Loans you can regularly overpay?

Cgriffin

Hi,

Does anyone know if there are any loans on the market which you can overpay in lump sums occaisionally or regularly - as well as pay off early?

For a £25k loan.

thanks

one_hot_minute

You will be able to overpay a Credit Union loan. Plus the interest is charged daily not so overpaying will reduce the overall interest paid on the loan.

Depends when you are looking to borrow though as you may need to join and save with them for a spell first and also if you have a large CU near you. Whereabouts do you live?

Joyful

You can also overpay a Lloydstsb loan.

faye1978

and Black horse allow you to overpay

the_first_step

Some banks will let you over pay, but often there is no finical benefit by doing this. All you’re doing is paying the balance off quicker. If you have a fixed term contact, you’ll be paying the same amount of interest by making overpayments.

jonesMUFCforever

the_first_step wrote: »

Some banks will let you over pay, but often there is no finical benefit by doing this. All you’re doing is paying the balance off quicker. If you have a fixed term contact, you’ll be paying the same amount of interest by making overpayments.

Not quite!
Most lenders charge daily interest on loans these days so over payments will substantially reduce the amount of interest you pay and reduce the number of months you will take to repay.

Pitlanepiglet

Does anyone know if you can overpay a Nat West loan?

jonesMUFCforever

Pitlanepiglet wrote: »

Does anyone know if you can overpay a Nat West loan?

Even their website does not say yeah or nay so I guess you will have to contact them for the correct answer.

thriftymomma

Pitlanepiglet wrote: »

Does anyone know if you can overpay a Nat West loan?

Yes you can.:money:

Pitlanepiglet

Fab thanks, I'd like to throw a bit of money at ours to try to get rid of it.

ste_coxy

As far as I am aware Egg allow you to do so too.