Need £4500 loan or 0% credit card?

hubballi

I need a loan of £4500 but I am unsure as to take a loan out or get a 0% for 6 months offer until I transfer the balance. Can anyone advise me which is better at this time?

Thanks.

marvin

0% are really over now, not that many about and most charge a % to get 0% (not 0% inmy view and the government should act to include this charge in the apr as they did with annual charges as they have to be included in the apr.).

Maybe if thinking of the credit card route and you have spotless credit record could go the % till paid off route, cheap way of getting a loan (from about 3.9% I think for life of balance transfer).

remember though with most its already gotto be on a credit card for you to balance transfer it if its not you are limited to a few (egg for one) who will transfer from a bank account so it gives you cash. Though it is possible to open an egg account use that to get the cash then transfer that balance immediately to another card for the benefit of an offer.

jay78

hubballi wrote: »

I need a loan of £4500 but I am unsure as to take a loan out or get a 0% for 6 months offer until I transfer the balance. Can anyone advise me which is better at this time?

Thanks.

It depends on varying factors. For instance how long do you intend to pay it off? Remember if it is a loan the shorter the term the less interest you pay. you have to weight this against getting that amount out on a credit card, and the fee's you will incur when you need to transfer the money later.

Also how good is your credit? Can you get that amount with a good apr?

If you don't need the cash and the money is for a purchase I would recommend getting a credit card with a long enough 0% purchase rate for you to bt when the term is coming to an end.

hubballi

No,its for cash too as well as traveling expenses (hotels/flight etc)