Can loans be transferered to another party

suzy555

My partner has a bank loan for a large amount is there anyway this can be transferred like credit card balance to O% fixed term.
Or is there something you can suggest please.

Apples2

Depends how large large is.

You would need a Credit Card which allows Super Balance Transfers but they don't often arrive with large limits. These cards allow you to transfer the balance of the card into your bank account, from there you can make a payment toward your loan.

You need to understand what fee they charge for transferring a large amount to your account and what the overpayment/early settlement terms are on the large loan.

There is a large amount of unknowns but as a guessing man, I would suggest this is not possible due to the large nature of the loan.

gb12345

You would also need to consider the fact that when underwriting the credit card application the company will look at the total debt outstanding (they will work on the worst-case assumption that outstanding credit will not be repaid by the new credit).

Would your partner's combined total debt (large loan, new application and any other o/s debt they might have) be over 50%ish of their salary?