£4000 Loan 18th Month Payback

edited 30 November -1 at 1:00AM in Loans
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AdzyBabyAdzyBaby Forumite
1 Post
edited 30 November -1 at 1:00AM in Loans
I am looking to borrow £4000 over an 18month period to pay a family member. I have seen that a credit card offering 0% over 10months may be the best method of borrowing the money. However, is this possible if I want to pay a family member? Also, what is the likely additional repayment I would have to pay for this borrowing?
Any suggestions would be great!

Replies

  • mrcowmrcow Forumite
    15.2K Posts
    Part of the Furniture Combo Breaker
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    Depends on several things.

    Firstly, what's your credit rating like? And can you pay off £4000 in ten to twleve months?

    MBNA certainly do allow you to transfer money to your bank account under their 0% deal (CHECK with them though on application first - DON'T just take my word for it :eek:) but they will charge you about a 2.9% handling fee (so £116 fee).

    If you can't pay the money off in the allotted time though, you will need to swap to another 0% card (with a second admin fee) or the interest will start racking up quicker than than Jeremy Clarkson's paycheck.

    Check out the credit card section of the main board (link at the top of this page) and have a good read.

    Got to be said too.......why are you giving this person money?.....if it is to lend to them, then please rethink, you should never mix money with family. It will possibly lead to bad feeling and problems and possibly never seeing your £4k again!
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
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