Can I get a balance transfer Card to repay a loan?

casta

Hi,

I have a Lloyds TSB loan with a VERY poor APR that I was hoping to pay off within a year one way or another. I'm wondering if it's possible to get a balance transfer credit card that I can use to pay this off or are these restricted to paying off balances on credit cards only?

Alternatively what other methods would your suggest to pay off this ridiculous loan I got conned into a few years ago.

Any advice would be extremely welcome

Ivan_Konstantinov

depends which card you get, if you get mbna or egg you can pay the cc transfer into your current account then pay off the loan. Have you read your loan t&c's? Lloyds may charge you early repayment fees:eek:

casta

Yeah there's a settlement fee, but this is negated by an insurance rebate I'd be due from the loan.

When you say 'pay the cc transfer into your current account' would this transaction be regarded as a balance transfer or a purchase? In which case would I need a balance transfer card or a 0% interest on purchases card?

Ivan_Konstantinov

casta wrote: »

Yeah there's a settlement fee, but this is negated by an insurance rebate I'd be due from the loan.

When you say 'pay the cc transfer into your current account' would this transaction be regarded as a balance transfer or a purchase? In which case would I need a balance transfer card or a 0% interest on purchases card?

egg & mbna cards allow transfers to your current account and these are treated similar to purchases and not cash withdrawls. You need an Super Balance Transfer card read this http://forums.moneysavingexpert.com/showthread.html?t=1030823&highlight=Super+Balance+Transfer+card

casta

Thanks for the advice. I'll get myself a SBT card. Much appreciated.