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'When borrowing £1 costs £600.' Blog discussion
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This is the discussion to link on the back of Martin's 'When borrowing £1 costs £600' blog. Please read the blog first, and then click reply to discuss.
This happened to me when I took out my pre-LBM loan.... the APR was 12.9% for the amount I wanted, but 6.9% for an extra £500 over the same term... It cost me less per month to have the extra £500 @ 6.9%, so I saved on interest too
Wow! Quite an eye opener. Of course the sums are right and why didn't I think of it? Thanks Martin & MSE. I am currently considering raising finance for home improvements and this tip has come in handy. Think the trick is to borrow just the higher amount to benefit from the much lower APR. I will now remember to work out the total repayable sum first over the term as a benchmark.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps. Take care over copyright. Use excerpts and links rather than copying long text. This site asserts copyright on all comments posted on the board.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.
'When borrowing £1 costs £600.' Blog discussion
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