Whatever You’re Planning We’ve Got You Covered
There are a number of reasons you may be looking for a personal loan. We offer flexible solutions so you can find what fits your needs best.
Personal Loans Designed Around You
Looking for a way to cover expenses, consolidate debt, or finance a large purchase?
A personal loan from Torrington Savings Bank provides the flexibility you want – with low loan rates, fixed monthly payments, and options that work for your budget.
Three Easy Steps to a Personal Loan
Step 1: Educate Yourself
Learn how personal loans work, types, terms, and how they support your financial goals. Knowing the basics helps you borrow with confidence.
Step 2: Work With Us
Our team will guide you through options, answer questions and help you select a loan option that fits your needs and budget.
Step 3: Apply With Ease
Choose what’s most convenient for you — visit your local branch for personal assistance or complete your application online anytime.
What is a Personal Loan?
A personal loan, or an installment loan, is money you borrow and repay over a set period through fixed monthly payments. The borrowed money is paid as a lump sum and can be used for life’s big moments or for anything you need.
Types of Personal Loans
- Unsecured Personal Loan: No collateral is required. The approval is based on your financial profile, creditworthiness and financial stability including your debt to income ratio.
- Secured Personal Loan: Requires collateral – things like a savings account or CD. The approval is based on your financial profile, including credit history, income and debt, and the value of the collateral. This option may offer better terms for those with limited credit history or low credit score.
The difference between a secured and unsecured personal loan is the requirement of collateral.
Benefits of a TSB Personal Loan:
No Application Fee or Prepayment Penalties
Competitive Low Fixed Rates
Fixed Monthly Payments for Better Budgeting
Local Lending Process for Faster Decisions
Dedicated Bank Lender for Single Point-Of-Contact
Save Time and Apply Online
Whatever You’re Planning We’ve Got You Covered
- Life Events – Weddings, vacations, or medical bills
- Debt Consolidation – Combine high-interest credit cards into one manageable payment
- Home Improvements – Remodel your kitchen or bathroom without tapping into your home’s equity
- Education Costs – Cover tuition, certifications, or back-to-school expenses
- Major Purchases – Appliances, furniture, or even a down payment on a home
Have Questions?
Our Lenders Have Answers.
Don’t wait to get the loan you deserve! If you have questions about Personal Loans our team has answers. Contact us today, and we’ll help you choose a loan that best fits your needs and your budget.
Life Loan Details:
Loan approval is subject to credit approval and program terms and conditions. Interest rates and program terms and conditions are subject to change without notice. Contact a loan representative for details.
The Life Loan product is only available to CT residents.
Collateral Secured Loans Details:
Interest rate is 3% above the rate being earned. Cannot take a collateral loan against IRAs, POD nor Custodial accounts.
The Collateral Secured Loan product is only available to CT residents.
Home Improvement Personal Loan Details:
Loans are subject to credit approval. Certain restrictions and conditions apply. Loan amount determines rate and term. You must be at least 18 years of age. The property must be your primary residence and occupied by you. Maximum two borrowers and both borrowers must occupy the property. To receive funds for this loan, a contractor’s estimate or bid/material list itemizing the improvements is required.
Payment Example: A $5,000 Home Improvement Personal Loan financed with Torrington Savings Bank at 8.00% APR for 120 months will have a monthly payment of $60.66.
The Home Improvement Personal Loan product is only available to CT residents.
Other eligibility requirements may apply.
Details:
Some loan products may be subject to credit approval. Certain restrictions and conditions apply to loan terms and conditions. Interest rates and program terms and conditions are subject to change without notice. Contact a loan representative for details. Loan products are only available to CT residents. You must be at least 18 years of age to apply.
