loan for 6 months

charsun

i need a loan for £4000 now dec 2015, but i'me getting a lump sum in 6 months time june 2016 which would pay it all off, i don't know the best way to go about, should i get a loan or is there another way

Maximum_Saving

If you look into getting a loan then see how long it lasts for. An important question to ask the loan company is how much is the early repayment charge is. You might be able to get a money transfer sort of credit card. So maybe you read about that to find out if it would suit you.

charsun

as its only over a short time, i wondered if there was a cheaper way than a loan.i.e credit card or overdraft i can get a loan with no early repayment charges, but a charge for taking it out

bearcat16

With a standard loan, there is a maximum amount of interest they can charge for early settlement, think it's 2 months worth but best to check.

A 0% money transfer credit card is also a good option as it's flexible. There are plenty kicking around right now such as MBNA for 34 months or Virgin for about the same. The only downside is that they usually have fees (about 3% of the amount transferred).

If I were in your shoes, I'd probably get the 0% money transfer card. Then when you get your lump sum, I'd keep the card balance, and stooze it until the end of the 0% period.

But only do that if you're disciplined enough to have £4,000 sitting in a savings account for 3 years without being tempted to spend it!

MEM62

charsun wrote: »

i'me getting a lump sum in 6 months time june 2016. i don't know the best way to go about, should i get a loan or is there another way

Yes, wait!