Can you pay off a loan with a Credit Card?

Yogibear247

Hi, I've got a loan with Halifax for £3900 but can only afford to pay £30 a month off. Can I pay this off with a credit card and then transfer that to a 0% transfer credit card? What can I do to pay it off as quick as possible. Thanks in advance

[Deleted User]

In most cases, no. You would need a money transfer option.

foxy-stoat

If you only have £30 a month to pay the loan how are you going to pay the credit card each month?

Sounds like you have bigger problems.

shadow7uk

Only if you can do a money transfer with your CC

noobinvestor

You can use Curve (sign up using the app), add your credit card and then use the curve card to pay.

foxy-stoat

noobinvestor wrote: »

You can use Curve (sign up using the app), add your credit card and then use the curve card to pay.

You wont get the credit on 0% interest - its likely that you will be charged the credit cards standard rate of interest, which may be a lot more than the loan. Bad idea.

noobinvestor

Ah I see, good point.

A_Lert

The loan will probably have an early repayment charge, though it'll still save money on the loan only compared to letting it run for the full term.


You'll be paying off a debt that has a fixed payment schedule and probably a moderate interest rate, and replacing it with a debt you could easily get trapped in with a higher rate. So be careful.

foxy-stoat

A_Lert wrote: »

The loan will probably have an early repayment charge, though it'll still save money on the loan only compared to letting it run for the full term.


You'll be paying off a debt that has a fixed payment schedule and probably a moderate interest rate, and replacing it with a debt you could easily get trapped in with a higher rate. So be careful.

I think he is in a world of pain - he has only got £30 a month to pay into the loan - the repayments are probably more than that.

OP more than likely wont be back.