Best Way to "Borrow" £5000?

lisyloo

but has stated it would leave him without enough to live on and hence is not considering this option

housebuyer_abc

lisyloo wrote: »

but has stated it would leave him without enough to live on and hence is not considering this option

Having money saved, and not having money to live on are not the same thing.

lisyloo

Having money saved, and not having money to live on are not the same thing.

Okey dokey.
Is everyone happy with this list of his options?

1) get a loan (look for one with flexibility to pay back and minimal fees for early repayment) but expect to have to pay for the facility/risk.
2) wait a small amount of time and save up (my recommendation)
3) get a loan from a friend/family member but bear in mind if you lose your income then you risk stress in the relationship if you can't pay
4) Get a low rate card but you have already been turned down, which doesn't necessarily mean you won't get one, but it's not a promising indication.
5) Pay for it with cash, and have not mcuh to live on in the short term.
6) Put pressure on family members to pay back their loans.

CannyJock

Zopa loan you can repay early without penalties. Not sure on application times though and obviously not guaranteed acceptance.

Personally, I agree with lisyloo, no need for a card here. Just wait 2 months.

Oh yeah, and put pressure on the family to repay money they owe. Lending money to friends or family is always a gamble - if they're not keeping up their repayments then you need to put pressure on to get your money back

Bosewave

I would open a credit card account with Virgin/MBNA or Egg (only onmes that do this)and do a super balance transfer, whereby you balance transfer credit from the card into your bank account so you are effectively doing one big cash withdrawl. You will be charged 3% - 4% for the privilage but this is wildly cheaper than other cards when withdrawing cash.

lisyloo

Just be aware that 4% for 2 months, is effectively about 24% per annum.

Only you can decide on whether the cost is justified for not waiting, but don't be misled by the maths. For a short therm loan it's EXPENSIVE.

powned

HouseHuntr wrote: »

Why is it some people get confused with two simple words such as lend and borrow ?

why is it some people just cannot conduct themselves with any decorum? :wave:
Being such a genius perhaps you should educate us as to the differences rather than posting pointless crap.

Cheers