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Overdraft or personal loan?...
Hello
I'm looking to loan £5000 over 3 years. What would be the benefits of using my Mrs' £5000 overdraft continuously over the 3 years rather then get a low rate personal loan (in terms of our personal credit files, and we'll be looking to get a mortgage in the next 2 years).
Any advice will be greatly appreciated! :money:
I'm looking to loan £5000 over 3 years. What would be the benefits of using my Mrs' £5000 overdraft continuously over the 3 years rather then get a low rate personal loan (in terms of our personal credit files, and we'll be looking to get a mortgage in the next 2 years).
Any advice will be greatly appreciated! :money:
0
Comments
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Best to get your own loan in your own name, don't drag your Mrs down to your indebted level0
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Unlikely to be any benefits to you as a couple because
It will probably cost more.
It can be recalled at any time.
Having a substantial overdraft that is never repaid on her credit file could affect her ability to get a mortgage (or how much she can borrow / what rate she might be offerred)A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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