£5500 needed for full repayment in 6 months (or less)... Is this possible?

jblonde002

I need expert help!

We need to borrow £5500 within the next month but want to repay it in full plus interest of course in 6 months time (or pay interest in the interim and then repay in full in 6 months). I don't know if such a loan exists.

The other option is to take a normal loan, pay monthly payment and then repay in full in 6 months but we're aware that you can be punished for early repayment. Does anyone know of a loan where this is not the case?

We have an excellent credit rating and are homeowners. Thank you so much for any help you can give us. Merry Christmas x

jblonde002

No one can help?

TechnoBadger

You could try Zopa.com . Their loans are repayable without penalty and only a little capital will need to be paid off in the first 6 months of, say, a 36 month loan. At the moment there's a veritable glut of money so you'll get a good rate too. I'm a lender on Zopa, but rarely if ever offer at the £5000 loan level, so this is merely friendly advise.

LiamJ

Have you tried talking to your bank? You don't say what you need the loan for, but if you discuss it with your bank it is possible they might offer you a loan with the flexibility you are looking for.

afsha

Hi

I dont know if this will help in the past I have been in a similar position and
have taken the money out on a credit card which offers balance transfer to current account.

If this is not available you might need to take out a loan for more than 6 months and the repay all that you can in 6 months but leave just enough to keep it ticking for the remainder of term. (to avoid any penalty) In the past i borrowed 15,000 but returned it within 6 months minus £100 which is divided amoung the next 10 years.

Hope it helps

jblonde002

Hi guys. Thank you so much for all your help. I think I may have solved it with a loan from coventrybuildingsociety.co.uk which don't charge an arrangement or an early settlement fee and come in at 10.9%.

I will be visiting the bank to check before taking out the loan but that looks to be the best option at the moment. Oh, and zopa.com looks amazing, one to remember for the future definitely, I think it is brilliant.

jonesMUFCforever

Have you thought of taking out an overdraft - most banks will not charge an arrangement fee (tough if you are with HSBC) and you only pay interest on the amount used?

tonygee_3

If the money is needed for a purchase consider the Halifax credit card 0% for 10 months on purchases and/or the Virgin card which is accompanied with credit card cheques which you can put into your current account:beer: 2.98% upfront fee but effectively 16 months 'loan'