A friends told me that you can get cheap credit card loans, cheaper than?
personal loans now, £ straight into your account? How’s that then, cards always more expensive???
Tagged with: cards • personal loans
Filed under: Tesco Loan
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There are credit card deals around that are promoted as "credit card loans", and some are interest free or low interest. These are promotional offers on leading credit cards. Best deal around at the moment is interest free for 16 months. There are also low interest offers, like the MBNA Rate for Life 5.9% for the life of the ‘loan’
They are marketed by the credit card companies as ‘money transfers to your account’. They are quality deals, and they are genuine, but you will need to have reasonable credit rating to stand a chance of being accepted. For that I mean probably over 23, earning over £20k, and registered on the voters roll and with a clear credit history. It will also help if you have a track record of paying off loans etc in the past.
Its all explained here, rates and how to apply, and what not to do as well!
http://www.cardchoices.co.uk/information/cheap-credit-card-loans/
The one issue with these deals is obviously until you’re accepted and get a credit limit, you don’t know how much you loan will be for, and so it makes it hard to plan for capital expenditure. Obviously you can request a credit limit and see what they say.
If your friend told you about this, why are you asking us? Ask your friend!
I think he is way off though.
Some people switch from one introductory credit card offer to another (watching out for balance transfer fees).
not always the case,
some credit cards have a 0% balance transfer rate but this is normally only for a few months.
Personal loans are subject to status so if you have a good credit rating you could get a loan for 8-9%APR(thats if your lucky to find a rate that low) or if you have a poor credit rating you may be offered an APR higher than 30%