Short term personal loan

M

Mourinho

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What is anybody’s advice on getting short term financing of c .€10k for less than 3 months for personal use?

Money needed now for house works, but will have the €10k to pay back the loan in the new year....
 
The cheapest way would probably be to do a mortgage topup (if applicable/possible) for the €10K and then clear it when you have the money.
 
Remortgaging would probably involve fees and legal expenses so I doubt if it would be cost effective.

Your bank should provide you with an overdraft or term loan if you have a good credit rating. €10k @10% for three months will only cost €250 in interest, so shopping around won't save you that much.

Brendan
 
I've found credit unions are the best for loans if you have an account, no penalites for paying off loans early
 
CUs are not necessarily the most competitive for loans especially when the cost of keeping money on deposit/in shares (which they normally require) while borrowing is factored in. Many other financial institutions don't impose penalties for early redemption of loans (other than fixed rate loans). This is not unique to the CU.
 
Mourinho said:
What is anybody’s advice on getting short term financing of c .€10k for less than 3 months for personal use?

Money needed now for house works, but will have the €10k to pay back the loan in the new year....
Click to expand...

I suppose you could borrow from any of the providers, for example Tesco works out at 6.7% for a 1-year €10k loan, monthly payments €863 x 3 = €2589.

At that stage you would owe €7562. If you clear then, interest for the 3 months would have cost you (€2589 + €7562) - €10000 = €151.

You can clear the Tesco Loan at any time without penalty (AFAIK), as per their T&C's.

I only use Tesco for illustration purposes, as you couild also try any of the Banks or other financial institutions.
 
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