newbie at loan!

Pip123

Hi,

I need some help please! I currently have a HSBC Gold card with a debt of £5500 on it. I am up to the limit and paying £140 a month and £100 of this is interest:(. I tried to BT to a 0% or low APR card but was unable as i was close to my limit on the card.

Is there a personal loan that would help me to pay the stupid thing off?! I just want to stop paying as much interest and actually pay off the debt! I am not a homeowner.

immoral_angeluk

How long is the loan for? Could you afford to overpay it to get it down quicker? You'll need to check if there are any extra charges first for this.

Pip123

Sorry meant i've surrently got a credit car with debt and want to swap to a personal loan if possible?

Tixy

Hi Pip. Do you know what your APR is on the credit card? looks like about 21%. You may be able to get a cheaper loan but it will depend on your finances and your credit history.

What other debts do you have? what is the total credit you have available to you?
What is your credit history like? Do you have any missed payments? defaults? CCJs? If you don't know then you need to get copies of your credit files (£2 each for the statutory ones or use the free online trials).
Are you employed? how much do you earn?
Do you have an overdraft? do you use it every month?
How many credit applications have you made in the last 6months?

How much can you afford to pay back each month?

All these will affect whether you will be accepted for a loan at all. There certainly are personal loans out there that are cheaper than the card rate but they are not available to everyone.