IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline
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i have recently taken out a loan
i was just wondering if i was to get a bit of extra cash could i pay a large sum off the loan?
7k loan could i deposit 1k?
how would that affect my monthly payments?
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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Do you have any documentation with the Loan? Overpayments (which is what this would probably be classed as) are usually detailed in here.
Which bank is it from?
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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I can't with mine (G&E Money).
Its either pay it in full or stick to the standard repayments.
If you can't overpay then open another savings account and keep putting any extra in there until you can settle it.
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline
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its rbs my dad has the paperwork
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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On mine I can make bigger payments and finish it earlier, and my interest will decrease. But I haven't bothered as it was only a small loan and interest isn't much.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Check your paperwork to see if overpayments can be made without a penalty.
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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i have had rbs loans before and made lump sum payments doesnt affect your monthly payments just your loan term
check payper wotk as sayed though
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neoquip
Member
Registered: 12th Aug 02
Location: Nottm
User status: Offline
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let the £7k loan run its course, it will give you abetter credit score for the next time you want to borrow money, get a mortgage or HP.
[Edited on 02-01-2009 by neoquip]
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline
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its in my dads name so
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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As A_J_Mair said, it won't affect your monthly payments. However it will decrease the loan term.
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline
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that will do thanks
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