Best short term loan

Luke808

Hi all
I need to raise £3500 immediatly and will repay it as soon as my mortgage is in place. (6 weeks roughly)
Can anyone suggest a quick and painless product.

Thanks in advance.

lynxptc

Overdraft? Saves going through the loan application process if it's only going to be for 6 weeks.

daviduk_2

If overdraft not option try www.zopa.com. cheap rates and no penalty for early repayment so could take it over 12 months and then repay it back in 6 weeks and you will only get charged interest for 6 weeks.

MarkyMarkD

There IS a penalty for early repayment for ZOPA although they untruthfully say the opposite on their website. I've posted about this previously.

Zopa charge 0.5% up-front from the amount you borrow. So if you repay in 6 weeks, that 0.5% works out at 4.4% compound.

The 0.5% IS included in the stated APR, but that APR assumes the loan continuing for its full term.

By the way, the OP should be notifying their prospective mortgage lender if they are taking out a £3,500 loan which they haven't previously disclosed. What's the loan for?

jonesMUFCforever

Part of the deposit perhaps?

Luke808

MarkyMarkD wrote: »

There IS a penalty for early repayment for ZOPA although they untruthfully say the opposite on their website. I've posted about this previously.

Zopa charge 0.5% up-front from the amount you borrow. So if you repay in 6 weeks, that 0.5% works out at 4.4% compound.

The 0.5% IS included in the stated APR, but that APR assumes the loan continuing for its full term.

By the way, the OP should be notifying their prospective mortgage lender if they are taking out a £3,500 loan which they haven't previously disclosed. What's the loan for?

The loan is for a much needed break.
Will be under that amount.

Luke808

ejones999 wrote: »

Part of the deposit perhaps?

No the deposit is coming out of the mortgage (for second property)

MarkyMarkD

I don't see the need for a short-term loan to fund a break. What's wrong with paying for it on a credit card and then clearing the balance when the mortgage has completed?

0% cards (for purchases) are available all over the place.

Luke808

MarkyMarkD wrote: »

I don't see the need for a short-term loan to fund a break. What's wrong with paying for it on a credit card and then clearing the balance when the mortgage has completed?

0% cards (for purchases) are available all over the place.

Cards take time to arrange. (come through)
We only have a small window in which to go away so need funds immediately.
(Sat 1st of Sept hopefully)