Borrow 13k?

mstevo

Hi i am just looking fro some help and advice regarding borrowing a lump sum. I need 13k and plan to repay over 12 months. Having read through the card/loan section of the site it appears if i am paying back over 12 months i may be able to do it cheaper than a loan by using a card, am i right in saying if i get a 0% card for 12months i will be able to pay it off monthly and spend 13k initially? or is a loan the best route?

Fruit_and_Nut_Case

mstevo wrote: »

Hi i am just looking fro some help and advice regarding borrowing a lump sum. I need 13k and plan to repay over 12 months. Having read through the card/loan section of the site it appears if i am paying back over 12 months i may be able to do it cheaper than a loan by using a card, am i right in saying if i get a 0% card for 12months i will be able to pay it off monthly and spend 13k initially? or is a loan the best route?

If, and it's a big if, you can get such a card, go for it. You don't even need to pay back in 12 equal installments. Just pay the minimum each month, put any extra in a savings account and use these savings to pay the balance in month 12. Result: profit from the interest on those savings.

bengal-stripe

mstevo wrote: »

........ if i get a 0% card for 12months i will be able to pay it off monthly and spend 13k initially?

I would presume, 0% cards with a limit of 13k will be as rare as hen's teeth.

mstevo

well yes i assumed that there would be no chance but hypothetically speakin g you could? any suggestions on how i could go about it? i.e will there be a card out there suitable, or maybe even taking out 2/3 cards?

BoGoF

The biggest factor is your income and current debt levels