£2,000 Loan Advice

A_Couple_In_Love

I have never taken a loan out before and I was wondering if anyone could advise me with the best option.

I would like to take a loan of £2,000 to pay off over 12-18 months.

I have heard you can get 0% interest loans, but I am struggling to find any?

HappyMJ

That would be a credit card that can do a balance transfer to your current account. If you don't have a credit history it's unlikely to be such a high credit limit. You might just get a tiny amount such as £500...you'd need to work from there using the account and then applying for another card in a 6 months then if you paid on time every month and didn't keep the balance at it's limit then you might get £2,000 interest free.

dealer_wins

If you do manage to secure a £2000 0% balance transfer deal, there will be a fee of 3-5% to pay.

There is a MSE secret I will share with you as you are in love..... Save up the £2000 and pay no interest, and be free of debt.

shush, dont tell anyone, keep it under your loved up hat!!

jonesMUFCforever

Another piece of advice - if you have no savings how would you afford the loan repayments?
There are loads of posters on here who say they have no savings but ''can easily afford £x per month'' in truth after the first month or so they soon are on the slippery slope of paying debt with more debt.

gingeralan

A_Couple_In_Love wrote: »

I have never taken a loan out before and I was wondering if anyone could advise me with the best option.

I would like to take a loan of £2,000 to pay off over 12-18 months.

I have heard you can get 0% interest loans, but I am struggling to find any?

Just don't! This sounds like the start of a long spiral of more and more debt

A_Couple_In_Love

Thanks for the advice, I am not really one for loans, and this loan will be my only one, it is being used sensibly for a car or motorbike to get to and from work. We have 2 wages coming in so we should have no problem paying £111 per month over 18 months if it is interest free.

PeacefulWaters

You won't get an interest free personal loan. Shift that idea out of your head. There will be cost somewhere.

There's an outside chance you might get 0% finance for a car. But the price of the car could be inflated.

You could get a 0% on purchases credit card. If the car dealer accepts credit cards you're in a good place. But the dealer will almost certainly charge a card fee of c2.5%.

You could get a 0% credit card on money transfers. They will typically charge you c4% up front to transfer from credit card to current account.

For a personal loan expect an APR between 10% and 30%.

27col

Why on earth would anyone expect to get an interest/cost free loan. Or, indeed why would anyone offer an interest/cost free loan.
It flies in the face of financial logic. Everyone has a living to make and there is a distinct lack of philanthropists in most peoples lives.
Perhaps from a relative. Although we we hear enough on here, about how that often ends up.