High interest loan
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Hello, i took out a 2nd loan a few months ago from Halifax who i bank with, naively i assumed i would be getting a good rate as my initial one is very good. I did the calculator where it tells you how much interest you save, and for every £10 i over pay i save £5 interest! Other than just ploughing all spare cash into paying this loan off early, do i have any other options? There are 35 months left on the term. Lesson learnt by me. Thanks.
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You're unlikely to be accepted for a lower rate loan to consolidate this one, as they will take into consideration your current borrowing in addition.
So your best bet is to cut costs and pay down the loan as quickly as possibly. 14.9% is certainly not massive, but it isn't great....1 -
FTbuyer18 said:Hello, i took out a 2nd loan a few months ago from Halifax who i bank with, naively i assumed i would be getting a good rate as my initial one is very good. I did the calculator where it tells you how much interest you save, and for every £10 i over pay i save £5 interest! Other than just ploughing all spare cash into paying this loan off early, do i have any other options? There are 35 months left on the term. Lesson learnt by me. Thanks."You've been reading SOS when it's just your clock reading 5:05 "0
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DrEskimo said:You're unlikely to be accepted for a lower rate loan to consolidate this one, as they will take into consideration your current borrowing in addition.
So your best bet is to cut costs and pay down the loan as quickly as possibly. 14.9% is certainly not massive, but it isn't great....0 -
Your mortgage is a secured loan. this one isn't, so it's always going to be at a higher rate.No free lunch, and no free laptop0
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