i have a personal loan with tesco i still owe about £2600 would it it be cheaper to swap to another loan deal?
i pay about £100 a month at the moment! Im in the UK
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jojop i would stay just were you are and not incur any more debt — by the time you wheel and deal switching here and there paying up front fees the little amount you will save will not be worth the effort — if this was a 26000 loan i would be talking out of the other side of my mouth!!!
You’ll need to shop around. Read all the small print on your tescos loan in case there is an early redemption charge or similar. Go on money supermarket.com that will give you best rates on loans.
You may be best just to stay where you are
that is exactlky how ppl get badly into debt. do no do it!! picture this…ur in need of a loan…u get one…realise ur wanting to pay it off immediately…so u take out another loan…payed off original one but realise u r again in debt…want to pay it off…u take out another loan to pay this one off…payed offf…in debt again…
when u take out a loan u begin a viscious circle. just stayt with who u r with now.
From the "Frying pan into the Fire" stay where you are!
Or check with your local C.A.B.
Can be a good idea but look at the new deal – it may be 0% or anyway lower interest than Tesco but there will usually be a 2% to 3% transfer fee. Is this cheaper than paying the Tesco interest – probably but do check.
1) Visit the loans section on The Motley Fool to see if you can get a better deal.
http://www.fool.co.uk/loans/compare-unsecured-loans.aspx
2) Check out ZOPA – http://www.zopa.com/ZopaWeb/affiliate/?referral=duck1979
An online lending exchange set up by people including the founder of EGG, and backed one of the founders of EBAY (among others)….. this is where I first learned about it:
http://www.fool.co.uk/news/comment/2006/c060406d.htm
http://www.fool.co.uk/news/your-money/current-accounts/2006/10/24/better-than-banks-and-building-societies.aspx
Get the loan transferred to another card with 0% interest.
Although you will pay a transfer fee it is still cheaper in the long run.
Continue to pay the same as you did and watch the amount dissapear.
If not cleared when the offer expires do the same again.
HOWEVER DO NOT USE THE TESCO CARD AGAIN (not enough points anyway)