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should I increase my loan or get a new one?
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Hi, I currently have a loan with Barclays with £1400/ 1 year left to pay. I need to borrow £3000. Barclays have offered to top up my existing loan, but the way they explained it sounds like I get an new loan and then pay interest on the interest I owe already. Is this right? Would I be better going for a new loan with another company? I have a good credit history and no other debts.
Thanks
Thanks
With Sparkles! :happylove And Shiny Things!
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yes, they would compound the interest. Much better getting a new loan. They sell this as the way to get more cash and not change the repayments.0
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If you pay a loan early there may be charges added (rule of 78 etc)
A new separate loan would'nt, although you will have 2 payments going out for the next year or so...0
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