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Personal loan to credit card
Smokey2016
Posts: 23 Forumite
in Loans
I have a personal loan from a lender being charged at 59.9%.
Is there any way that I can transfer that to a credit card, or to a balance transfer card, lowering the % rate
Any help welcome
Jeff::money:
Is there any way that I can transfer that to a credit card, or to a balance transfer card, lowering the % rate
Any help welcome
Jeff::money:
0
Comments
-
You'll need a money transfer card.
However, if you're taking loans at 60%, it's unlikely you'll qualify for cards that offer this.0 -
I agree with zx81, your unlikely to be accepted for a MT card.
Try the eligibilty checker here, it doesn't put a hard search on your credit file.
https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.127982028.1319477097.1536692962-1295540533.1519380617
The other option would be to cut back to the bone and overpay as much as possible, as interest is calculated daily the less the capital balance then the less the interest even though that rate is eye-wateringly harsh.
all the bestI’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Smokey
You asked the same question about transfering a personal loan to a credit card just only 3 days ago, heres the thread https://forums.moneysavingexpert.com/discussion/5900506/personal-loan
Why ask again ?
Answer wont change.
As you have a loan at 60% maybe you need to cut back on your spending as previous poster says.0
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