need help please with loan :)

ste2121

If anyone could help me with this i would be very grateful!!!

I need to lend £13,000. I don't know whether it's best to get a loan or credit card?! I earn around £1000 after tax per month before any overtime and am 19 years old. I've worked out i could probly afford to pay around £600 - £700 a month back towards this loan every month. I have been offered a rate of 11% by barclays and 10.3% by tesco. Does anyone know any good places to go?

I heard that you can get credit cards with 0% intrest for a year? Is this true and if so would it be a good idea because then i could probly get about £8000 - £9000 of it paid back within a year intrest free?

I would really apprecicate anyone who could give me some advice or reccomend anywhere

nomoneytoday

The cheapest debt is best, regardless of whether it's a piece of plastic or a bank loan...

Butlers1982

If you can get a credit card with a high credit limit at your age you will have done very well.
The other option you could do is get a few credit cards so that they total 13k, but you need to think long and hard about doing so

In my opinion, the best thing for you to do is go with a loan, obviously the lowest rate of interest and do it like that, rather than using credit cards.

jonesMUFCforever

ste2121 wrote: »

If anyone could help me with this i would be very grateful!!!

I need to lend £13,000. I don't know whether it's best to get a loan or credit card?! I earn around £1000 after tax per month before any overtime and am 19 years old. I've worked out i could probly afford to pay around £600 - £700 a month back towards this loan every month. I have been offered a rate of 11% by barclays and 10.3% by tesco. Does anyone know any good places to go?

I heard that you can get credit cards with 0% intrest for a year? Is this true and if so would it be a good idea because then i could probly get about £8000 - £9000 of it paid back within a year intrest free?

I would really apprecicate anyone who could give me some advice or reccomend anywhere

I don't think you will get a better offer than what you have got.
For a 19year old I think you have done well.

The more applications you make though will have an adverse affect on your credit files so my advice is take one of the loans you have been offered.

Gillianh2

HI,

Without wishing to be rude this is a very large loan at such a young age. Is there anyway you could delay taking out a loan of this size, maybe saving at what you have suggested putting toward the loan and then have a rethink in the New Year. I dont of course know your circumstances or why you need such a large loan.
It is just such a very large commitment that I am sure you have already given a great deal of thought too and talked it over with either your Parents or maybe your Bank.
Having said that the rates you have been quoted are probably the best you are going to get at the moment.
Good Luck with whatever you decide and do keep us posted.