Paying off a loan with a balance transfer card

Legacy_user

Hi

I took out a loan earlier this year with QuickQuid. There is an outstanding balance of approx £200. I'm not, in any way, struggling to pay off this loan, but I'd like to get smarter with my money and pay off this loan.

I'm just wondering do most lenders accept a balance transfer 0% credit card to pay it off?

jonesMUFCforever

Probably not - it costs a lender to process a credit card payment.
However you can get a money transfer card - transfer the cash to your bank account then pay the loan off from there.

If you have had quick quid loans will you qualify for any new credit card?

System

jonesMUFCforever wrote: »

Probably not - it costs a lender to process a credit card payment.
However you can get a money transfer card - transfer the cash to your bank account then pay the loan off from there.

If you have had quick quid loans will you qualify for any new credit card?

No, the MoneySavingExpert.com eligiblity checker says I ain't eligible for an MBNA card, so...

[Deleted User]

So cut back, save up, and pay it off in cash

foxy-stoat

You need a money transfer option on your credit card if you dont have £200 cash - or wait until pay day and pay the loan of and use the credit card to spend £200 on the things you would of bought with your £200 cash.

Make sense?