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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Barrloiwng more then paying straight back
johntaylor1980
Posts: 11 Forumite
in Loans
Hi All,
I need to borrow £4k to pay back a family member, My credit rating is good and I should have no problem getting a loan. I bank with Halifax and the APR on a 4K loan is 18.9%, If I borrow £7.5K the APR is 3.5%, would it be a problem to borrow £7.5K then pay back £3.5K straight away or a week after? It has no penalties for over payment.
I need to borrow £4k to pay back a family member, My credit rating is good and I should have no problem getting a loan. I bank with Halifax and the APR on a 4K loan is 18.9%, If I borrow £7.5K the APR is 3.5%, would it be a problem to borrow £7.5K then pay back £3.5K straight away or a week after? It has no penalties for over payment.
0
Comments
-
You will only have to repay any interest and penalty fees if they apply so read the small print but other than that, no.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
-
Check that you will not be stuck with the higher monthly repayment though --- not all banks will amend this without you at least asking.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards