Nationwide loan

Blue_Monkey

I need a loan for about £5k. I bank with nationwide.

A £5k loan attracts an interest rate of 8.9% whereas £7.5k attracts 4.9%. Can I get the bigger loan to take advantage of the rate and then pay back £2.5k early?? And then subsequently pay off the rest early due to bigger repayments?

Also, it says instant decision but how long for the funds to come through??

Tixy

Yes it can make sense to borrow more and repay a chunk straight away.

If you get an instant decision and are accepted as you already bank with the same bankyou could have the funds within a day or so.

Its always possible you won't get an instant decision and it may be referred, in which case even if subsequently accepted it could take up to a couple of weeks (e.g. if they ask you send them any paperwork).

You may be accepted but at higher APRs than those representative rates.

Blue_Monkey

Thank you! The repayments for £7.5k are affordable too so all good!