money advice

scanlon1

hi, i am thinking about getting a loan for £2000,is it better to get a loan for this amount or use a credit card witH 0% transfer rate , any advice would be great

Rafter

Scanlon,

They key is to pay the lowest interest rate, but you need to think about all the charges too.

A 0% card is great if you already have debts on a credit card and can transfer. However, for cash advances you often pay a much higher rate of interest.

There are a lot of balance transfer fees now that wipe out most of your gains.

You are unlikely to get any 'best buy' loans for that sum either, because the interest the bank gets won't be enough to cover the cost of setting up the loan and doing credit searches etc.

What you you need the money for? Do you need it right away? Can you buy whatever you are spending the £2,000 on with a credit card? Do you already have credit/ a good credit rating?

R.

scanlon1

hi, i am having my garden done in feb next year so i will require the money then.

jonesMUFCforever

How much can you save betwen now and then?
It might be that you won't require £2k so don't be too quick to apply until nearer the time.