Timeline for For most loans, do you pay interest on the principal or amount remaining?
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| Jul 8, 2014 at 17:20 | comment | added | gnasher729 | I did this a short while ago in the UK when I needed a loan because it took about two months to turn an asset into cash. 1. I had to take a loan for £7,500 when I needed only £5,000 because the interest rate for the higher loan was about half the rate for the lower loan - paid a lot less interest for £7,500 than for £5,000! They charged one month interest for early repayment, which was still a lot cheaper than overdrawing my account or using a credit card. | |
| Aug 16, 2013 at 18:49 | history | answered | JTP - Apologise to Monica♦ | CC BY-SA 3.0 |