Loans without early repayment charges

ihavenoidea

Help! My first post on here, but I'm at my wits end so wondered if anyone could help. Does anyone know of any banks that might offer me a loan, but without me incurring massive repayment charges if I pay off the debt early?

I need to lay my hands on around £10,000 relatively quickly, but hope to be in a position to pay it off within a year. Unfortunately, I don't have any well-off family members to borrow from.

Rafter

Zopa and post office are now the only providers offering these - although Egg has one for existing customers according to moneyfacts.

Be aware with Zopa that there is a setup fee.

good luck

R.

CLAPTON

ihavenoidea wrote: »

Help! My first post on here, but I'm at my wits end so wondered if anyone could help. Does anyone know of any banks that might offer me a loan, but without me incurring massive repayment charges if I pay off the debt early?

I need to lay my hands on around £10,000 relatively quickly, but hope to be in a position to pay it off within a year. Unfortunately, I don't have any well-off family members to borrow from.

no banks charge 'massive' early repayment fees for normal loans
although I guess people's perception of 'massive' may vary... what is yours?

jonesMUFCforever

Do you think today you can just walk into a bank and get a £10k loan as a new customer?
In most cases you won't!

So go to to your own bank - ask them for their best rate - go on the internet and have a look round - see if anybody else can do it cheaper - then take that quote back to the bank to see if they will meet or beat it.

As for the early settlement charge most banks cap this at around £250 (2 months interest).
There is a trick where you can avoid this - but the lender has to allow you to overpay when you want at no cost to you.
Assuming you owe £9800 say at the end of year one - pay off £9700 when you are able and let the normal D/D take the normal payment even if it puts the loan into credit (this will be refunded) - you save 99% of the ESC.