Paying back fixed rate loans early?

C

cullenswood

Registered User
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69
Hi,


I am thinking of getting out an 11k loan over 5 years. Was looking at the fixed rate loans that are out there and the rates are quite competitive.

I have a couple of concerns though, if I chose after maybe 1 year to repay the whole loan in full, will I be charged a very large penalty?

Also, is it possible to pay back more in some months (like I can do with a variable) and will this incur a penalty?

Thanks
 
Check the terms & conditions of the loan to see what early redemption penalties are charged on fixed loans.
 
I asked in a bank last week, and the assistant just told me some charge would apply, but didn't specify how big!
 
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