Lloyds TSB Personal Loans help swat away ‘annoying UFOs’

Lloyds TSB has claimed that its personal loans could come in helpful for anyone encountering an unforeseen financial occurrence (UFO).

To help customers adjust if they find themselves in a situation where they are having to pay an unexpected expense, the bank states that it offers the facility to take a one-month break from making their loan repayments at whatever time suits them.

According to Lloyds TSB’s research, 60 per cent of the UK population suffer a UFO every year, with instances ranging from broken down boilers to emergency dental care.

While many people say they have experienced such surprise costly occurrences, only 20 per cent of people are able to use their existing savings to foot the bill.

Half of the people surveyed said they use a credit card to pay the cost, 20 per cent use their savings, while only ten per cent have enough in a current account to cover the expense.

Jason Nichols, consumer lending manager at Lloyds TSB, said: “It’s an unfortunate fact of life that every now and again we all suffer from unforeseen financial occurrences.

“When our customers experience a UFO they want the ability to be able to choose what is the best way for them to pay for it, taking into account their financial situation at that time.”

Over 50 per cent of participants in the survey say they spend between £200 and £600 on unexpected events every year, while ten per cent said that they have had to pay more than £900 in the past.