Need £2500 quickly!

Benny24

I need £2500 in cash quickly! Which is the best way to get this at the cheapest rate? I want to repay over 12 months, no protection.

I have an endowment coming out in Feb but I need some of the cash a bit sooner, so I will have no problem paying it off. Can someone advise me the best way to go about this?!!:rolleyes:

seanparkin

Just pop into your bank and ask for a flexible loan. For that short a period (5-6 months for a low value loan) you won't be paying a load of interest anyway.

You should get the cash same/next day.

jonesMUFCforever

As above either a 12 month loan or ask for an overdraft facility.

Benny24

I've checked with my bank. The quote was not good! APR 18.4%!! That's £236 for borring the money over 12 months, and if I paid it back early they would charge me 2 months interest.

Benny24

I have a £3000 over draft, not really used, i am in credit. But won't that be expensive to do?

seanparkin

Thats the thing.

The banks want to make money, so on small value/small term loans like this they have to raise the apr to make at least SOME money.

You did say you want it quickly. You can of course get better deals, but you'll have to spent time shopping around and applying for online deals etc etc.

seanparkin

Oh, sorry yes your overdraft could be used, which would both avoid the 2 months interest penalty (and would probably be a similar APR) which bank is it? They might have an 'upgraded account' for a monthly fee that would bring the APR on your overdraft right down - Barclays do one for £5 a month I think that brings the overdraft interest rate down to about 9%

The only problem is that you have to be dedicated to make sure you pay the money back onto your overdraft, which can be more difficult than it sounds...

Benny24

I'm with Natwest and have an Advantage Gold account. I must look for the interest rate on the facility. I have no worries about putting the money back in, I can be dedicated on that score!
I would have had the money saved if I hadn't had an unforseen expenditure! Hey Ho!

jonesMUFCforever

Ask Nat West what rate you are been charged for your overdraft and be cheeky enough to ask if they can reduce it for you! (You don't get if you don't ask).
The reason I suggested an overdraft is a) you don't have to pay 2 months interest to repay early and b) Assuming that your salary goes into the account you won't always be £2.5k overdrawn will you? - you only get charged interest on the overdrawn balance.

kenshaz

I know this is not going to help the poster ,but this type of situation is when having an account with a credit union comes into play ,could have cash tomorrow ,with no formalities

jonesMUFCforever

But if he does not and wants money quickly as per first posting then you are right it is of no help to him.