Trying to offset a bank loan

CG2

Could i transfer a bankoan to a zero percent interest card and aim to pay it off within the interest free period

spadoosh

I dont think you could do it directly (???) but you could get a money transfer card, pay the credit card in to your bank and then pay the loan off from your bank. Bearing in mind there needs to be some discipline (not a slight on you, im not that disciplined myself hence why i prefer fixed repayment periods for borrowing, it costs more but im less likely to see something else i like.)

MallyGirl

There will be a fee - usually 4% of the amount transferred - and MT deals tend to be shorter.
It will depend on how long you have left to run, what the loan APR is and how much you can afford to throw at it as to whether it is a good idea.

CG2

Thank you for the response.at the moment I am not eligible for any of the transfer cards as checked on the money saving expert site. Not certain how to proceed

Nebulous2

CG2 wrote: »

Thank you for the response.at the moment I am not eligible for any of the transfer cards as checked on the money saving expert site. Not certain how to proceed

Are you struggling to afford the loan? Is it a high APR?

There are other eligibility checkers, including some from the credit card providers direct, but if you don't qualify then you are probably stuck with repaying the loan.

foxy-stoat

CG2 wrote: »

Not certain how to proceed

Keep making the repayments, make over payments every month, sell stuff and make additional over payments - sell whatever you bought with the loan and used the money to clear the loan.

CG2

Good submission