Loans you can make overpayments on....

Molanole

Hi all

I've had a quick look around this board and the related articles but wondered if there was a definitive list of all of the loans currently on the market that allow you to make overpayments (like the Egg Loan)?

Moneysupermarket isn't the clearest on this as it gives information regarding whether there is an early repayment penalty but not whether you can make additional payments as and when.

I'm keen to steer clear of the Cahoot flexi loan though as I keep reading nightmare stories on here about their tendency to up the APR% willynilly!

Thanks for your help.

_Andy_

Hi. Not sure if there is a list but I know Northern Rock allows overpayments.
I like the Inspirals logo by the way!

grumbler

Natwest FlexiLoan
HSBC FlexiLoan

mrmajika

Lloyds TSB also offer this.

Be careful when looking into this as i'm told some companies charge an admin fee of £12 or so each time you want to make an overpayment.

Molanole

Thanks everyone. I'll look into these.

_Andy_ - cheers. I'm kind of stuck in a rut c. 1990 but I still think they're better than anything going at the mo!

BigDunc

Taken from the Northern Rock website regarding overpayments:

"One of the benefits of a Northern Rock Loan is that you can make overpayments whenever you like. These overpayments can be in the form of occasional lump sums, regular monthly payments or a combination of both. As any overpayments reduce your outstanding balance you may be able to pay the loan off earlier than expected as your loan term will reduce in line with any extra payments made. Your monthly payment will not reduce and the total amount of interest paid will remain the same unless you pay off your outstanding balance early. If you do pay off the loan early you may be entitled to a rebate of interest, which is calculated using the formulae prescribed by the Consumer Credit Act 1974."

Does anyone know what this means in practice? I assume the formula isn't weighted too much in the bank's favour?

lynzpower

you could definately make overpayments on my old lloyds classic loan

theres also a Post oficce flexiloan as well which might be OK

Do avoid that Cahoot one, scandalous.

Skint_Catt

Hi, guys.

I'm looking for the same thing. Had an 'open' Chaoot loan (though paid off) for 5 years and they've just upped the interest rate to 9.8%!!!!!!! HOW MUCH!!!!

So looking to consolidate.

Anyone know what the cheapest of all of the above loans is?

S_C

Jaymz

You can make overpayments on Nationwide loans, it has been a godsend to me!

modo77

Egg loans let you make overpayments

edit: nevermind, should of read your post correctly