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Looking for a perfect loan
Legacy_user
Posts: 0 Newbie
in Loans
Looking for a £8-10,000 loan over 5 years. Very likely that I will be in a position to repay in full after 2 1/2 or 3 yrs.
This being the case, does the 'perfect' loan exist?
My criteria:
- does not rack up interest charges disproportionately at the beginning of the term using rule 78.
- allows early repayment without penalty
- a competitive 'actual' rate of interest.
I had a loan previously with Egg, which I found to be pretty good, and I repaid that early without any extra charges. Would be quite happy to go with them again if they satisfy the above criteria.
Or am I asking too much??
This being the case, does the 'perfect' loan exist?
My criteria:
- does not rack up interest charges disproportionately at the beginning of the term using rule 78.
- allows early repayment without penalty
- a competitive 'actual' rate of interest.
I had a loan previously with Egg, which I found to be pretty good, and I repaid that early without any extra charges. Would be quite happy to go with them again if they satisfy the above criteria.
Or am I asking too much??
0
Comments
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I think the new Northern Rock Personal Loan (5.9% APR) has no redemption penalties, although the entry requirements are steep (including you must have a Northern Rock current account!).
Unsure about your issue re: rule 78 though... perhaps you should read the t&c's... linked from best buys on this very site (main page - not forums).0 -
Cahoot's flexible loan is an option, although the rate is not great.I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.
If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.
Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?0 -
Dear Optimistic,
It's quite ironic that I've just seen your post for loans. I have just been 'stung' by Northern Rock so I personally wouldn't recommend them. Here's basically what happened...
I took an £8,000 loan with them in March '04 at 7.7% (apparently I didn't qualify for the advertised rate of 5.9%, even though my credit score is quite healthy).
For 4 months I have repaid approx £100 p/mth. I rang up today to repay the loan (with a bit of juggling, I have switched the outstanding amount to a 0% credit card til Feb 05) and lo and behold the settlement figure they gave me was £7,949.10. I was shocked to say the least & I had a few choice words to say on the matter. I have checked back through all paperwork & nowhere does it mention anything about front loading the interest.
On a brighter note, I have taken a loan in the past with Lloyds. They didn't front load the loan & had no redemption penalties.
Happy loan hunt anyway ;D RB0
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