loan advice needed

12
Found 20th Apr 2009
basically if i took a loan out for £9500 over 5 years anyone have any idea how much i will be roughly paying back? will be looking to take this loan out in 3-4 months

12 Comments

depends entirely on what APR they charge you.... it could be anything. what website are you planning to get it from?

lol depends on the APR ??

About 5% per annum at the mo, so 5yrs x 5% = 25%
9500 + 25% = 11875
11875 / 60m = 197.92/month.

This assumes a 5% base rate/ flat rate NOT an APR.

Original Poster

just from my bank. at the minute for loans over 7500 its 5% they said but it changes all the time

Remeber not to take out payment protection if they offer it you it will heavily increase your payments for very limited cover.

Take some sort of income protection out so your whole wages are covered if you want the security

Original Poster

DJNG22;4979154

Remeber not to take out payment protection if they offer it you it will … Remeber not to take out payment protection if they offer it you it will heavily increase your payments for very limited cover.Take some sort of income protection out so your whole wages are covered if you want the security



never heard of income protection, whats that all about? does it cost more than payment protection?

Original Poster

colinsunderland;4979165

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=loan_calculator



thanks for that! my bank said for a loan of 7500 over 4 years i would pay back 210 a month at 5% but according to this its more like 15%?!!?!?!?! aargghhhh this is too complicated lol

donnaraine;4979209

thanks for that! my bank said for a loan of 7500 over 4 years i would pay … thanks for that! my bank said for a loan of 7500 over 4 years i would pay back 210 a month at 5% but according to this its more like 15%?!!?!?!?! aargghhhh this is too complicated lol



The interest has a time element to it, also. You don't get a loan for a total interest rate, but a yearly rate. I.e. If you take out a loan for £100 and a 5% interest rate, you would only pay £105 if you paid it off in a year, otherwise it would be more.

This is a very much simplified and approximate example.

donnaraine;4979209

thanks for that! my bank said for a loan of 7500 over 4 years i would pay … thanks for that! my bank said for a loan of 7500 over 4 years i would pay back 210 a month at 5% but according to this its more like 15%?!!?!?!?! aargghhhh this is too complicated lol



It's not complicated because whatever you work out your payment to be is irrelevant. When you agree to any financial contract, the amount you're borrowing, the term (length) of the contract, the interest rate used to calculate the repayments and the monthly payment amount will be spelled out to you in bold writing.

Here's an excellent site to use if you're not sure on who to go to:

moneysupermarket.com/loans/

if you have good credit speak to your bank ask if any offers on , i did last month and got a rate of 7.1 apr

i hear the mafia have good interest rates these days
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