Barrloiwng more then paying straight back

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johntaylor1980

johntaylor1980 Posts: 11 Forumite

14 January 2018 at 8:36PM in Loans

Hi All,

I need to borrow £4k to pay back a family member, My credit rating is good and I should have no problem getting a loan. I bank with Halifax and the APR on a 4K loan is 18.9%, If I borrow £7.5K the APR is 3.5%, would it be a problem to borrow £7.5K then pay back £3.5K straight away or a week after? It has no penalties for over payment.

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System Posts: 178,093 Community Admin

14 January 2018 at 9:00PM
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You will only have to repay any interest and penalty fees if they apply so read the small print but other than that, no.

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jonesMUFCforever Posts: 28,898 Forumite

15 January 2018 at 12:46AM
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Check that you will not be stuck with the higher monthly repayment though --- not all banks will amend this without you at least asking.

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