Loan advice needed please

deejayp

Really need some advice please.

I've got 2 loans -
Likely loans with a balance left of £4139.00
Bank loan (9.9% APR) with balance left of £5450.76

I don't have any credit cards at the moment and I haven't got a very good credit rating (hence the likely loan).

I'd like to be able to clear them off as soon as I can. If I was able to get a 0% credit card can I do a balance transfer from the loan? Or how do I go about this?

Thanks very much for your help

[Deleted User]

No. You'd need a money transfer card.

It's unlikely you would get one given your current debts, but try an eligibility checker.

foxy-stoat

Apply for a couple of money transfer cards try HSBC, MBNA, Virgin and Tesco.

Lets us know how you get on, shouldnt take you longer than 5 minutes each.

deejayp

Thank-you.
I've just gone on the eligibility checker and no I can't get any of these cards.

Would I be able to overpay the Likely loan?

[Deleted User]

Yes, you should be able to

DCFC79

deejayp wrote: »

Thank-you.
I've just gone on the eligibility checker and no I can't get any of these cards.

Would I be able to overpay the Likely loan?

Read your contract about overpaying.

Paul_DNAP

deejayp wrote: »

Would I be able to overpay the Likely loan?

According to the FAQ on their website


Can I pay my loan off early?
Yes, you can repay your loan in part or full at any time. We do not charge an early repayment fee but will apply interest as permitted under The Consumer Credit (Early Settlement) Regulations 2004.

foxy-stoat

deejayp wrote: »

Thank-you.
I've just gone on the eligibility checker and no I can't get any of these cards.

Would I be able to overpay the Likely loan?

Have you actually applied for one of the cards?

macman

You haven't said what rate you are paying on the likely loan? You should concentrate on clearing the highest one first.

foxy-stoat

macman wrote: »

You haven't said what rate you are paying on the likely loan? You should concentrate on clearing the highest one first.

Their website states an APR of 59.9%....good job they dropped it 0.1% as 60% would be just crazy !