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Flexible loan repayments

(2 Posts)
feedmenow Tue 15-Jul-08 19:41:48

I am wondering if there is such a thing as a loan whereby you repay a set amount each month but where you can also pay off additional amounts as and when you have a bit of spare money.

Has anyone heard of such a thing? Or am I dreaming.....?

hopefully Wed 16-Jul-08 09:46:52

Most unsecured loans, in my experience (which is limited!) are at a set interest rate, with a set sum to be repayed. E.g. if you borrow £100 at 10% over 1 year, the sum is fixed at £110 at the outset. You're able to overpay, but this won't reduce the total amount payable, and in some cases you may incur a small fine for overpayment - depends on the terms of the loan.

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