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

dealer_wins

Not telling the missus about a £20000 loan = divorce.

Gra76

wis wrote: »

So, whats the best way of raising £20,000 at 0% interest for 12-18 months given my circumstances

Ask a seriously gullible family member or friend who can afford not to get paid back inside the 12-18 months you have suggested you can pay it off in.

wis

Hmm... Well appreciate all the responses.

Things like cashback credit cards and transferring debt from card to card is one of the ways people are able to loan money wisely and not pay much interest.
Agreed that the amount isnt as big as 20k but though my salary is only 12k (its actually 16k with overtime hours), I thought since I was a homeowner that might play into the equation.

DCFC79

wis wrote: »

Hmm... Well appreciate all the responses.

Things like cashback credit cards and transferring debt from card to card is one of the ways people are able to loan money wisely and not pay much interest.
Agreed that the amount isnt as big as 20k but though my salary is only 12k (its actually 16k with overtime hours), I thought since I was a homeowner that might play into the equation.

Yes i believe it does play into the equation as you already have a mortgage of 150k and want to borrow 20k yet your salary is only 12k so i would imagine you would be stretched with the payments(oh and the 0% i wouldnt say is possible)

Cell

wis wrote: »

Hmm... Well appreciate all the responses.

Things like cashback credit cards and transferring debt from card to card is one of the ways people are able to loan money wisely and not pay much interest.
Agreed that the amount isnt as big as 20k but though my salary is only 12k (its actually 16k with overtime hours), I thought since I was a homeowner that might play into the equation.

But even if your salary was £16,000 pa (let's be generous and say that's after tax) and your loan was £16,000 interest free can you see the flaw in your argument by paying it back in twelve months? Even if you borrowed it over 18 months that would mean repayments of £888.88 a month compared to net income of £1333.33 a month. And I suspect that your salary is quoted before tax, meaning that even if you could find someone you actually don't have the income to cover it at all, let alone live and conceal it from your partner.

I'm struggling to see how this can be a serious post, though I think it's intentions are indeed genuine.

GRM

dealer_wins wrote: »

Not telling the missus about a £20000 loan = divorce.

Not if it's to pay a hitman. Maybe the OP could find one who will take 0% installments?

wis

blacksta wrote: »

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.

As for paying the £1100 monthly, I can manage that. Thats what the loan is for - I will have an income stream. The first few months, £1100 can come out of the loan itself or from my salary (only first few months cos of my tiny salary). Then, it will be making enough money to pay the loan off. And if all else fails, they always have the option to forclose.

Cell

wis wrote: »

As for paying the £1100 monthly, I can manage that. Thats what the loan is for - I will have an income stream. The first few months, £1100 can come out of the loan itself or from my salary (only first few months cos of my tiny salary). Then, it will be making enough money to pay the loan off. And if all else fails, they always have the option to forclose.

Forclose?

By which you mean you're going in with the idea of defaulting. Hmmm.

Anyway, the chances of you getting an unsecured loan of £20,000 at any rate, let alone a low one, are similar to me winning Mr Universe. And believe me that's not very likely!

Plan B is necessary, and we can't wait to hear what it is:T

wis

Cell wrote: »

But even if your salary was £16,000 pa (let's be generous and say that's after tax) and your loan was £16,000 interest free can you see the flaw in your argument by paying it back in twelve months? Even if you borrowed it over 18 months that would mean repayments of £888.88 a month compared to net income of £1333.33 a month. And I suspect that your salary is quoted before tax, meaning that even if you could find someone you actually don't have the income to cover it at all, let alone live and conceal it from your partner.

I'm struggling to see how this can be a serious post, though I think it's intentions are indeed genuine.

Well, my spouse is paying the rest of the mortgage now, which has reduced considerable since we have paid off a lot of it. With my salary, I am free to save and invest. Our bills and groceries can be covered by her salary as well and I can contribute 4k (she earns 30k). So I can easily pay back £1100 monthly one way or the other. I could wait a year and save my salary but I need the 20k within 2 months, not within the year.

PS - To the few, please keep the rude jokes out if you can suppress the urge. Educate or leave cos its easy to derail a thread.

Cell

wis wrote: »

Well, my spouse is paying the rest of the mortgage now, which has reduced considerable since we have paid off a lot of it. With my salary, I am free to save and invest. Our bills and groceries can be covered by her salary as well and I can contribute 4k (she earns 30k). So I can easily pay back £1100 monthly one way or the other. I could wait a year and save my salary but I need the 20k within 2 months, not within the year.

PS - To the few, please keep the rude jokes out if you can suppress the urge. Educate or leave cos its easy to derail a thread.

Perhaps you're too close to it to see how it looks to outsiders. What you're asking to do is keep a £20,000 loan secret from your wife, but then rely on her to subsidise the loan payments.

With your mortgage situation and overall family income you might have a chance of a loan, but only if you apply jointly, which defeats your objective.

In short you can't do what you want to do, no matter how many ways you look at it. It's a total non-starter.