Lloyds Bank has increased the maximum amount available to lend to qualifying customers via its Flexible and Online Exclusive Loan products from £25,000 to £50,000.

Eligible customers can now apply online to borrow up to £50,000 from either loan product over a period of one to seven years. For the Flexible Loan, the increased loan amount is also available over the phone and will be made available in branch later this year.

Typical rates start from 6.8% APR for loan amounts of £35,001 to £50,000 over one to five years with the Online Exclusive Loan.

Customers can use the Online Banking service to found out at the start of their application whether they are eligible for a loan, and if so, how much they can borrow.

Lloyds said it has made the move “in recognition of rising prices and changing customer needs”.

Richard Washington, director of loans for Lloyds Bank, said: “In the right circumstances, loans are a great option for those intending to borrow. By making higher value loan amounts available to our customers, we hope to be able to offer increased support to meet their financial needs, whether that is to fund important projects and purchases such as home improvements or a new car, or as a means to consolidate borrowing.”