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
    • lynneg444
    • By lynneg444 14th Jul 17, 8:41 PM
    • 7Posts
    • 1Thanks
    lynneg444
    Can I pay off a secured loan with a personal loan?
    • #1
    • 14th Jul 17, 8:41 PM
    Can I pay off a secured loan with a personal loan? 14th Jul 17 at 8:41 PM
    I took a secured loan out many years ago - yes, it was a big mistake and I still would need to pay more than my original loan amount to settle early.

    To save a lot on interest, I would like to take out a personal loan to clear the secured loan. Reduce the term, lower interest rate and much lower overall interest paid back.

    Financially, I am in a good position. I have carried out affordability checks, thoroughly looked at my budget and even checked the likelihood of me getting a personal loan large enough to pay this off. All of these things are positive.

    But, is it possible to pay off a secured loan with an unsecured one????

    Thanks and sorry for the very long post!
Page 1
    • zx81
    • By zx81 14th Jul 17, 8:43 PM
    • 14,130 Posts
    • 14,817 Thanks
    zx81
    • #2
    • 14th Jul 17, 8:43 PM
    • #2
    • 14th Jul 17, 8:43 PM
    Yes, of course.
    • DCFC79
    • By DCFC79 14th Jul 17, 9:22 PM
    • 30,289 Posts
    • 19,160 Thanks
    DCFC79
    • #3
    • 14th Jul 17, 9:22 PM
    • #3
    • 14th Jul 17, 9:22 PM
    Can always ask the lender.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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

1,399Posts Today

7,009Users online

Martin's Twitter