best £15,000 loan for me?

Doglover88

im looking to take out a 15k loan, without PP insurance to pay off a smaller existing loan and to finance some home improvements. Looking to pay back approx. £400 pcm and I'd prefer with the option to make additional payments (but not essential).
Also is the 'pay almost all of it off, minus one montly payment' a way of paying off any loan without incurring the penalty of a months payment?

I've been looking at the Cahoot fixed at 5.8% which looks very good, but if i were to get it over 3 years and decided to pay it all off (minus one monthly payment) after a year, would the balance to pay be the same as if i was to let it run its course of 36 months anyway?

ukbill69

Not sure if they are any good, just applied.

http://www.moneybackbank.co.uk/

Rafter

If you make additional payments then the overall interest bill, and therefore total amount payable will also reduce.

If you are not taking payment protection, be prepared to spend a long time being 'sold' insurance and asked how on earth you and your family would manage without it! This is because the only way a bank can make any money on a sub 6% loan is by selling the overpriced insurance.

R.

swebb

Hi,

I'm in similar situation. The best I've found to date is with Direct Line @ 5.6% (they also offer a discount on their insurance if you take it). I have a loan with Cahoot at the moment, that will have to be paid off. The additional interest to pay off is only about £30.

Doglover88

Hi people
thanks for your advice, ive applied and been ofered the moneyback loan at 5.8% (15k over 42 months = £390 a month). Im seriously considering sending it off, when the money transfers into my current account, do i pay all of my existing loan off EXCEPT one monthly installment? is that a way of avoiding early settlement fees?

Avogirly

glenbat wrote:

Hi people
thanks for your advice, ive applied and been ofered the moneyback loan at 5.8% (15k over 42 months = £390 a month). Im seriously considering sending it off, when the money transfers into my current account, do i pay all of my existing loan off EXCEPT one monthly installment? is that a way of avoiding early settlement fees?

Yeah, I think so!

Good Luck!