Need a loan that's easy to pay off early

Metermaid

We need a loan for 20K which we could pay off after (hopefully) a couple of months. I'm not sure if the penalties vary, as they do with mortgages, for early repayment?

We have been with Alliance and Leicester bank for many years and spoke to them over the phone but they were a little vague as to cost of early repayment.

Any advice folks?

jonesMUFCforever

Does it have to be a loan?
If it is required for only a couple of months could you not see your main bank and arrange an overdraft, providing of course that you have a guaranteed source of repayment?
Due to large amount required do not be suprised if they need to refer to some head office type underwriting office first.

grumbler

If £20K is too much for an overdraft, try:
Egg Loans - with flexibility
Cahoot flexible loan
Natwest FlexiLoan

Metermaid

grumbler wrote:

If £20K is too much for an overdraft, try:
Egg Loans - with flexibility
Cahoot flexible loan
Natwest FlexiLoan

Great - I have an Egg card so that looks like a good and quick option

Think that loan is better than the overdraught option as quick repayment is dependent on house sale going through smoothly this time - yeah right :rolleyes: Thanks for replies

bristol_pilot

I once borrowed £20K for three months on a Cahoot flexible loan, it was no trouble at all, very easy to set up. If you have money in another Cahoot account, money can be transferred instantly into the loan account when a payment is due.

I didn't even need a loan - they were doing a special offer of 0% for the first 3 months - so I got the 3 month free loan and kept the money in my savings account - with Cahoot!

If there's no hurry, you could wait and see if Cahoot make any similar offers.

WelshWoofer

Northern rock unsecured loans are the best I think (5.6%) totally cool as you can make overpayments and I beileve you can settle early too. Have a look at the website https://www.northernrock.co.uk
R