Balance Transfer to pay off Pay Day Loan

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.

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242
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    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
    Superscrooge Posts: 1,171
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    edited 9 March 2017 at 8:35AM
    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]
    [Deleted User] Posts: 35,242
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    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.
  • 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.
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