Overdraft or personal loan?...

chodecz

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:

Apples2

Best to get your own loan in your own name, don't drag your Mrs down to your indebted level

Tixy

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)