Low interest loan and low monthly payment

Panda12

Hi,

I hope someone can help me.
I took out a loan for around £13.5k to do a property course which has an interest rate of 20.9%.

I am struggling to pay £295 as a monthly payment. I am now at £10k.

Is it wise to take out another £10k loan with a low interest rate and low monthly payments and use it to pay off the original or should I just carry on paying off the original loan.
If this is possible is there anywhere that will loan this much with a low interest rate and low monthly payments.

Thank you

[Deleted User]

If you could get a loan at a lower rate, then it wold make sense to pay off the first.

However, if you're struggling with a £295 monthly payment, you're almost certainly going to fail on affordability in getting another £10k.

Your existing rate also suggests you;re already seen as a high risk customer.

Visit the DFW board for advice on cutting costs instead.

DCFC79

I agree with previous advice, you will be very lucky to get another loan at a cheaper rate. Got any family who could help out, maybe take out a loan at a cheaper rate to pay your loan off and then you pay your family off ?

Increase your income or cut your spending to a bare minimum.