What would be the best way to borrow 80k short term?

Question

How could i borrow 80k for around 7-8 months

After roughly calculating some charges I have discovered the following..

Mortgage lender: Charges cost an average of £6000 for a 7 month lending which includes early repayment fees. The interest I would have to pay for 7 months would be around £3k and the early repayment fee 3.5% (£3k).

Zopa: Charges cost £625 x 5 (total £3125). Calculated with 7.1%APR for 15k loans over a period of 12 months. I was thinking maybe I could get 5-6 relations to sign up for 15k loans?

I have a property worth 120k but my annual income is 17k.

Any other suggestions?

Thanks

Answer 1

Something dosn't add up....

I can't understand how you expect to pay back 80k in less than a year with an annual income of only 17k.

Answer 2

I assume you are in Britain?

Do you have line of credit there? They are usually the most convenient way to borrow if you have a reasonable amount set up already. I see that your annual income is only about 21% of the amount you are trying to borrow so it will not be easy to get an attractive interest rates.

If the money is for some emergency event, like family member becoming critically ill, there is no shame in borrowing from your friends and relatives.

Answer 3

Ask David Beckham

Answer 4

If ur UK homeowner, pl. fill up the application form in the below link, you will get the loan quickly.

http://www.instant-personal-loan.co.uk