a fixed rate for a complete term. Thus, borrowing money you will be aware of the monthly repayment, so you can plan your finances.
Comparing the two TSB Bank business loans, a fixed rate option does not depend on the overall market conditions, so that you may be sure you meet all the financial obligations.
The service also has certain peculiarities, including the following:
- The borrower can get from £1,000 to £100,000;
- The repayment term is smaller and ranges from 1 to 10 years;
- The repayment amount is fixed and cannot be changed throughout the loan term;
- You can apply for either secured or unsecured loan;
- The bank has extra services, including capital repayment holidays.
How to Apply for Business Loan with TSB Bank
Once you have made up your mind to apply for one of the available loans, you should make sure you are eligible for it.
To meet the requirements, the client has to:
- Be 18 years and older;
- Be a sole trader, director or partner;
- Have an account for business use.
Afterwards, you will need to make a few simple steps to receive the necessary sum.
- Learn the available options and the ones you can qualify for;
- Fill in the financial checklist;
- Get ready with the required documents;
- Confirm an application;
- Wait for response.
With such an easy application process for TSB Bank business loans, you can get money fast and benefit from competitive interest rates, convenient terms and conditions.