Looking for advice on loan

Hi, I have a 3 yr fixed term loan for which I am half way through but with the interest rates being so low I haven't made any money on it.

I need to get my hands on some ready cash and was going to get a loan from the bank but the interest is horrendous.

My query is if I take my money out of the fixed term a/c and pay the dirt on the interest will that have any reprecursions later on if I want to get a loan/mortgage again.

Should I just swallow the pain and take the loan or should I take my own money out of the a/c.

How do you make money on a loan???

Must be a fixed-term investment/deposit account.

OP, if you withdraw the money, I can't see how that would affect your credit rating or affect your ability to get a mortgage. That said, mortgage providers do look for regular saving habits, but those habits don't have to include saving into a fixed-term account.

General thinking would be that it's not a great idea to have expensive loans while you have savings. I'd withdraw the money but set up a regular savings account for a smaller amount each month so you can prove ability to save.

Thanks for that sorry I did mean a 3 yr fixed savings a/c.

Yes I think I will set up a savings a/c in credit union.

If you are in a fixed savings account you may have to pay breakage charges and will have to pay Dirt on the interest earned during the period that you have had it on deposit.

If you need cash in the short term, you could ask your bank to lend you the money over a short term using the asset of your fixed deposit account as security.

So long as the bank are willing to put a lien on your fixed account and the interest that you would pay on the loan is less than the breakage costs and loss of interest on the fixed deposit it may be more beneficial to keep the deposit account.