RMA26

Where's the best place for a small loan (3k) to be paid back over 18 months?

Suggestions please.....

Thanks

davegtt

Northern rock sent me a leaflet through the post last week offering a rate of 5.9% dont think you'll find too much better than that. Sorry the leaflet went in the bin so cant pass on details. Probably get another next week though

RMA26

Cheers Dave

Just on their site at the moment

Andy M3

Cheap loans | mortgages | credit cards | home & car insurance - moneysupermarket UK

Bateman

Be Card Tart , get a 6 month interest free card, 6 months time transfer the balance to another interest free card. on and on and on. I think RBOS did a 12 months free.....

GaryK

go to picture loans, what a great advert theyve got, they must be good!

Tidgy

try your own bank, they may give you favourable rates i'f you've been there a while

RMA26

Bateman

lets work it out, you get an interest free card for 6 months, credit upto 5k, take 3000 cash out or transfer to your bank. in 6 months they want to start charging interest so you transfer the balance to another interest free card. keep on going. Now this is good because if you find your self skint one month you can make a minimum payment ....


you with me

davegtt

suppose it'll work, do a balance transfer from the card to your bank account, still means you get charged say 2.5% of the amount (seems to be the new default cost) then move again after 12months but again being charged another 2.5%.

davegtt

And how many credit card companies are doing this now? a 3k transfer will cost you about £75 after 6 months his balance will be £2000 to pay off and get charged £50 then after 6 months £1000 transfered to another card, £25 charge again, small amount of interest over all to pay for in the end.

Bateman

on a diminishing balance i might add. which on 3k is £75 notes. not bad for 6 months or 12 months free interest ?

RMA26

I'll look at the options, thanks guys

Bateman

on the nail mate, best off walking down the high street and getting leaflets, loads of card companies on the net. just have to manage it effectively.

Nothing wrong with Card Tarting, ask any Banker

orbix

Things might have changed since I last did this but isn't transferring from card to bank a cash advance? this may not come under the 0%.
Also when I did it the 2% charged for this action was capped at £40. Probably isn't now.

Petem95

It has got a lot tougher in the last 6months - not many doing 0% for 6months on balance transfers. Most banks seem to be starting to tighten up on the lending (harding surprising with ever-increasing numbers going bankrupt!)

I do still keep seeing no-end of loan ad's on TV tho - even with Carol Vorderman in one "struggling to pay off all your loans? well take out another loan to pay them and you'll be fine!!"

orbix

I can't remember what you call it but I should have made use of the practise of moving money from a card into a high interest account and then moving from card to card while the money is earning you a small packet in interest.
I know some people have made 1000's by doing this.

B9GLY

Northern rock will do 5.9% as there best rate, on a small loan and depending on your stats they will prob charge something like 8%!