Personal loan question

Boojiboo

Hi 

My cooker and fridge have both died on me so was going to get a personal loan from nationwide which I've had a quote for and I can easily afford the £60 monthly repayment but I also read about interest added daily so will the £60 quote monthly repayments include interest or will my monthly payments be more? 

flaneurs_lobster

Nationwide (and any other lender) will quote you the monthly repayments required to repay the loan + interest over the term you have agreed. 

You should receive this information in some detail before you sign up for the loan.

Boojiboo

flaneurs_lobster said:

Nationwide (and any other lender) will quote you the monthly repayments required to repay the loan + interest over the term you have agreed. 

You should receive this information in some detail before you sign up for the loan.

Thanks I've only done the quote part of the application so far and it says my monthly repayments would be £60 over  60 months but I know I'll be able to repay early and I can afford the £60 a month so that quote includes the interest added daily as it says fixed monthly repayments 

Boojiboo

So with a personal loan are you allowed to transfer some of the money to another account? My brother in law is the one I'd hire to put my cooker in as he's cheaper ( family rates)  than paying the £100 that most stores charge and he's a qualified electrician and I'd transfer the money to his account or would it be better to pay with cash? Never had a loan before 

ButterCheese

Is the personal loan the only option though?  If you can easily afford £60/month, can you not find a fridge and cooker online that offers 0% interest over 3 or 5 payments?  If you are repaying £3600 over 5 years, how much is the loan amount?

Boojiboo

ButterCheese said:

Is the personal loan the only option though?  If you can easily afford £60/month, can you not find a fridge and cooker online that offers 0% interest over 3 or 5 payments?  If you are repaying £3600 over 5 years, how much is the loan amount?

Tried that but as I'm only working part time they won't accept me after bills I have left to myself £400 so I can easily take £60 from that but as my annual salary is below £10k they won't let me do buy now pay later or similar schemes. 

MEM62

ButterCheese said:

If you can easily afford £60/month, can you not find a fridge and cooker online that offers 0% interest over 3 or 5 payments?  

That would be the way to go.  And for the OP not to be in the same position in future, save that £60 per month that they can afford so that, next time they will have an emergency fund for these expenses.     

Boojiboo

MEM62 said:

ButterCheese said:

If you can easily afford £60/month, can you not find a fridge and cooker online that offers 0% interest over 3 or 5 payments?  

That would be the way to go.  And for the OP not to be in the same position in future, save that £60 per month that they can afford so that, next time they will have an emergency fund for these expenses.     

Problem is they need you to be earning over £10k which I don't I'm just under as I work part time where the loan you don't need to earn over that just being able to pay the repayments which I can but I have learnt my lesson I'll be saving money from now on so I'm never in this situation again.

flaneurs_lobster

Boojiboo said:

So with a personal loan are you allowed to transfer some of the money to another account? My brother in law is the one I'd hire to put my cooker in as he's cheaper ( family rates)  than paying the £100 that most stores charge and he's a qualified electrician and I'd transfer the money to his account or would it be better to pay with cash? Never had a loan before 

Nationwide will pay the amount of the loan into your account. It's up to you how you go about spending that money. You will have been asked for the purpose of the loan (Electrical Goods?) but that's a broad general description, they are not concerned by exactly how you spend these funds, just that you are able to make the repayments.

Any particular reason for choosing Nationwide? You already have an account with them?

Have you looked at other sources of loans/funds? Tried the MSE Loans Eligibility checker?

https://www.moneysavingexpert.com/eligibility/loans-calculator/search/

Woodstok2000

Boojiboo said:

So with a personal loan are you allowed to transfer some of the money to another account? My brother in law is the one I'd hire to put my cooker in as he's cheaper ( family rates)  than paying the £100 that most stores charge and he's a qualified electrician and I'd transfer the money to his account or would it be better to pay with cash? Never had a loan before 

Once you've taken out the loan, they transfer the money into your account and you can do what you want with it.

Boojiboo

flaneurs_lobster said:

Boojiboo said:

So with a personal loan are you allowed to transfer some of the money to another account? My brother in law is the one I'd hire to put my cooker in as he's cheaper ( family rates)  than paying the £100 that most stores charge and he's a qualified electrician and I'd transfer the money to his account or would it be better to pay with cash? Never had a loan before 

Nationwide will pay the amount of the loan into your account. It's up to you how you go about spending that money. You will have been asked for the purpose of the loan (Electrical Goods?) but that's a broad general description, they are not concerned by exactly how you spend these funds, just that you are able to make the repayments.

Any particular reason for choosing Nationwide? You already have an account with them?

Have you looked at other sources of loans/funds? Tried the MSE Loans Eligibility checker?

https://www.moneysavingexpert.com/eligibility/loans-calculator/search/

Yes I'm with nationwide and they've always been good to me so I trust them but I'll check out the link you provided