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

edited 20 May 2014 at 6:33PM in Loans
44 replies 85.6K views
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  • forgotmynameforgotmyname Forumite
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    Try your own bank.

    How much have you saved every month without fail over the last 6 months?
    Censorship Reigns Supreme in Troll City...

  • 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
  • DCFC79DCFC79 Forumite
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    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.
  • 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?
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