Transfering a loan

RichardS

Does anyone know if there are any credit cards with a low life of balance interest rate that will allow me to transfer an outstanding loan onto the card? I know these cards allow the transfer of existing credit card balances but I really want to shift a loan I have.

Bargain_Rzl

If you can't find one, then what you could do is apply for some cards that allow a transfer into your current account (Virgin is best as it is fee-free; however you may need to apply for more than one card to cover the amount of the loan). Then pay off the loan from your current account. This gives you have a few months at 0% interest, before you have to find another card. At THIS point you can apply for a low % APR life of balance card, and transfer the balance from your 0% card.

The risk you take is the reliance on your application for the life-of-balance card being accepted, or else you'll be stuck with a high APR or have to get a consolidation loan, with all the fees that entails.

Also consider the terms and conditions of your loan. Is there an early repayment penalty and would it work out cost-effective to transfer, particularly if you have to take BT fees into account for most of the cards you move the debt to.