Pay all off in one go or monthly payments?

amyc92

I have two loans one with about £900 left on it with dd of £95
then one with £2,159.69 left with £115 dd.

The second loan interest is 26% :eek:

Do you think its better for me to save up and pay them off in one go, or over pay each month?

My plan was to save £300 a month and pay the £900 off first then when I had enough savings pay the bigger one off?

What does every one think?
A xx

CLAPTON

overpay each month should reduce the total interest charged as you are reducing the capital more quickly

overpay the one with the larger APR first as this will save you more interest

amyc92

Brilliant! Thanks for your help!
Can you go into the bank and do over payments there and then?

A
x

[Deleted User]

Depends who the loan's with. But the quicker and easier way would be to do an online payment.

amyc92

How do you do an online payment? I am with natwest x

redpete

amyc92 wrote: »

How do you do an online payment? I am with natwest x

I would phone the number given for enquiries on your loan documents and ask "How do I make an overpayment online?"

amyc92

Thanks for you helpx