Short Term Loan Needed

jmrf92

Hi,
I've recently bought a house. I have £4,000 on a 0% credit card, which i've spent about £3,850 on home improvements (carpets, radiators, doors, DIY materials ect) and i'm paying between £40-£60 per month off the balance.

I have two bills outstanding, £900 for my electrician and £700 for my plumber. I need to either bank transfer or pay their invoices in cash in full ASAP.

My current outgoings mean that i don't really have that much spare cash hanging around, and whenever i seem to save up a bit, a disaster happens like my car breaks or my washer floods.

I need to pay these two bills but i'm not sure of the best way to do so? I can afford £100 per month but i don't want to be killed by interest.

Thanks!

anfieldred

Can you get a £1600 loan from your bank over 12 months? probably the lowest interest rate unless you can balance transfer to another 0% card with a higher limit?

DCFC79

jmrf92 wrote: »

Hi,
I've recently bought a house. I have £4,000 on a 0% credit card, which i've spent about £3,850 on home improvements (carpets, radiators, doors, DIY materials ect) and i'm paying between £40-£60 per month off the balance.

I have two bills outstanding, £900 for my electrician and £700 for my plumber. I need to either bank transfer or pay their invoices in cash in full ASAP.

My current outgoings mean that i don't really have that much spare cash hanging around, and whenever i seem to save up a bit, a disaster happens like my car breaks or my washer floods.

I need to pay these two bills but i'm not sure of the best way to do so? I can afford £100 per month but i don't want to be killed by interest.

Thanks!

Why did you not prioritise the works ?
Ots what I would have done.

As for a loan, I second the idea of your own bank.

Dobbibill

Have you checked your eligibility for a 0% MT card?

You will pay a fee but not interest for x amount of time - with the budget you mention you want something with 16 months+ interest free.

Failing that - your own bank as others have suggested.

T-G-C

I hope the thought has not crossed your mind, but do not accept a loan from short-term and high-cost lenders. Examples include Satsuma Loans, Sunny and hundreds of others - one word: avoid.

Like others have said, stick with mainstream banking products. Even on a short-term loan with a high-cost lender, £100 repayment will not be the case for the amount you are seeking, due to the extortionate interest charged on them. It would average from £150 being the fairest of demon lenders to £250 per month from the worst.

If the bank is willing to lend £1000+ over 12 months, take it but if not, take the advice of the last poster and consider a money transfer credit card.

Herzlos

Ask your bank if they can give you an overdraft, rather than a loan, for that amount.


Don't touch any lender that's advertising on TV.