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personal loan repayments
Former Member
Posts: 1,876,323 The Mix Honorary Guru
This is probably a really dumb question but I've never even contemplated getting a personal loan before now so forgive me.......I'm thinking about getting a £7000 loan to help me get into this business venture, and was just looking online for a reasonable APR (northern rock was the best i found at 5.8% - if anyone knows a better one by all means tell me) and the monthly repayments obviously vary depending on how long you want to pay it off.........my question is if your financial circumstances change and you want to pay off a big chunk or even all of it are there any restrictions on over payments?.......I've been doing some research on mortgages and in some cases there are penalties on overpayments but I'm not sure if this is the same, can someone please enlighten me......
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http://www.moneyfacts.co.uk/loans/charts/banking_grad_loan.htm
Not all personal loans are like that though, you're best off talking to a bank or financial advisor about it all.
Be aware that RBS and NatWest are the same bank, and its unlikely they would both loan you the money.
lol bollocks.
Also to bear in mind that you will then have 2 different lots of payments coming out each month, which you might not be able to afford.
At first, your monthly payment is mostly paying the interest.
So if you loan £5000 for example, and pay £150 a month, after six months you'll have paid in £900, but the redemption figure may still be £4750.
oh shit so that's what all that redemption stuff's about, i thought all the payments had an equal ratio of interest, but that would just be too obvious....... cheers for the tip, you need all the help you can get with these kinds of things cos banks are just out to rob you blind.