Cheap Loans: How to get your lowest possible rate Discussion Area

forgotmyname

Try your own bank.

How much have you saved every month without fail over the last 6 months?

danadanny

Hi,
currently, I have a personal loan with an outstanding amount of about £5000. This loan was taken out a few years ago. The APR if I remember correctly is 4.8%.

Recently, M&S offers loans between £7,500 to £15,000 with 3.6% APR. I am wondering if it is worth taking £7,500 from M&S to repay my original loan.


Any advise is appreciated.

Thanks

DCFC79

danadanny wrote: »

Hi,
currently, I have a personal loan with an outstanding amount of about £5000. This loan was taken out a few years ago. The APR if I remember correctly is 4.8%.

Recently, M&S offers loans between £7,500 to £15,000 with 3.6% APR. I am wondering if it is worth taking £7,500 from M&S to repay my original loan.


Any advise is appreciated.

Thanks

Yes you can try, they will add the current loan to what your wanting to borrow and then take into account your salary.

matthewg156

I have an outstanding loan of £9k from Sainsburys at 5.5% interest. I have a lump sum of £15k so can afford to repay the loan.

However I'm tearing my hair out trying to work out if I will get charged for either a) full settlement, b) an early repayment or c) adding overpayments.

Does anyone know which of the above three will not result in a 'penalty' charge?