Early Repayment of Unsecured Loan

Sammynails

My brother has debt of about £7000 owed to a combination of credit cards, friends, family and payday loans. His credit rating is terrible and he has been turned down for low interest loans. We are desperately looking for a way to consolidate his debt as people need repaying and he can't carry on like this.
We need to know if there is any way that he can get one of these unsecured loans and then pay it off early and avoid a lot of the astronomical interest rate. Or is it all priced in from the moment he takes out the loan?
Thanks.

CLAPTON

unsecured loans can be repaid early and so avoid a lot of interest

however, if his credit rating is terrible then he is unlikely to get a 7,000 loan even at an astronomical APR

he needs to post on the debtfree wannabe board and seek advice and support there.

wildingb

Your brother needs financial education, and a kick up the !!!.

No one will lend him 7000 to pay off other loans. The best he can do is work out a debt snowball, and pay off the creditors one by one.

Tell him to go to the debtfree wannabe board and post a SOA.

But the fact that you are posting, and not him, makes me believe he won't do anything and probably doesn't care. If you have loaned him money, then forget about it, move on.
Definitely do not loan him ANY more money. If you love him, then do not continue to help in his bad behaviour. Giving him more money is like giving a drunk a drink.