Loan question

snowmaker

Hi,

My partner is looking to borrow £2000 for debts consolidation but the trouble is the low interest lenders such as Moneyback bank start with a minimum loan of £3000, she doesn't really want to borrow that much.

My question is would it be feasible to take a loan for £3000 pounds, pay back £1000 straight away and then pay the rest off at a lower amount each month?

Would there be a penalty for repaying this much straight away?

Many Thanks,
Steve.

LewisC_2

Overpayment penalties really depend on the lender. You'd need to read the small print and/or ask the particular lender about this.

Dave65

I am in a dilemma with taking a first plus loan (consolidated). It ties me down for too long and I dont want to. So you need to be careful with consolidated loan

xgingerx

Nationwide offer Loans from 1000 upwards, also note that usuallt the best rate loans are for larger amounts