5k loan/interest advise/early settlement

robozric

hi ppl

im about to apply for a loan of 5k but i want to pay it off in april as im due a lump sum of approx 20k.

now i know i can apply for a loan and i have a good credit rating but i want to pay as little as possible in interest im just wondering what % is paid off each month as interest and the actual loan amount.

so for example a monthly payment was 100 how much of that is interest.

i have also been looking at flexible loans but when i try and search for 1 most sites i click on just take u to the companys personal loan section and not the flexible loans part.

any advice much appreciated

jonesMUFCforever

How much interest will you be charged?
if 10% then interest for first month will be around £41.

CLAPTON

to calculate the interest approximately for the first month for a 10% interest rate

5000 x 10% /12 = £42

the second month it will be a bit less: so if you paid 100 per month then you would then owe 5000 + 42 - 100 = 4,942
so the interest for the second month would be
4942 x 10% /12 = 41
so you would now owe 4942 + 41 -100


and so on and on

robozric

would it be better for me to do the 0% balance transfer credit card > egg money card > bank account then pay off the 0% cc in full in april providing i get a good credit limit. and if so has anyone actually done this recently and with which 0% cc.

mrposhman

what do you need the money for? Could you not delay it till you get your lump sum?

If not, a 0% interest credit card will be your best bet.

robozric

nah need it asap unfortunately holiday to pay for

tealady

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