paying loans with credit card

twinny46

I wanted some , I have a loan & wondered if I would be able to pay it of with a 0% credit card that I have, can anyone answer this? thanks

[Deleted User]

Does the lender accept credit cards?

And do they treat it as cash or purchase?

DCFC79

twinny46 wrote: »

I wanted some , I have a loan & wondered if I would be able to pay it of with a 0% credit card that I have, can anyone answer this? thanks

What does your agreement say ?

There could be fees involved.

kloana

twinny46 wrote: »

I wanted some , I have a loan & wondered if I would be able to pay it of with a 0% credit card that I have, can anyone answer this? thanks

Check with your lender, and your card provider. It's rare for lenders to accept CC as a method of payment, and some CC companies won't allow the transaction. A good few years ago, I attempted to pay off a payday loan for a silly relative, with a CC. The company was prepared to accept a CC (many won't), but the CC (Capital One) blocked the transaction. I called them to ask why, and they said because I was attempting to pay for a financial product.

Is the loan causing you any particular trouble, i.e. is the interest massively high, are you struggling to repay, etc.? If so, merely paying it off with another source of credit may not be the answer.

MadProf

twinny46 wrote: »

I wanted some , I have a loan & wondered if I would be able to pay it of with a 0% credit card that I have, can anyone answer this? thanks

What 0% card do you hold?

As already mentioned paying off debt with credit cards is generally frowned upon by lenders.

If you had are struggling paying off the principle due to extortionate interest rates, you could apply for a card that will allow money transfers; they're few and far between but will allow you shift expensive debts to 0% for a fee. There's no guarantee that you'll get the limit you need to shift the debt in its entirety though and you need to have a "clean" credit record to be eligible.

Just don't spend on it and pay it off before the promotional rate expires and you're laughing. About the most "sensible" method of robbing Peter to pay Paul there is