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Refinance Loan

dottyanne
dottyanne Posts: 1,530 Forumite
Part of the Furniture Combo Breaker
in Loans
My bank have suggested a 'refinance loan' to pay off my 4K overdraft - does anyone now what this is? is it a standard loan and even with a not so great credit rating will i still get it ?
Focusing on clearing the credit cards in 2018 :T

Comments

  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Yes - but before committing yourself check what APR the loan will be on (and any early repayment penalties) compared with your overdraft.
    Also note that the bank will probably take away your overdraft facility for the duration of the loan - make sure you are able to stay in credit to avoid the charges.
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