Does anyone know about cash reserve loan?

edited 30 November -1 at 1:00AM in Loans
1 reply 817 views
Janabiyah-JaneJanabiyah-Jane Forumite
142 Posts
edited 30 November -1 at 1:00AM in Loans
I have heard about loans where you can get approval for a certain amount of money and not have to take it all at once! You only pay interest on what you have taken. Does anyone know about this type of loan if so where do I go to apply.
The reason I ask is my daughter has been given the opportunity to go to the Royal Ballet school she won a place there. Although the places are government funded (based on income not wealth) we need to find another £11000 a year, which we just don't have, but we don't want to get a loan for the total amount (5 yearsx11000) all at once. We would like to have the option of being approved a maximum amount but not to take it all at once. Can anyone help at all. We can't get out of our mortgage for another 2 years so we don't have the option of remortgaging.
Would appreciate all usefull advice.
Jane (Already have large mortgage but no other debt).

Replies

  • asandwhenasandwhen Forumite
    1.4K Posts
    yes try cahoot flexible loan - they give you a credit limit and only charge you the interest of what you use - or try something like egg money card (6.9% apr) you can take cash out of machines for free and also get money transfered into your current account for free - not sure you will get 11,000 credit limit on the egg card though - but a mixture of the 2 might work.
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