Early Repayment Fee

JSCR

Hello, I'm considering a 5 year personal loan from Barclays of 35k at 6.7% and planning to clear it off within a year. Has anyone got any idea what sort of early repayment penalty I can expect?
Any help much appreciated.

[Deleted User]

2 months interest.

jonesMUFCforever

First time poster - getting £35k personal loan.

Not on your nelly!

The Barclay loan calculator on their website only allows you a maximum of £25k.

JSCR

Thanks for replying. No joke Jonesy! I thought the same but it's called a pre-selected loan so I'm guessing it is based on general account performance/income. Still think the same penalties apply as with the normal personal loans?
Thanks.

Clive_Woody

JSCR wrote: »

Thanks for replying. No joke Jonesy! I thought the same but it's called a pre-selected loan so I'm guessing it is based on general account performance/income. Still think the same penalties apply as with the normal personal loans?
Thanks.

Probably best to ask them directly otherwise people on here will just be speculating as it sounds like this may not be your typical loan but I think the 2 months interest is the max they are allowed to charge.

richie799

Shop around, some of them might offer a no early repayment penalty to try and win your business since they stand to earn more from a large loan like that anyway so will be more interested