Loan to credit card

RiderOnTheStorm

I have currently got a loan but in order to pay it off without paying interest, I am looking to transfer the outstanding balance onto a credit card to get the 0% transfer rate.

The only problem I have noticed is that I have tried several companies but you can only transfer credit cards and not loans.

Does anyone know of any cards that would take the transfer of a loan?

smartsaver

Agree with above but with EGG you can pay off a loan direct And if you can't transfer the loan to another 0% card you can take out a loan then. At least part will interest free...

Another consideration is that your minimum monthly payments may be more than your loan. Make sure you can afford them. The MBNA group only ask for £5.00 minimum per month.

Galstonian

There is still risk, you could be rejected for loans at the end of the into period or end up paying a higher rate.

The biggest risk I think is that the initial loan is not flexible, before paying off any loan you need to get a settlement figure. Sometimes agreements are structured so that you end up paying the interest even if you clear the loan early ("rule of 78")