The company now offers consumers the chance to take out an unsecured loan of anywhere between £1,000 and £25,0000 with rates starting at 7.9 per cent.

This means that customers could pay just £242.58 a month on a loan of £10,000.

The deal, provided and administered by Lloyds TSB, will come into effect from April 13th.

Deals allow people to spread the repayments over between 12 and 60 months.

Applications for loans can be made over the phone, and there is no arrangement fee for the product.