Credit card or Loan??

llofkin · 21 February 2018 at 2:10PM

Hi guys!
So I need around £1000 maybe just over or under to be able to be secure on a upfront cost on a new place for me and my 3month daughter and to make sure we have enough to live. I was a student so have -£1800 overdraft also

I don't know what's best to go for, a credit card or loan? Ideally I'd like to pay it off as soon as possible within and year maybe! My credit rating is ok ish. But not sure what to do as never done it before! I have a year and and half to get out my overdraft which I'll be back to work by then! But really need the money at the moment! Also which card or loan to go for please?? I've read and bit about things but not sure what to do! If I could pay the sum of the place off monthly I could but they won't let me as it's and upfront cost!

I'd defo be managing to pay it back over time! Help please!

foxy-stoat · 21 February 2018 at 2:27PM

Credit card with a money transfer option.

System · 21 February 2018 at 2:33PM

llofkin wrote: »

Hi guys!
So I need around £1000 maybe just over or under to be able to be secure on a upfront cost on a new place for me and my 3month daughter and to make sure we have enough to live.

You can't afford to move. If you're needing a loan not only to move but to make sure you have enough to live on how are you going to manage to live when you've £150-£200 a month coming out of your income to repay the loan/credit card? That's how people end up in pay day loan hell, they're repaying a loan so have no emergency fund and end up short at the end of the month so they take out another loan which means higher repayments so they end up running out of money earlier in the month so take out another loan, rinse and repeat.

Stay where you are, save the money then move. In the meantime onto the debt free wannabe board to try to lower your outgoings and the boost your income boards to find ways to make money to make that happen faster.

foxy-stoat · 21 February 2018 at 2:41PM

Minimum payment on a credit card is normally 5% - so I would suggest you budget £100 a month for repayments so its cleared within a year.

If you get your deposit back from your current rental then use that to repay the debt.

Good lucks

llofkin · 21 February 2018 at 2:51PM

Thank you how do they work with paying off credit cards? Is it usually a set amount?? I have to move out! But I'm torn now because of the contraversy between getting one or its the worst idea in the world!

Candyapple · 21 February 2018 at 2:54PM

llofkin wrote: »

Thank you how do they work with paying off credit cards? Is it usually a set amount?? I have to move out! But I'm torn now because of the contraversy between getting one or its the worst idea in the world!

Are you working at the moment? If no, then the chances of you getting a credit card are slim to none.

Can you ask any friends/family?

Sell anything of value?

llofkin · 21 February 2018 at 2:57PM

I'm a full time mum so no work! And no family around and I haven't anything left to sell of value

Candyapple · 21 February 2018 at 3:07PM

llofkin wrote: »

I'm a full time mum so no work! And no family around and I haven't anything left to sell of value

Looks like you are out of luck then unfortunately. You won't be able to get a loan or a credit card as no lender is going to lend money to someone who isn't working.

What about the father of the baby, can he not help out financially?

Where are you living at the moment? What is the big rush to move?

foxy-stoat · 21 February 2018 at 4:58PM

llofkin wrote: »

I'm a full time mum so no work! And no family around and I haven't anything left to sell of value

Unless you have at least £100 a month spare after your income/living expenses then you wont be able to borrow to move, you will be paying back the money for years.

BrassicWoman · 21 February 2018 at 7:41PM

if you "have" to move out, is it perhaps time to talk to Women's Aid?

Credit card or Loan??

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