Loan or overdraft?

Pinktooth

Should I get a £3000 loan or overdraft that is the question? Or I might just get a £2000 loan or overdraft IF your answer is a loan should I go for high street bank or other? Natwest quoted online at one year for 3000 pounds loan only about 300 pounds extra to pay

CHR15

Overdrafts can be withdrawn at any time so a loan would be the better option.

Go to your own bank in the first instance.

You asked this question not long ago so I guess the overdraft is not an option as you already seem to have one you can't pay!!
Your last post suggests you are unemployed so have no mechanism to repay ANY loans (not even the debts you have now) so I gues this post is pretty irrelevant.

All the advice you need is in the other post I linked to.

Pinktooth wrote: »

Whch loan would be good to pay off a credit card four grand and bank overdraft and also to buy some flooring and carpets and washing machine/microwave? Then pay back as quick as can do? Thanks

Chrysalis

I think overdraft as loans are inflexible.

eg. if you have a bad few months where you cannot make any payments then you are ok to just leave the overdraft sitting there, on a loan you would be in trouble.

Pinktooth

Chrysalis wrote: »

I think overdraft as loans are inflexible.

eg. if you have a bad few months where you cannot make any payments then you are ok to just leave the overdraft sitting there, on a loan you would be in trouble.

THats what I mean man Overdraft much more flexible

CHR15

You already have £4k in credit card debts, plus an already existing overdraft and are unemployed.

If you expect people to go out of their way to help you, you could at least post up the full facts of your current situation.

You simply keep asking the same question until someone tells you what you want to hear.

Flexibility means nothing if you have no means to repay anything.

GotNo£

Go with whatever costs you less. If you can get an overdraft at at a cheaper rate than the loan then I'd go with that. I recently paid off a credit card by using my overdraft. Credit card was 30%, overdraft is interest free until next summer, so short term it makes sense.

Pinktooth

GotNo£ wrote: »

Go with whatever costs you less. If you can get an overdraft at at a cheaper rate than the loan then I'd go with that. I recently paid off a credit card by using my overdraft. Credit card was 30%, overdraft is interest free until next summer, so short term it makes sense.

Did you have to apply and open a new bank with overdraft to do this?

GotNo£

I actually got the interest free (student account) portion of my overdraft reinstated, so paid off my credit card more or less straight away. Not sure which banks have interest free overdrafts, so you'd have to look around, but if you can get an overdraft that's cheaper than your loan then obviously you would be better to try and save a bit of money that way.

Pinktooth

GotNo£ wrote: »

I actually got the interest free (student account) portion of my overdraft reinstated, so paid off my credit card more or less straight away. Not sure which banks have interest free overdrafts, so you'd have to look around, but if you can get an overdraft that's cheaper than your loan then obviously you would be better to try and save a bit of money that way.

Yes Aliance and Leic have a cashback and a £2000 overdraft year free offer right now THing is you have to transfer from a bank all your DD etc and I have good standing for 7 years with mine