Loan advice

Hamiltonc

If you select other when applying for a loan is it always manually reviewed or can the application still be accepted fairly quickly?

The use of loan is for home improvements but also for another use which isn't in the drop down menu so unsure on option selection

Also are you better off applying via an intermediary or directly?

If we were to apply but then in end not need it are you charged full loan amount + full interest or is interest only charged up until the settlement date?

Thank you

Badboi

choose home improvement if it’s for home improvement…

Hamiltonc

https://forums.moneysavingexpert.com/discussion/comment/82050953#Comment_82050953

Itd for a mixture of that and other use as well which 'other' would be

MSEforum101

I am looking for a template for a loan agreement to a family member, can anyone help with a suitable template

Hamiltonc

https://forums.moneysavingexpert.com/discussion/comment/82051101#Comment_82051101

Many loan lenders restrict the use - that's why I'm asking which loan lenders are there who would allow the use for a deposit

MSEforum101

Hello - thank you for pointing to a relevant channel.
I am looking to draw up a loan agreement so I can loan to a member of my family and wondered if there is a best self use loan agreement template someone can point me to.
I am clear on terms, repayment period etc just wondering if anyone has a suitable template

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82078519#Comment_82078519

A personal loan between 2 family members has limited legality and won't enable you to enforce the repayment if they don't want to pay. You might as well just google one, as you are not a licenced lender you can't do much

MEM62

https://forums.moneysavingexpert.com/discussion/comment/82078519#Comment_82078519

For all the weight is carries you might as well scribble it out on a piece of paper.

georgehere

One further consideration is that any interest you charge will be regarded as income to yourself so may figure in your tax calculations. Perhaps there is no interest - then no tax for you to pay. Anything you did charge would factor in to the same bucket as savings interest which of course has tax free allowances unless those are already used up.