We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Early Repayment Charge RBS
Hi,
I have read a few threads on here and am still confused about the early repayment charge (58 days interest) on unsecured personal loans. I am looking to borrow £10,000 over 5 years at 7.9%. However, I will be coming into some money within the next 3 months which will enable me to pay the loan off in full. Now I am sure a few of you are thinking why not just wait a few months for the money that is coming to you and not borrow, but due to my current circumstances this loan is desperately needed.
My question is how much of an early repayment charge would I have to pay? How does this 58 day interest charge work?
I have read a few threads on here and am still confused about the early repayment charge (58 days interest) on unsecured personal loans. I am looking to borrow £10,000 over 5 years at 7.9%. However, I will be coming into some money within the next 3 months which will enable me to pay the loan off in full. Now I am sure a few of you are thinking why not just wait a few months for the money that is coming to you and not borrow, but due to my current circumstances this loan is desperately needed.
My question is how much of an early repayment charge would I have to pay? How does this 58 day interest charge work?
0
Comments
-
well 58 days interest would be approximately
10,000 x 7.9% x 58/365 = £125
however it would probably be better to make a large part payment (rather than the settlement figure) and allow the final payment be taken by DDEU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.9K Banking & Borrowing
- 254.6K Reduce Debt & Boost Income
- 455.7K Spending & Discounts
- 247.7K Work, Benefits & Business
- 604.7K Mortgages, Homes & Bills
- 178.7K Life & Family
- 262.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards