loan

[michael007]

Hello i got a quick qoute on line from barclays today, for a loan of �15,000. The monthly repayment is �290.86 over 60 months which is 5 years, total amount repayable, �17,451.88. is this right. or do i need to repay the �15,000 as well as the �17,451.88 which would total �32,451? confused any help please.

[Ethel]

The total you will pay, assuming you keep to the agreement and make all your monthly payments on time, is �17.451.88

There will be nothing else to pay.

[Scarlett]

I would look around at other loans though- you can bet your life Barclays is not the cheapest way to borrow money as they have loads of premises and staff to keep! Search for "cheap loans" on google, or look on uswitch. If you borrow more than �15,000 you usually qualify for the lowest rate of interest, so you end up paying not THAT much back as extra. Do be careful though, cos your loan may go up according to the bank of england interest rates, and if it is a "secured" loan, this means they will take your house if you default payment.
If I were you I would get an independent financial advisor to find you the bnest deal for you.

Try these:
http://www.thinkpositive.com/home/client/main2 .html
This great chap came to my house to advise me on remortgaging. It didn't cost anything as he gets his money from the company I end up going with, and he really knew his stuff.

[angie1981]

all barclays loans are at a fixed rate, therefore once the credit agreement is signed, the interest rate will stay at that figure. if the interest rates change due to the bank of england, yours will stay the same. sounds like the total amount repayable would be �17,451.88, however if you take the payment protection alongside it, the total amount repayable may be more because you will need to include that.

[myhorsefred]

moneysupermarket.com is a good site for comparing loans of any amount.