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NatWest personal loan question.
Kay.Samuels
Posts: 262
Forumite
in Loans
I have a NatWest personal loan (I bank with them too). It's at £7-8K remaining balance currently.
I have some disposable money left each month and I'm wondering if I should over pay my loan a little each month so it finishes earlier? Or is it better to save up and then make one final payment as soon as I can?
Are there any downsides to either of these options? It's the only debt I have so it's not urgent to pay it off quicker but I'm assuming I'll pay less interest overall if I pay it off quicker. I could be wrong though!
I have some disposable money left each month and I'm wondering if I should over pay my loan a little each month so it finishes earlier? Or is it better to save up and then make one final payment as soon as I can?
Are there any downsides to either of these options? It's the only debt I have so it's not urgent to pay it off quicker but I'm assuming I'll pay less interest overall if I pay it off quicker. I could be wrong though!
It is only a bargain if you need it!
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Comments
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The lower the balance, the less interest you pay, so you should overpay when you can
But this assumes the interest rate is higher than your savings.0 -
Does the NatWest loan allow you to overpay bits. I know you can pay it all off early but from what I remember if my last one there was not an option to make extra paymentd0
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What's the interest rate on the loan?
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