Advice needed on high APR loan

Maddrew888

Hello Everybody,

This is my first post and i really need some help on a loan which was taken out Feb 08.

The loan was for £5000 and the annual APR is 24.00% over 72 months.

The reason it is high is because the loan was needed when my credit rating was not as good due to 2 credit cards and a recent loan taken out 2-3 months previous to Feb 08.

My credit rating is now excellent and i really need some advice where i can save money on this loan and reduce the monthly payments of £144.20 per month.

Whenever i receive a statement, it feels like the loan is not being paid off as quickly as i would like. Obviously i know 72 months is a while, but there has to be a way out of this?

The company which the loan was taken from is 'Welcome Finance'.

Please help somebody!

Drew:mad:

speedbird1973

If you rating really is excellent. Take out a loan with a mainstream provider and pay off the old loan. You'll be unlikely to get the loan for longer than 60months, but you'll be much better off for doing it.