Best Cash Advance - advice please!

SJstorm

Hi

Advice please....

I need to get my hands on £7000 for a deposit. Should I get a loan or credit card? which is best? If I get a credit card I cant get cash advance can I?

Thanks

paulmcerlean

What is the deposit for?

You would be best looking at a fixed rate loan for any sizeable borrowing as you will find it hard to get a card that would give you £7000 in cash. Most operate at 50% of credit limit for cash meaning you would need a card offering you £14000 as a limit and that's just not going to happen, unless you are earning megabucks. But then if that was the case you wouldn't need a loan for a deposit!

If the deposit is for a mortgage then you will find it very difficult to get it as you are not allowed to take a loan out on a deposit for a house. Most lenders will check before finally approving the deal.

KingElvis

What's the deposit for? a space shuttle?

SJstorm

Hi

Thanks

Its for a deposit for my sister. Exactly as you said - she has motgage agreed but no cash for Deposit. I have offered to help her out so they wont know in my name and she will pay me

Just not sure the best way of getting my hands on £7k

Unless anyone can think of a better way??

dzug1

They WILL want to know where the cash has come from and some lenders may want evidence or a solicitor's letter to confirm it. The vendor's solicitor may ask questions too - he wants to be sure the sale can go through.

Tixy

A loan. If you are in a position to be accepted for one and and if your sister can afford to repay it and the interest.

Most people would advise you not to take out a loan for anyone else. If you do then you will be solely responsible for the repayments. If she stops paying/ is unable to work/falls out with you/ dies will you be in a position to repay the whole loan yourself? And its only your credit record that can be affected.
You might want to take a read of this thread - Lending money to friends & family - in which many people have posted their experiences or asked for help after lending to family & friends - almost all ending badly.

ironlady2022

If you do help her you will be solely responsible and if you need any new credit in the future you may be refused as the 7k loan is very high. If she hasn't got a cash deposit she shouldn't even be considering a mortgage. If she has wanted to buy surely she would have saved a little. It's likely if she cannot put savings away how is she going to pay you back? My motto is if you want to lend out you may aswell say goodbye to it.