Credit card short loan?

rustie

Hi everyone...
We have sold our house and exchanged contracts...we have a significant lump sum coming once we have completed. However, we have a problem in that we need £38k two weeks before we complete - obviously, no bank is going to lend us that much for such a short time (we spoke to the bank for a 'bridging loan' = no) ...
Between us, we have the 38k available as credit on our credit cards - and can pay them off in full once we get the money from the house sale...
Question - what do you think of this? We have nil balances on 3 cards (have 5 between us) and only 400.00 balance between the last 2 - which we use for monthly expenses and pay off in full every month...

We wont go over the payment period so wont incur interest...is this a good idea..?
Thanks
Rustie

jonesMUFCforever

Some cards will only let you have 50% of your limit as cash.

What happens if the purchase does not go through?

msallen

rustie wrote: »

We wont go over the payment period so wont incur interest

You will pay interest from day one for a cash advance.

StuC75

what is the 38k needed for? if its part of the sale? can the exchange\complete dates not be manipulated to help this?

as others have said cash advances are not interest free and combined with cash advance fees will be a costly .. maybe work out what that would be and use it as some form of sweetener to someone in your chain??