10 year loan- where?

J

jeny

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Hey I am looking to get 15k spread over 10 years (which i hope to clear in <5 but right now i need a vary low repayment)

i had applied to tesco but its taking an ETERNITY to process!!!!

Anywhere else?
 
Hi Jeny - think most financial institutions will look at unsecured personal lending for terms usually no longer than 7 years (I am open to correction on this).

I've just done the following calculation for you, which may be of some help ...

E15k - over 10 years at say 10% interest rate (you may be able to get a bit better than this, but it's not a bad average to use) - monthly repayments E197.

The same amount at the same rate over seven years would amount to monthly payments of E248. Difference of c. E51 per month - if that were achieveable for you it make make it easier to get a 'quicker' decision.

Hope that's of some help.


BM
 
do you know any banks that will do it over the term though? as all i can find it max 5 years which makes the repayments to high?
 
Bank Manager said:
I've just done the following calculation for you, which may be of some help ...

E15k - over 10 years at say 10% interest rate (you may be able to get a bit better than this, but it's not a bad average to use) - monthly repayments E197.
Click to expand...
You can do these calculations yourself using Karl Jeacle's calculator. Doesn't matter that it's a mortgage calculator. It works for any similar loans.

Is securing the loan on an asset (e.g. property) not an option? It would almost certainly work out cheaper that way.
 
They will generally only give 10 years if it is for home improvements not for a car loan, holiday etc.
 
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