Trying to get my personal loan to 0%...

jlrobinson96

Hi, I got a £10,500 unsecured personal loan last April on a 60 month term at £189.39 pm / 3.2% APR. I have managed to overpay this loan over 12 months meaning my outstanding amount is now £6000 (Bank hasn’t given me an early settlement figure yet). I want to try and get the loan onto a 0% via credit card - £4000 / cash - £2000 but have noticed all credit cards offer 20+ months Money Transfer at 0% but charge 4% admin to do this!? Any suggestions community?

[Deleted User]

Work out whether it's worth it to pay the fee. 

If so, go for it, but get the balance as low as you can by paying the cash off the debt first.

Durban

Deleted_User said:

Work out whether it's worth it to pay the fee. 

If so, go for it, but get the balance as low as you can by paying the cash off the debt first.

I don't understand.  How can it be worth paying the fee if the fee is 4% and the loan is 3.2%?

[Deleted User]

Because the fee is a one off.  

The APR is an ongoing rate.

jonesMUFCforever

IMO it would be much better to carry on overpaying the loan than trying to get a 0% card at this time.
The loan rate you have is very good - in these Coronavirus times cash is king - make sure you do not leave yourself short of reddies.