Balance Transfer to pay off Pay Day Loan

atmospheric77

My son stupidly took out a payday loan for £1500 at 300% interest!

I'm trying to find him a Credit Card that will accept his low credit rating (he has one default on his credit file, some 4 years old) AND pay off the loan. I've called a couple of providers who will only do a balance transfer from one card to another, not settle a loan.

Any suggestions would be much appreciated.

Thanks in advance.

[Deleted User]

You would need a money transfer option, rather than balance transfer.

However - his chances of getting one are very low if he has PDLs on his file.

Superscrooge

Might be worth trying the loan eligibility checker to see if he can get a loan at a more sensible APR that he can use to pay off the payday loan

https://www.moneysavingexpert.com/eligibility/loans-calculator/?gclid=CO7h9cjqx9ICFSEW0wodBEEHcQ

Another option if he can't get a money transfer card is to try for a 0% purchases card. Put as many purchases as possible on this card and then use the money saved to pay off the payday loan as fast as he can.

[Deleted User]

dixita wrote: »

Hi.. thanx.. in initial when i transferred to my cousin for day loan.. i didn't believe on that but when it happens true i really shocked thanx.

Reported for home page spam and outright gibberish.

binaryuniverse

Tesco gave me a Balance Transfer card, a few months ago, despite having 2 defaults on my account, at the time (both from mid 2011). That does allow a money transfer.