Loan /Money transfer

Tranquil

Hello
I have a £10,000 loan with 10.9% interest rate (meaning the total repayable is £11.972.52).
I took this loan out when my credit rating was poor. I now have an ‘excellent’ credit rate and I was wondering if there are any ways to make this loan cheaper, I.e using a money transfer card (hopefully with better rates) to pay it off? I am not familiar with this though, so any advice would be appreciated.

[Deleted User]

Your excellent credit rating is made up. Lenders will look at your history and circumstances.

You can apply for cheaper financing, but affordability may be against you as you're looking to double your debt. Try an eligibility checker first.

Willing2Learn

With a money transfer card, you want to apply for one with 0% promotion for XX months (preferably for 28 or 36 months). Then, if they for example, gave you a £10,000 limit, you would transfer the loan on to the card and pay back say £10,000 / 28 months = £357/month and pay zero interest on the loan (though there might be penalty clause in your loan agreement)

There is an eligibility checker in the MSE article below:
https://www.moneysavingexpert.com/credit-cards/money-transfers/

enthusiasticsaver

Check for eligibility but moving £10k may be difficult due to affordability. Any lender will score you on new money transfer card plus existing loan. I would make overpayments to get it down if possible.