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/biz/ - Business & Finance

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802398 No.802398 [Reply] [Original]

hey /biz/ since no one not even my dumbass bankers seem to know, i was wondering. if i lets say get a 5k loan and only use 2k am i able to use the remaining 3k to pay off the loan it self? or do i only pay the 2k that i used?

>> No.802400

self bump for help

>> No.802401

>>802398
Yes, under most circumstances. There are usually fees attached with terminating the loan early.

>> No.802402

>>802400
Welcome to 4chan. You don't need to pump when you have the first post on the board...

>> No.802404

>not even my dumbass bankers seem to know

sage

>> No.802405

>>802401
ahh so i only pay off the 2k itself? thats good to know from what i have been told it seemed as i was basically forced to use all 5k

>> No.802406

>>802402
sorry was used to other faster boards where even in a minute the thread goes to the 2nd page

>> No.802409

>>802404
i swear they didnt the fuck tards at my BOA said it would be better for me to get a call from the people that handle loans themselves

>> No.802415

either way thanks anon for the answers, i didnt want to get a loan if i have to pay full amount for only using a quarter to half of the approved limit i was given

>> No.802433

depends on the terms of the loan, breh.

there might be a lock period where you'll have to pay at least X% of the loan as penalty if you settle earlier than expected.

and then there's this thing they have where they give you an overdraft account. they'll put 5k in and they'll only charge interest when the amount is 5k. all types of loans, talk to your loan officer.

>> No.802437

>dumbass OP doesn't know the difference between a loan and a credit limit
>insults others
/biz/ never fails to disappoint

>> No.802464

>>802398
You signed a piece of paper that has the terms of the loan and that usually spells out early payoff penalties along with other important particulars. The answer is in that document. The banks/lenders can do it many different ways and there's not one answer applicable to all. Check your loan documents before making any payments.

>> No.802699

>>802398
You would be better off getting a revolving line of credit if you're unsure how much you need. Or part term, part revolver.