help me guy's pls

sophia02 · #1 (**permalink**) 01-29-2008, 01:46 AM

Hi I was just looking for a little advice. Nearly two years ago, my finances were in a bit of a mess and was looking for a loan. The only company that seemed willing to help were Welcome Finance. I needed a loan of £1300 which they approved, but the total amount repayable was £2100. I thought that was a bit steep, but was the only way out of my problems. so if any one knows anything about this pls ans me

brian · #2 (**permalink**) 01-29-2008, 12:51 PM

How steep depends on your interest rate (ie APR) and the term of it being paid off.

Shorter repayment rate = lower overall payments.

Just before it hit the headlines, I took out a £2,000 loan out with Northern Rock for 2 years - I'll repay £2,150 over 2 years, which wasn't bad.

Alliance & Leicester have some good rates as well, so may be worth looking to them as an alternative.

brian · #3 (**permalink**) 01-29-2008, 12:57 PM

Sorry - should have added - have you looked at your options for repaying the loan off faster? Doing so should bring down your final repayment amount significantly - but be careful, as some loans have penalties for early repayment in their terms which you'll need to check for first.

Hope that helps.

cabbage753 · #4 (**permalink**) 02-14-2008, 12:45 AM

with alot of loans you can save some money by making weekly not monthly repayments

cabbage753 · #5 (**permalink**) 02-14-2008, 12:46 AM

also a good idea is finance over the shortest time possable and pay more when money is available

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