Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • mr stick
    • By mr stick 15th Oct 16, 8:04 PM
    • 22Posts
    • 1Thanks
    mr stick
    Can I get a loan which give one year before repayments start?
    • #1
    • 15th Oct 16, 8:04 PM
    Can I get a loan which give one year before repayments start? 15th Oct 16 at 8:04 PM
    Hi all!

    I have two questions:

    1, I want to take out a loan that wont require any repayments for a year. I don't mind paying a little more interest as a result. How can I get such a loan?

    2, If I get an ordinary loan from a bank, can I payback the full amount (including all future pending interest) early? Let's say I take out a 5 year loan, can I then payback after 1 year if I no longer need the money?
Page 1
    • WillyWonga
    • By WillyWonga 15th Oct 16, 8:17 PM
    • 249 Posts
    • 136 Thanks
    WillyWonga
    • #2
    • 15th Oct 16, 8:17 PM
    • #2
    • 15th Oct 16, 8:17 PM
    Answers;

    1: No

    2: Yes, you can settle a loan at anytime with a reduction of the interest owed.
    • mr stick
    • By mr stick 15th Oct 16, 8:36 PM
    • 22 Posts
    • 1 Thanks
    mr stick
    • #3
    • 15th Oct 16, 8:36 PM
    • #3
    • 15th Oct 16, 8:36 PM
    Answers;

    1: No
    Originally posted by WillyWonga
    What if I need a loan for a business? It will take a year before profits start coming in.
    • YorkshireBoy
    • By YorkshireBoy 15th Oct 16, 8:44 PM
    • 29,144 Posts
    • 16,945 Thanks
    YorkshireBoy
    • #4
    • 15th Oct 16, 8:44 PM
    • #4
    • 15th Oct 16, 8:44 PM
    You borrow more than you need, put the excess to one side, and then use it to help fund the first years payments...don't you?
    • Thrugelmir
    • By Thrugelmir 15th Oct 16, 9:02 PM
    • 53,744 Posts
    • 46,510 Thanks
    Thrugelmir
    • #5
    • 15th Oct 16, 9:02 PM
    • #5
    • 15th Oct 16, 9:02 PM
    What if I need a loan for a business? It will take a year before profits start coming in.
    Originally posted by mr stick
    Overdraft facility?
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • jonesMUFCforever
    • By jonesMUFCforever 15th Oct 16, 9:47 PM
    • 23,745 Posts
    • 10,973 Thanks
    jonesMUFCforever
    • #6
    • 15th Oct 16, 9:47 PM
    • #6
    • 15th Oct 16, 9:47 PM
    Or a credit card with a money transfer facility or a long term purchase credit card?
    What goes around - comes around
    give lots and you will always receive lots
    • mr stick
    • By mr stick 16th Oct 16, 2:26 AM
    • 22 Posts
    • 1 Thanks
    mr stick
    • #7
    • 16th Oct 16, 2:26 AM
    • #7
    • 16th Oct 16, 2:26 AM
    Thanks all
    • MEM62
    • By MEM62 18th Oct 16, 2:59 PM
    • 1,221 Posts
    • 865 Thanks
    MEM62
    • #8
    • 18th Oct 16, 2:59 PM
    • #8
    • 18th Oct 16, 2:59 PM
    What if I need a loan for a business? It will take a year before profits start coming in.
    Originally posted by mr stick
    If you are borrowing money to start a business you will need a business plan to approach the bank with. You will also need to demonstrate that you are investing your own money into the venture - most banks look for 50%.
    Last edited by MEM62; 19-10-2016 at 10:09 AM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

232Posts Today

1,284Users online

Martin's Twitter