Flexible loans?

alanpie

Hi folks, recently discovered this forum and as usual my first post is a cry for help.

Iv got a loan ( as a result of silly student spending:beer: ) which has a settlement figure of 5500 at the moment. Its fixed monthly payments of 257 a month but as iv moved jobs i would rather pay off about 500 a month and get is settled within a year so i can apply for a mortgage debt free. I think i would rather a flexible loan as theres a good chance of me getting a lump sum quarterly bonus which i would also like to pay into the loan. .

Anyone got an experience of flexible loans and a company they could reccomend ( for some reason egg refused me a loan despite my credit history being excellant and my available credit on experian being above)

Alan

Lilith1980

Hi alanpie

I used to have a flexible loan with Cahoot a few years back. Maybe try checking them out?

I have to say it didnt work for me because besides being able to pay larger payments off each month, you could also draw money out (up to your credit limit of course) and I wasn't the most self-disciplined person at the time so I ended up getting a fixed loan with A&L about 18 months ago. :rotfl:

But if it works for you then go for it

whiteroom184

Lilith1980 wrote: »

Hi alanpie

I used to have a flexible loan with Cahoot a few years back. Maybe try checking them out?

I have to say it didnt work for me because besides being able to pay larger payments off each month, you could also draw money out (up to your credit limit of course) and I wasn't the most self-disciplined person at the time so I ended up getting a fixed loan with A&L about 18 months ago. :rotfl:

But if it works for you then go for it

dont use cahoot ever:eek: they got me into big shtuck for the same reasons as lilith, had to transfer balance to 0% cc in end, they suddenly jumped the interest up from 6.1% to 29.8%

please nobody go there!!!!!!!!!!!!!!1:eek:

CHR15

Look for a loan with no early repayment penalties.

Cahoot are well publicised on here with interest rocketing.

flexible loans sound good because they make out the interest could go down, but it ain't gonna happen! it will only go up (and could go up a HUGE amount like Cahoot's flexible loan)

asandwhen

I know you can make over payments with Lloyds loans - when you get to the end of your loan and yor making a lump payment just pay the lump sum minus 1 months payment and let the next payment come out as normal then you wont be charged any fee.

whiteroom184

asandwhen wrote: »

I know you can make over payments with Lloyds loans - when you get to the end of your loan and yor making a lump payment just pay the lump sum minus 1 months payment and let the next payment come out as normal then you wont be charged any fee.

can you give me some more info on this please?

CLAPTON

why bother .. if you can afford 500 a month just save the extra until you can settle the loan.. all gone in under a year