hidden loan costs

crol

I am looking to borrow 20,000 pounds to cover me for a 3 month period. If I was to take a loan over a 60 month period and pay it back early (taking a no early repayment fee type loan) is there any other catches?
Does the amount I have to pay back increase in any way?

jonesMUFCforever

How will you repay the loan in 3 months.
I would think that asking for an overdraft may be your best option.

crol

Thanks for the reply. I will get the funds later after other funds are released to me from relatives.

I was reluctant to go down the route of an overdraft as they put limits on them, and I don't think they will stretch to £20,000. Also if I'm refused then it will go against my credit rating. That's why I thought it would be best to go for a loan with no early repayment charges.

jonesMUFCforever

How will being refused an overdraft go against your credit rating?

You may well be refused because there is no certainty of you getting the money ( as opposed to say an unconditional letter from a solicitor to send the money to the bank) but I don't think it will affect your credit rating.

There aren't many lenders that do loans with no ESF anymore.