Question about a Loan
Discussion
I've just done an online quote for a flexible loan with Egg, and got the following monthly repayment rates:
Their website says 'Pay it all off early or make lump sum payments without charge.' ...soooo, if I were to take out an 84 month loan, but keep it for just 12 months, would I have to repay £34,337.52 (84 * £408.78), or £26,307.00 (12 * £2,192.25)? I realise I'm probably being a bit simple and fick...
The advantage of the 84 month loan being that smaller repayments over 12 months would leave me with more of the loan available until I payed it off after 12 months (I'm trying to get as close to interest-only as possible!).
| Loan Amount | Term (months) | Monthly Repayment | APR |
|---|---|---|---|
| £25,000 | 6 | £4,283.05 | 9.9% |
| £25,000 | 12 | £2,192.25 | 9.9% |
| £25,000 | 24 | £1,148.02 | 9.9% |
| £25,000 | 36 | £800.99 | 9.9% |
| £25,000 | 48 | £628.25 | 9.9% |
| £25,000 | 60 | £525.22 | 9.9% |
| £25,000 | 72 | £457.04 | 9.9% |
| £25,000 | 84 | £408.78 | 9.9% |
Their website says 'Pay it all off early or make lump sum payments without charge.' ...soooo, if I were to take out an 84 month loan, but keep it for just 12 months, would I have to repay £34,337.52 (84 * £408.78), or £26,307.00 (12 * £2,192.25)? I realise I'm probably being a bit simple and fick...
The advantage of the 84 month loan being that smaller repayments over 12 months would leave me with more of the loan available until I payed it off after 12 months (I'm trying to get as close to interest-only as possible!).
JamieBeeston said:
IF you need that level of money for a short period, why not speak to your personal bank manager about a custom plan..
I'd assume they know your account fairly well if you're looking at this level of money.
J
Agreed.I'd assume they know your account fairly well if you're looking at this level of money.
J
None of the prime lending companies are going to fall over themselves to lend out £25k in the current climate.
In fact, even for £10k you will probably have to have some kind of personal interview over the phone with them whilst you send them everything including samples of blood and urine...!
On the other hand, in lending an albeit smaller amount was approved within a minute with my bank manager.
JamieBeeston said:
...I'd assume they know your account fairly well if you're looking at this level of money...
I wouldn't think they know it particularly well... I'm just trying to work out the best way to get a lump sum with minimum repayements over a 12 month period for an investment, at the end of which I'd pay the remainder back in a big lump, there's no way the money could be lost, only if I decided not to pay it back, but that'd be silly.A flexible loan would seem to be the best way to do this, but not if I'm charged the same interest for 12 months as I would be for 84 months, ouch!
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