Capital One CCard - How can i draw cash off it ?

stylus360

Hi All
en with an excellent credit r
Need a temp loan for about £6500 and can repay in couple of months.

I applied to Zopa but got refused even with an excellent credit rating.

Is there any way to draw it off my capital one card ??

Thanks

stylus360

Oh looks like it has changed to Barclaycard.

I also have Barclay card Oyster and a sony card.

Cheers

Bravehearted_2

What makes you think you have an excellent credit rating?

jamesd

Probably a good thing that Zopa declined. Their fee tends to make short term loans quite expensive because the APR they show spreads the fee over the whole term, not just the short term you hold the loan for. For a loan, pick a place without a fee, or, if you were able to sue Zopa, be sure that the fee is in the £0-20 range, not the £190 it can be. A £190 fee on a three month £6,500 loan would be an effective interest charge of around £11.7% before interest is added to the picture.

If the timing is flexible, applying for a 0% for spending card and using that for normal spending until you've saved £6,000 will be the cheapest option.

You can withdraw cash on most credit cards, usually with a fee like 3% and an interest rate a few percent higher than for spending.

Or just try other lenders. Zopa has fairly strict credit scoring.