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  • FIRST POST
    • gustavski
    • By gustavski 17th Apr 17, 7:14 AM
    • 11Posts
    • 0Thanks
    gustavski
    loan interest rates
    • #1
    • 17th Apr 17, 7:14 AM
    loan interest rates 17th Apr 17 at 7:14 AM
    Most banks charge less interest for larger sums borrowed.
    If I only want a small loan say £1000 pounds, borrow say £10000 then pay back £9000 in the next month would the rest £ 1000 still be at the lower interest rate?

    gus
Page 1
    • zx81
    • By zx81 17th Apr 17, 7:48 AM
    • 12,537 Posts
    • 12,702 Thanks
    zx81
    • #2
    • 17th Apr 17, 7:48 AM
    • #2
    • 17th Apr 17, 7:48 AM
    Yes. However, check whether the monthly payments would be unchanged.
    • Herzlos
    • By Herzlos 17th Apr 17, 8:15 AM
    • 5,323 Posts
    • 4,776 Thanks
    Herzlos
    • #3
    • 17th Apr 17, 8:15 AM
    • #3
    • 17th Apr 17, 8:15 AM
    You'd need to check for early repayment fees, and would likely be stuck with the monthly payments from the full loan (so would pay it off much quicker).

    But I've done it (well, loan for £7500, repaid £1500)
    • Nebulous2
    • By Nebulous2 17th Apr 17, 8:22 AM
    • 1,501 Posts
    • 912 Thanks
    Nebulous2
    • #4
    • 17th Apr 17, 8:22 AM
    • #4
    • 17th Apr 17, 8:22 AM
    Some lenders give you the choice. For example, from Santander:-

    "Upon making a partial repayment you can choose whether to either reduce the term of your loan or your monthly repayment amount."
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