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Need to borrow about £7k and repay most quickly

izoomzoom
izoomzoom Posts: 1,564 Forumite
Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
in Loans
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?

Comments

  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    So... what you're saying is that you need to borrow about £7k and don't hope to repay it within a few weeks?
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • izoomzoom
    izoomzoom Posts: 1,564 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Seriously, any suggestions how to do this?
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Nothing legal springs to mind.
  • maginot
    maginot Posts: 484 Forumite
    Part of the Furniture Combo Breaker
    Could try pawning some valuable items. Interest/charge may be high, but cheaper than a loan if only doing it short term.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    no reason to get a loan in the normal way

    then repay 5,500 after a few weeks

    why is that a problem?
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    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
    izoomzoom Posts: 1,564 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I'll make some enquiries at our bank tomorrow then.

    Hopefully there aren't early repayment penalties.
  • izoomzoom
    izoomzoom Posts: 1,564 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ''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
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    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
This discussion has been closed.
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