Loan for £25k with overpayments to reduce interest and term

richardray_2

Evening all,

I have searched the forums and I think the answer to this is no, but is anyone aware of any loans (for £25k) where I can make overpayments to reduce interest and term. I understand that this would be a loan that was calculated on daily interest?

I do not want to essentially take on another £8k of debt which the interest would be as I would like to hammer the loan with any additional income and pay it off early. Putting it into savings and paying off the loan in a lump sum is not an option.

Thanks in advance,

Richard

immoral_angeluk

Spaggledboggz wrote: »

why the hell do you need 25kz lol

Home improvements? Debt consolidation? New car? Investment in property...... to name but a few.

zppp

richardray wrote: »

Evening all,

I have searched the forums and I think the answer to this is no, but is anyone aware of any loans (for £25k) where I can make overpayments to reduce interest and term. I understand that this would be a loan that was calculated on daily interest?

I do not want to essentially take on another £8k of debt which the interest would be as I would like to hammer the loan with any additional income and pay it off early. Putting it into savings and paying off the loan in a lump sum is not an option.

Thanks in advance,

Richard

Natwest/RBS but you need a current account with them. No penalties for lump sum reductions, and you choose whether you reduce term and or repayment. Interst calculated daily and debited monthly. I wish I could have just posted a web link up with this info! :huh: Would have been quicker!!

richardray_2

Wow, "why the hell do you need 25kz lol" is such a helpful post!

Thanks to you other guys - haven't got an account with either of those banks but I will see what type of account you have to have and maybe look at opening one.

Rupert_Bear

richardray wrote: »

Wow, "why the hell do you need 25kz lol" is such a helpful post!

Thanks to you other guys - haven't got an account with either of those banks but I will see what type of account you have to have and maybe look at opening one.

Lloydtsb would fit the bill. You can make overpayments and interest calculated on a daily basis. If you pay the loan off early their is penality of about 60 days approx. However you can get round that by paying off the loan and leave say £1.00 outstanding. Then ask them for a settlement figure and that will be based on the outstanding amount only.

JasX

*deleted double post

JasX

Spaggledboggz wrote:

...

I see we have the overzealous admins at work again, thread about the huge number of deleted posts recently over on the techie board