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  • FIRST POST
    • lynneg444
    • By lynneg444 14th Jul 17, 8:41 PM
    • 7Posts
    • 1Thanks
    lynneg444
    Can I pay off a secured loan with a personal loan?
    • #1
    • 14th Jul 17, 8:41 PM
    Can I pay off a secured loan with a personal loan? 14th Jul 17 at 8:41 PM
    I took a secured loan out many years ago - yes, it was a big mistake and I still would need to pay more than my original loan amount to settle early.

    To save a lot on interest, I would like to take out a personal loan to clear the secured loan. Reduce the term, lower interest rate and much lower overall interest paid back.

    Financially, I am in a good position. I have carried out affordability checks, thoroughly looked at my budget and even checked the likelihood of me getting a personal loan large enough to pay this off. All of these things are positive.

    But, is it possible to pay off a secured loan with an unsecured one????

    Thanks and sorry for the very long post!
Page 1
    • zx81
    • By zx81 14th Jul 17, 8:43 PM
    • 16,835 Posts
    • 17,843 Thanks
    zx81
    • #2
    • 14th Jul 17, 8:43 PM
    • #2
    • 14th Jul 17, 8:43 PM
    Yes, of course.
    • DCFC79
    • By DCFC79 14th Jul 17, 9:22 PM
    • 31,662 Posts
    • 19,973 Thanks
    DCFC79
    • #3
    • 14th Jul 17, 9:22 PM
    • #3
    • 14th Jul 17, 9:22 PM
    Can always ask the lender.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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