Wish to get a loan

inoentheartsoul

Hi
All suggestion welcome

I have a plan to get a £10,000 pond loan for some personal use from my bank lloyds tsb.Bank offer me loan for the period of 1year, 3year, and 5year. lets assume i would go for 3year so monthly payment lets assume £200. After 3 month if i will return £7000 will bank reduce my monthly payment and after that interest would be on remaining amount which i own at that moment or still it would be on the whole amount?

Any better solution please let me know

dealer_wins

Yes if you settle a LloydsTSB loan early you will get a rebate of some of the interest.

£10000 for a pond though!!!

DCFC79

Expensive pond at that.

addyboy1982

You'd get a lot of carp in an expensive pond like that

inoentheartsoul

Any better suggestion i am confuse now

jonesMUFCforever

Your monthly repayments will stay the same though the term will be vastly reduced.

gb12345

If you're going to be able to get your hands on £7,000 in 3 months, why not wait to get your pond. If you wait for 3 months, you can save up the £200 each month and then borrow the money and immediately pay off £7,600 saving 3 months worth of interest.

Or you could get a smaller pond, perhaps only costing £7,500 - if I was spending that much though, I think I'd want a lake rather than a pond.

bigadaj

OP your original post has a Typo in it, it says pond rather than pound, so people have assumed the loan is for a pond, well not assumed but taken comedic licence.

DCFC79

gb12345 wrote: »

If you're going to be able to get your hands on £7,000 in 3 months, why not wait to get your pond. If you wait for 3 months, you can save up the £200 each month and then borrow the money and immediately pay off £7,600 saving 3 months worth of interest.

Or you could get a smaller pond, perhaps only costing £7,500 - if I was spending that much though, I think I'd want a lake rather than a pond.

You know it wasnt for a pond.

gb12345

DCFC79 wrote: »

You know it wasnt for a pond.

I know:rotfl:, but the advice of waiting 3 months still holds - why pay 3 months interest when you don't need to.

chalkie99

inoentheartsoul wrote: »

i would go for 3year so monthly payment lets assume £200.

£200 per month repayment over 3 years works out at £7,200 so your assumption you could get a loan of £10,000 for those repayments is way off the mark.