Any loan which can provide....

Elephant08 :P · 24 Feb 2008 at 20:36

Basically guys,

I'm in need of £15k, is it possible to get a loan which gives me this amount, and I pay all of the repayments (minimum, which will be over 25 years), then pay the remaining amount as a lump sum after 3 years? - so the loan lasts only 3 years?

Hope you understand guys.

Loan out, 3 years later, give back, done.

Ricochet J · 24 Feb 2008 at 20:38

You can ask your bank manager. As long as you provide sufficient financial evidence to proove you can pay back the amount over the short period, then why not. They may increase the interest though.

[TW]Fox · 24 Feb 2008 at 20:44

I don't think anyone this side of ***** Finance Limited (APR 4000000% variable) is going to lend you £15k on a 25 year term irrespective of your repayment intentions.

Elephant08 :P · 24 Feb 2008 at 20:47

[TW]Fox;11169321 said:
I don't think anyone this side of ***** Finance Limited (APR 4000000% variable) is going to lend you £15k on a 25 year term irrespective of your repayment intentions.

Well, I know I can pay it within 3 years, so I don't know what the best thing to do is...

jwilliams · 24 Feb 2008 at 20:49

I doubt you will have much luck without something to secure it against.

[TW]Fox · 24 Feb 2008 at 20:50

agony said:
Well, I know I can pay it within 3 years, so I don't know what the best thing to do is...

A conventional loan over a 3 year term?

Elephant08 :P · 24 Feb 2008 at 20:51

Fair play then. Was going to be a 'bit' of an impulse buy,

scratch · 24 Feb 2008 at 20:53

agony said:
Well, I know I can pay it within 3 years, so I don't know what the best thing to do is...

Am I missing something? Why can't you just take the loan out over 3 years then? Maybe you're getting a windfall in 3 years time but can only afford tiny repayments at the moment?

Elephant08 :P · 24 Feb 2008 at 20:57

scratch said:
Am I missing something? Why can't you just take the loan out over 3 years then? Maybe you're getting a windfall in 3 years time but can only afford tiny repayments at the moment?

The latter is correct, however I think I may go over 8 years, as its middle of the road, live with the £200 a month (not much really), and after 3-4 will pay the rest off.

[TW]Fox · 24 Feb 2008 at 21:46

What you are doing sounds VERY risky..

Sirrel Squirrel · 24 Feb 2008 at 22:20

[TW]Fox;11169723 said:
What you are doing sounds VERY risky..

agreed, I've seen ads on tv where you can pay back early but they'll charge you about 15% for the privelage. Plus if you don't get that large sum in 3 years you'll be stuck paying 15k off over 25 years at like 30% apr!

Elephant08 :P · 24 Feb 2008 at 23:25

Scrapping the idea tbh, thanks to sirrel and fox appreciated...nearly jumped into something stupid, all for a luxury.

Cheers fella's ...never again will I do somethin / think about something like this.