Need to borrow about £7k and repay most quickly

izoomzoom

I need to borrow about £7k and then hope to repay it within a few weeks, bar about £1.5k.

Any suggestions now to do this?

Gaz83

So... what you're saying is that you need to borrow about £7k and don't hope to repay it within a few weeks?

izoomzoom

Seriously, any suggestions how to do this?

Pixie5740

Nothing legal springs to mind.

maginot

Could try pawning some valuable items. Interest/charge may be high, but cheaper than a loan if only doing it short term.

CLAPTON

no reason to get a loan in the normal way

then repay 5,500 after a few weeks

why is that a problem?

Pixie5740

CLAPTON wrote: »

no reason to get a loan in the normal way

then repay 5,500 after a few weeks

why is that a problem?

True but watch up for any early repayment charges.

izoomzoom

I'll make some enquiries at our bank tomorrow then.

Hopefully there aren't early repayment penalties.

izoomzoom

''You can repay your loan early in full or in part at any time. In addition to any other interest that’s due, we will charge you a fee equal to 30 days’ interest, calculated on the amount being repaid for a partial repayment or on the amount you owe us where you repay in full.''

What does this mean exactly ?

CLAPTON

izoomzoom wrote: »

''You can repay your loan early in full or in part at any time. In addition to any other interest that’s due, we will charge you a fee equal to 30 days’ interest, calculated on the amount being repaid for a partial repayment or on the amount you owe us where you repay in full.''

What does this mean exactly ?

lets suppose you have a 10% APR interest rate

and you repay say 5,000 early

then you pay a fee of :
5,000 x 30 (days) x 10%/365 = £42