Hi

I am looking to take out an unsecured personal loan of around £15,000 over five years. However I would like to have the option of making lump sum payments which would reduce the captial and thus reduce the overall interest payed. However upon enquirng a few loan companies; I found that once a loan has been taken out the total amount payable does not change if lump sum payments are made. In fact the only way to reduce the interest charges is to redeem the loan completely. Are there there any mortgage style loans where I can make extra payments in to and therefore reduce the interest I would pay.

Any / all help greatly appreciated

Thanks