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Loan or credit card
lee68gavin
Posts: 4 Newbie
in Loans
Looking to put a new kitchen in and have been quoted £4000 I was wondering am I better getting a bank loan are getting a credit card looking to pay it back over 12 months
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Comments
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Whichever has the lower APR for the same term, really.
Have you looked at the MSE tool to see if you're able to get any 0% deals for a money transfer card to cover some or all of the balance required?
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Looks for 0% cards and hope you get the limit you want0
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A credit card will *usually* charge a higher APR than a loan - unless you can qualify for a 0% card with a high enough limit. However, the advantage of a card is that you'll be covered by S75 protection.
Assuming the company will accept a card, of course.0 -
Cheers I will look around0
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Ebe_Scrooge wrote: »Assuming the company will accept a card, of course.
This bit is key"We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0 -
lee68gavin wrote: »looking to pay it back over 12 months
Of course, the true MSE reply would be "Why not save up and buy the kitchen next year ?" Unless you are able to get a 0% card with a sufficient limit, your going to be paying an amount of interest. Start saving now, putting aside each month an amount equivalent to what you would have to repay to either a loan or a credit card. In 12 months' time you can buy the kitchen for cash. Actually, you'll probably be able to afford it in perhaps 11 months' time, as you'll not be paying the interest charges
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