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Loans

Discuss all types of personal loan. Remember MSE's stance on loans: 'borrow as little as possible, repay as quickly as possible'.

Equity Release Heartbreak
We lost our dad just over a year ago and as our mum has dementia we took over as power of attorney. In May mum had to be moved into a carehome so we have put her home up for sale to cover carehome costs. We found out that in 2005 our parents took equity release with Scottish Widows of just under 35k and the repayment for…
Paying off one loan at a time?
Hi everyone I have a few loans that I have been paying. It occured to me that instead of paying small amounts to each loan and gradually pay off. Doesn't it make more sense to pay off a huge chunk off one loan each month quickly getting rid of the smaller loans to allow even bigger chunks to be gradually paid off the…
I need to borrow £100 for 6 days. Which is the best payday loan provider to go through for this?
I have looked online and many of them seem fishy. Thanks.
Early Settlement question
Is it always the case that if you take a out a personal loan (for a car, home improvements, debt consolidation etc) is it always the case that the lender has to offer the option of an interest rebate if you pay off the loan early, and if so, are there rules as to what percentage (or whatever) of the interest they have to…
Very Quick Loan Calculation Question
My MBNA CC is offering a money transfer to my bank account of 4.9%PA for 36 months. I am looking to buy a car and have been offered a loan of 19%APR What does 4.9%PA work out to be for a £6,000 loan? Thanks!
Car PCP. Can I avoid the fee at the end of my agreement ?
My PCP finishes in three months. I want to pay the final lump sum to own the car. If I wait until the end, I pay the payment plus a fee of £200. If I settle early, do I avoid this admin fee ?
Is this legal? Possible problems with loan interest.
Hi, This is a bit of a long one I'm afraid, but if anyone can get to the end and offer advice, I'd be eternally grateful. My son trained to be a pilot. We didn't have the money to pay for the training, so the flight school agreed to lend us part of the fee. This was to be paid back at a rate of 5%, with payments commencing…
Can I take a loan out on a life insurance policy?
Hi, I’ve heard of this quite a lot coming from America and I’m not sure if it something that you can do here. I was wondering if someone can help. Can I take a loan out on a life insurance policy? Thanks in advance.
Paying off loans - effect on credit score
Hi I have two loans. One 10k one 7k. I plan to pay off the 7k one and then reschedule the 10.5k at a lower rate. I've built my credit rating to Excellent with Experian and via MSE and Good with TransUnion via Creditkarma Next year I plan to take out a car on lease. I're read that paying off a loan can affect my credit…
Exiting a PCP finance deal
Two years ago I bought a new motorbike on a three year PCP deal. I would now like to exit the deal early and give up the bike but I'm feeling trapped. I can't sell the bike privately and use the proceeds to settle the finance because I'm not the owner, the finance company is. They have provided me with a settlement figure…
First plus secured load to Elderbridge
we had a secured loan with first plus taken out in 2007. we paid this regually then suddenly they stopped taking payments. we inquired about this and was advised that first plus had folded and the new company would be in touch. it is now 2022 and we have heard nothing since we recently applied for equity release and it…
Is Now A Good Time To Take Out A Loan?
I have a few credit card debts currently on special balance transfer 0% rates that will expire early 2023. Normally I would just apply for other 0% credit cards to transfer them to, but the offers and suitable credit limits available to me seem to be dwindling, so I’m thinking of taking out a loan to pay them all off. My…
When are my student loads written off?
I have 3 student loans: 1 with Erudio, which started in November 1999 2 with Thesis, which started in April 2001 I started University in September 1995, took out loans with the SLC over a number of years which have then been transferred to these companies. Not sure of the actual dates of the loans but I was a full time…
Are Bounce Back Loans repayable on death ?
My late husband took out a BBL with NatWest for his sole trading business. We had started to pay it back when last October he was diagnosed with terminal Brain Cancer. From that day on he was unable to work and so the business closed. My question is - as it’s an unsecured loan , is it repayable on death ? TIA
Quote disappeared on MSE, Experian after getting personalised quote from lender?
Hi there, I recently used the MSE and Experian loan eligibility checker and I was pre-approved for a loan with RateSetter. I then got a personalised quote from RateSetter (with a slightly better interest rate) which will expire in 28 days, but since then the RateSetter quote has disappeared from the MSE and Experian loan…
Secured loan on credit file as unsecured
Hi, I have recently took out a secured loan (10.5k) via my credit union, it is secured on savings that I have to the same value. It is showing on my credit file as an unsecured loan. Will this have any negative impact on my file or does it not matter either way ? Thank you in advance!
Torro funding- Liverpool.
Anybody heard or used this lending company. Looking into releasing equity and this company was suggested to me by a "sourcer". Any ideas if it's legit or any reveiws/experiences.
Low income dog walker needs to replace car
My son runs his own dog walking business. The old Berlingo that he bought in October so that he could take on more business further afield has broken down and had to be scrapped, which has put him in a dilemma. He’s got some money to put towards a replacement but is over £2000 short. Although he’s been making better money…
Thinking about APR vs Inflation
Hi. I am buying a new car and ordered it some months ago when the APR on the Personal Contract Plan (PCP) finance package was 4.9%. That was locked in and will be the rate I pay for the next 3 years if I go ahead with the finance option when the car arrives in a few weeks after the long delivery lead time. Obviously 4.9%…
Salary to afford £70k loan
Hello, I am interested in taking out a loan (secured I think?) for £70,000 either now or sometime in the future. Current house purchase price £462,000 Valuation by bank: £475,000 (we knocked some money off the agreed price for works following survey) Mortgage debt: £392,000. Monthly repayments: £1685 No dependents No other…

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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