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Personal loan

j4mes999
j4mes999 Posts: 6 Forumite
in Loans
Hi I have applied for a personal loan of 2,000 over 3years with an apr of 22.9% so will be total amount of £2,705.04.

My question is if I was to pay some monthly payments then say in six months pay the complete loan off what would my charge be in english?

Many thanks loan is with A&L santander

Comments

  • davetrousers
    davetrousers Posts: 5,862 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What do the Terms and Conditions of the loan say?
    .....

  • DarkConvict
    DarkConvict Posts: 6,347 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    davetrousers wrote: »
    What do the Terms and Conditions of the loan say?

    Agreed, every loan is different, some do not even allow early repayments, others do but only decreases the length of the loan not the price. If you know of a potential windfall dont get the loan now.
    Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.

    There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies
  • j4mes999
    j4mes999 Posts: 6 Forumite
    It just sayes you have the right to settle early if the agreement is more than one year we may charge you one months interest plus 28 days interest?

    Thanks
  • j4mes999
    j4mes999 Posts: 6 Forumite
    DarkConvict wrote: »
    Agreed, every loan is different, some do not even allow early repayments, others do but only decreases the length of the loan not the price. If you know of a potential windfall dont get the loan now.


    No windfall just more work hopefully
  • vaporate
    vaporate Posts: 1,955 Forumite
    Just my honest opinion. Why get a loan for 2k? why not save for it instead. save yourself £700.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • j4mes999
    j4mes999 Posts: 6 Forumite
    vaporate wrote: »
    Just my honest opinion. Why get a loan for 2k? why not save for it instead. save yourself £700.


    Very good point its to buy a bike as mine has sold so need the extra now really i do usally save hence me asking a silly question

    Thanks for input guys
This discussion has been closed.
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