Interest free loan for approx. 1 year?

Kokomoko

One of my friends has asked my for some advice, basically he is in the process of surrending a trust fund, which could take up to a year, and is strapped for cash at the moment without a significant regular income.

He is looking for around £3k to last him for around 12 months, and would not prefer to pay interest during that period. He will have some cash by then to pay off the debt he'll had accumulated up until then. I have noticed some credit cards do 15 months on 0%, but this may be hard to get since he does not have a regular income.

What do you think will be a handy solution?

dmg24

A loan with no interest?!!

If he actually needs cash, a 0% credit card is likely to have a cash advance free, and the cash would not be repayable at the 0% rate.

Kokomoko

Maybe the choice of thread title was a little misleading..!

But I think you know what I am about, dmg24. For instance, Halifax does a 0% card for 15 months. Does that mean whatever is paid on the card (such as day-to-day things, food shopping, et cetera) does not have to be repaid until 15 months later, as well as no interest payments?

Phantom_Flan_Flinger

There will be a minimum payment every month though, which will increase as the overall balance does.