cheapest loan

sparklefrog

Hi, wonder if anyone can help

I currently have no overdraft,no credit cards or current loans and 3k in savings and am looking to buy a new kitchen. The quotes I have had look like it will cost around 5k in total.

Earnings are 34k and I have no debts (last loan paid off this year with no late payments or defaults.

I am looking to borrow 2k. I could save this amount within a year but my kitchen is falling to bits now as I have put off replacing it while I got both my kids through Uni.And I really don't want to wait another year while I save up the full amount.

I have had loans previously which I have always paid on time. the only 'black mark' against me was from 14 years ago when I got divorced and my ex husband took out a large loan after we separated, but before we divorced and the hoofed it to america. I got lumbered with this as 'joint and severally liable' as the divorce had not come through at the time. I challenged this as I didnt even know he had took this out and he was sole signatory on it but ended up with an attachment to earning which ran for about 5 years.

What would be the cheapest way to borrow this money. bank of mum may be an option, but despite being 0% that would have major emotional strings attached and I would prefer not to go that route.

thanks in advance for any help

somethingcorporate

A super-balance transfer card would likely be the best way, especially if you are paying it off in a year.

I did it with Virgin a couple of years ago and the only cost was a 3% BT fee to move the money into my bank account. From the article I link below I can see that this is now 4% (but considerably cheaper than a loan of this amount) and it is 20 months interest free.

Have a look here for a bit more info: http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

sparklefrog

thank you. that s very helpful. I will definitely investigate that option.