Loan

[focusjc85]

Hi just a quick question probably stupid. My partner recently took out a loan in August when interest rates were quite high. With the recent fall in interest rates will his go lower and can he get money back, or will it always stay at what it was on the day? Thanks

[CheekyChops]

It depends whether it was a fixed-rate loan or a variable-rate loan.

Personal loans are usually fixed, larger sums/secured loans are sometimes variable.

He needs to check his loan agreement.

[dave2222]

Probably not.