Best way to get a loan of £20,000 with 0% interest (employed)

wis

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Hi,
I have been reading webpages by Martin on cheapest credit card loans and long-term loans and they have helped a lot. I thought I might lay out my specific plan here so forum members might suggest something more specific to my needs.

I need £20,000 with 0% interest or low interest over a term of 12-18 months.
1. I am employed and earn £12,000.
2. I have a joint bank account with my spouse and am a joint homeowner as well. We have paid off more than half of our mortgage of around £150,000. (We both work btw)
3. I do not have and have never owned any credit cards at all (though I should have taken advantage of cashback credit cards). I am not a big spender. So my credit rating should be good.
4. I dont want to loan/mortgage additional £20,000 from our current provider for two reasons:
- The interest rate is 5% for any additional mortgage, though initial my mortgage is tracker so much less since BoE base rate is less than 1%.
- I dont want my spouse knowing about this £20,000 loan for at least a few months. (Its complicated. Please dont derail thread or judge). So since its a joint mortgage, even if the interest was low, I would still be looking for other options.

So, whats the best way of raising £20,000 at 0% interest for 12-18 months given my circumstances?
I will set-up direct debit and pay my dues diligently every month if its credit card or similar.

sterlingstash

Hmmm...... How to pay a £20k loan off over 12 months with a £12k salary. That'd be your first problem. If you come up with an answer to that one, then don't worry, there are lots more problems we can move on to....

blacksta

highly unlikely - a loan twice the size of your salary - how do intend to pay 20k in 18 months .
as you will need pay back at least £1100 every month for 18 months to repay 20k. I sugguest you re evaluate this impossible quest.

spadoosh

There isnt a best way unfortunately more like no-way.

The cheapest way to get that money would be on your mortgage and would be so even if you had a 100k salary.

Sorry bad news

Never ever heard of a 0% loan, unless its off a generous friend or relative.

Youd be lucky if you got a 2k credit card and chances are it wouldnt be interest free.

chalkie99

wis wrote: »

Hi,
I have been reading webpages by Martin on cheapest credit card loans and long-term loans and they have helped a lot. I thought I might lay out my specific plan here so forum members might suggest something more specific to my needs.

I need £20,000 with 0% interest or low interest over a term of 12-18 months.

*Pauses for laughter* Why on earth do think a lender who is in business to make money would let you have £20k for no return?

Try Tesco first and see if they will let you walk out of the shop with even a fivers worth of groceries.


1. I am employed and earn £12,000.

Oh dear! You want to borrow a lot more than you earn. No chance of that.
I am not a big spender.
On £12k a year you should be so lucky

So my credit rating should be good.
Not if you don't have a history of borrowing.
4. I dont want to loan/mortgage additional £20,000 from our current provider

That's about your only long shot out of the window.
- I dont want my spouse knowing about this £20,000 loan for at least a few months.

Better and better

I will set-up direct debit and pay my dues diligently every month if its credit card or similar.

At least humour us and tell how you can repay on direct debit at a faster rate than your annual income.

spadoosh

chalkie99 wrote: »

At least humour us and tell how you can repay on direct debit at a faster rate than your annual income.

Your supposed to let newbies down gently! Thats the best bit of internet forums, they dont have to see your face whilst your writing your response!

lovinituk

sterlingstash wrote: »

Hmmm...... How to pay a £20k loan off over 12 months with a £12k salary.

blacksta wrote: »

highly unlikely - a loan twice the size of your salary - how do intend to pay 20k in 18 months .

Easy!! 3/1 on 'I'mFeelingLucky' in the 3:40 and its quids in!! :rotfl:

blacksta

The Poster is a magican or either belives in miracles. He wants to feed 5 thousands with 5 loafs of bread and 2 pieces of fish.

DCFC79

Lol nice try OP but the amount you want is way too much for your salary.

Whats so urgent with the loan ?

Could you not save up for whatever it is ?

I do enjoy reading these threads where teh OP is quite ambitious of getting a loan which outweighs his salary.

Peelerfart

Hey ease up on the guy,it's only his first post.

I for one am quite looking forward to the second,having given up on this quest,he will now start the easier one of finding the golden fleece.

Apples2

You could open up a Bad Credit Loan Company and charge £60 a pop for forwarding people details on.

www.WISeasyloans.co.uk

You should have the £20k by April 1st.