Loan for little credit history

jay78

I need to borrow £10,000 to pay off a huge credit card bill at approx 19%.

I intend to pay it off in 5 years and at present I can afford to pay
£220 a month. I would like a loan that gives me the opportunity to overpay if
I'd like.

Now for the tricky part. Ideally I would like to become a stoozer and pay
it off that way, however I'm disadvantaged as I have very little credit history.
That's why I'm opting for a loan. I realise this will affect the interest rate
I'll get on a loan, if I even get granted one.

Does anyone have an advice as to a suitable loan I can obtain for someone in
my position?

I have a good salary - £24,000. I could ask my own bank, I guess they are more
liable to lend me the required amount, however my credit card is with them
and this my disadvantage my application.

Thanks

jay78

jay78 wrote:

I need to borrow £10,000 to pay off a huge credit card bill at approx 19%.

I intend to pay it off in 5 years and at present I can afford to pay
£220 a month. I would like a loan that gives me the opportunity to overpay if
I'd like.

Now for the tricky part. Ideally I would like to become a stoozer and pay
it off that way, however I'm disadvantaged as I have very little credit history.
That's why I'm opting for a loan. I realise this will affect the interest rate
I'll get on a loan, if I even get granted one.

Does anyone have an advice as to a suitable loan I can obtain for someone in
my position?

I have a good salary - £24,000. I could ask my own bank, I guess they are more
liable to lend me the required amount, however my credit card is with them
and this my disadvantage my application.

Thanks

39 views and no one has got an solutions.

Mercuryrising

I think one of the reasons that there is not much of a solution as on the credit cards is that people don't apply for loans anything like as much.

That said I'll give my advice based on my experience - if your credit card is with the bank they should be amenable to offering you a loan. My bank (HSBC) did that. Just contact them and find out.

Oh and very wise that you are going for a loan with flexible repayment options. I think that is the golden rule of borrowing to do it that way as fixed loans are virtually impossible to pay off unless you do it in one go. This way everytime you have the money to pay off a bit then your interest will go down.

But I also don't see why you don't just try and apply for cards - if you have little credit history well you have to build it up somehow. I never had a problem getting my cards.

Old_iron_balls

and dont forget, if you do go for a loan cut your credit card up straight away and close the account !