Would it be worth it to pay off remainder of loan with cc to pay less interest?

doc1737

hi , looking for some advice, I currently have £3400 remaining on a high interest loan 49.9% monthly payments are £180 with 24 months left
on pay day at the end of the month I am going to pay off £2000 and was wondering if it would be worth or even possible to get a credit card and pay the last 1400 off and pay less interest by paying back on the credit card every month rather than to the loan company?
hope this makes sense
thanks

[Deleted User]

Assuming you can get a card with a rate of less than the loan, and you can find a way of paying the loan with it, then yes.

However there are a few flaws -

it's likely you can't pay the loan off directly with the card, so would need a way of getting money into your current account

a rate of 49.9% suggests your credit history isn't great, so you may struggle to get a card that offers a £100 or higher limit, or perhaps even one where the rate isn't similar to the loan rate

will there be an early settlement charge on the loan?

How long will it take you to pay the loan off at present?

doc1737

no there are no early repayment charges and after I pay the 2000 this month it would take around 8 months to pay rest of it off ( I think)

thanks

Foxy-Stoat_3

Use the cash from when you get paid and use your credit card to buy things you would normally buy with cash.

49.9% interest on a loan is redonkulas.....unless Vanquish are doing loans now

AFK_Matrix

You would have to get a Super Balance Transfer Credit Card if you wanted to get the money in your current account and there aren't many of these around unfortunetley. Then it is debatable if you would get a big enough limit on the card anyway. What is your credit history like as you won't probably get one of these CC's with a bad history.

Ron0

Definitely,you can't pay off your loan directly from the card.....

doc1737

my credit history is affected by a part of my mortgage that is an unsecured loan of around £15000, although the payment comes off together it is still shown as a separate , so when iv'e tried for loans etc it shows up too many high value blah blah blah blah, I have always paid off any loans ive had early and never missed payments in the last ten yrs
the loan I took with the crazy rates was the only one I could get at the time I needed it while waiting to start a new job.
thanks for all your advice but think al just stick to the way it is, 8 months isn't long to wait to clear my debt