Daily interest loan

Notebook

Hi All

Are there still daily interest loans about - looking for about 15k

MorningcoffeeIV

I don't think you'll find a loan that doesn't calculate interest daily.

CliveOfIndia

As above, all loans will calculate interest daily.  Often it's only added on monthly, but it's always calculated daily.  What is it you're specifically looking for?

Notebook

sorry, what I meant was so that it could be paid off early - eg 5 year loan, but pay it off in a year without additional interest for the remaining time..

Notebook

a few grand short of paying outright for a new house.  Can then sell the house I already own and pay it off.  Don't want a bridging loan etc.  My credits good and will need about 20k

CliveOfIndia

Notebook said:

sorry, what I meant was so that it could be paid off early - eg 5 year loan, but pay it off in a year without additional interest for the remaining time..

Any loan can be paid off early, and will save you interest (the possible exception being a mortgage that's on a promotional rate, e.g. if you're within a fixed interest period.  In this scenario there often are early redemption penalties tied to how long is left on your promotional rate).

On a standard personal loan you'll save interest if you pay it off early, as interest is calculated daily.  Although, the lender is entitled to charge an early redemption penalty of up to 2 months' interest, or 1 month if there's less than a year left to run on the loan.  Not all lenders will charge this, but they are entitled to if they want.

As a slight aside, be aware that most lenders won't give a personal loan for property purchase.  There may be some who will, but you might need to dig around to find one.

retiredbanker1

I don't think you can use a personal loan to buy property so be very careful what you put on the application form if asked for the purpose of the loan.

CliveOfIndia

retiredbanker1 said:

I don't think you can use a personal loan to buy property so be very careful what you put on the application form if asked for the purpose of the loan.

I do hope you're not suggesting that the OP lies as to the purpose of the loan?  Admittedly the chances of being found out are small, but if they did find out it's possible to be investigated for fraud.

retiredbanker1

CliveOfIndia said:

retiredbanker1 said:

I don't think you can use a personal loan to buy property so be very careful what you put on the application form if asked for the purpose of the loan.

I do hope you're not suggesting that the OP lies as to the purpose of the loan?  Admittedly the chances of being found out are small, but if they did find out it's possible to be investigated for fraud.

Quite the opposite - the OP will NOT get a loan for house purchase.