Some banks and credit unions offer secured personal loans at about 5%-6.5%
So sorry, I am only seeing your response now! Probably just a couple of years. I am now thinking the CU loan might be easier and cost efficient. Thank you for your response.How long do you need to borrow the €10k for?
Not sure what the legal costs would be of increasing your mortgage by €10k.
If they refuse or if there are costs, a short term overdraft might be better or a CU loan.
Brendan
I don't understand how you can say that this is "the most expensive possible loan". There are far more expensive loans out there. Moneylenders (legal and otherwise), payday loans, credit card debt etc.A secured loan is the most expensive possible loan. Here is the stuff from Letterkenny Credit Union making it sound attractive.
SECURED LOAN – 4.85% (5% APR) VARIABLE
“Borrow against your savings while keeping your nest egg in place”
Why Choose A Letterkenny Credit Union Secured Loan?
- No hidden costs or administration fees
- No penalty for early payback, you can pay the loan off early or make lump sum payments with no additional charges
- Free life cover on your loan (subject to terms & conditions)
- Low-Cost Loan- affordable loans
- Flexibility to repay your loan with terms of up to 10 years
- Repayments to suit you – weekly, fortnightly, 4-weekly or monthly
- Fast and efficient service, for loans less than €10000 you can collect the loan on the same day you apply.
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