Using CC to pay off loan

jackwatson1807

Wazzup fellow scrimpers and savers,

I've got a question which I'm hoping someone more in the know might be able to help with. I'm currently paying off a small loan I took out in the middle of last year and have 40 months left to pay. I'll be able to settle it early pretty soon, which would save me £100s in interest, but my credit rating would benefit massively from making the regular monthly payments, especially as there's still so long left to go.

I've checked my availability through this website on 0% balance transfer cards and have a couple of questions on them.

First of all, it is quite probably unlikely I'll be able to borrow enough to cover the full cost of the loan I have left to pay. If I can, however, would it be advisable to take out the credit card, use it to pay the loan off and make the same monthly payments (but obviously a lot less of them) into the credit card to pay it off?

Secondly, if I can't cover it with one credit card but two would do the job, would that be any use to me to take out two credit cards, pay off the loan and then pay off the cards slowly but surely, making sure I pay them back before the 0% end of term arrives?

I'm under no illusions that I'm guaranteed credit and so on, but this is just a hypothetical in case, best case scenario, I am.

Any advice or help whatsoever would be so, so appreciated as I've never had a credit card and I'm fairly new to all of this!

Thank you in advance,

Jack

[Deleted User]

You'll need a money transfer option for a loan, not balance transfer.

If you can get a 0% deal, then it will be ok to pay it off more slowly, within the 0% period. However if not, then clear it as quickly as you can.