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  • 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
    • 220 Posts
    • 123 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
    • 28,296 Posts
    • 16,118 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
    • 51,249 Posts
    • 43,040 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?
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • jonesMUFCforever
    • By jonesMUFCforever 15th Oct 16, 9:47 PM
    • 23,192 Posts
    • 10,539 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
    • 959 Posts
    • 626 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.
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