10K-20K Loan Advice

Cockneyrebel_2

Hi Everbody,
Can anyone advise the most cost-effective way to arrange a short term loan (max.period 6 weeks) for 10k to 20k.
Would it be credit cards or 1year personal loan 0r overdraft with bank,
ANY IDEAS?
Thanks..........

Apples2

For the interest you'd pay, it would be better to wait 6 weeks and not need a loan at all.

harrys_dad

To answer that question needs a lot more information, such as your credit rating (needed to see what you may be able to access), whether it is unsecured or not, and probably why you need it and whether you can afford it. How do you intend to pay it back?

27col

Apples2 wrote: »

For the interest you'd pay, it would be better to wait 6 weeks and not need a loan at all.

I don't think that's at all the sort of reply the OP wanted to read.

alexanderalexander

Cockneyrebel wrote: »

Hi Everbody,
Can anyone advise the most cost-effective way to arrange a short term loan (max.period 6 weeks) for 10k to 20k.
Would it be credit cards or 1year personal loan 0r overdraft with bank,
ANY IDEAS?
Thanks..........

The definitive answer to your question would be to use credit cards, as you would not pay any interest on such a short loan with them.

This presupposes, however, (i) that you have a sufficiently good rating to get the relevant credit cards and (ii) whatever you're buying with the money can be paid for with credit cards.

rdwarr

I was in a similar position last year. I had money due to come out of an ISA but couldn't wait six weeks for it as my roof was collapsing and needed fixing urgently. I needed 10k instantly.
Easiest for me was just to do a cash advance on a credit card (I did have one with that much available which was handy). Bank weren't interested because of "the way my salary was paid into my account".

Takeaway_Addict

Alternatively apply for a loan over 3 years for the amount you need, then when you can pay it back in 6 weeks ask for a settlement figure and pay it off.

Just make sure you do!

Sparx

Takeaway_Addict wrote: »

Alternatively apply for a loan over 3 years for the amount you need, then when you can pay it back in 6 weeks ask for a settlement figure and pay it off.

Just make sure you do!

I'd do this personally. Get a loan for the amount over 2-4 years. Then as soon as you have the funds call up and ask for an early settlement quote. Usually they only add 56 days interest. I've just done this recently, but it was only for 1k.

jonesMUFCforever

Let's keep this simple - if OP 's bank won't lend him the money on overdraft knowing it will be repaid in 6 weeks (through a solicior's undertaking perhaps) then they won't lend to him through a personal loan or credit cards.
I think that covers everything.