Can I pay credit union loan off with 0% credit card

Toni.mc94

Hi, I got a £3000 loan out with my credit union last April and pay £90 off the loan and £10 into my savings (which I can’t touch while I have a loan out with them) my outstanding balance with CU is currently around £2560 since I’ve been paying it in April, my question is if I am approved for a 0% credit card could I pay this loan off with the card ? I would pay the credit card off quicker as I think the loan Interest currently takes £60 and only £30 goes off my debt, not struggling to pay but growing concern with the amount of rises expected this year and could soon be struggling as I don’t get a pay rise 

[Deleted User]

Highly unlikely. You'll need a money transfer card if you want to get cash from the card to pay the loan. 

Toni.mc94

Thank you, so if I were to get a money transfer card at 0% and make sure I pay within the timeframe I’ll be able to pay the loan off with that card ?

[Deleted User]

Yes. But you'll need a decent credit history to get one.

bengal-stripe

Toni.mc94 said:

if I were to get a money transfer card at 0% and make sure I pay within the timeframe I’ll be able to pay the loan off with that card ?

You can transfer money into your bank account, this money you can use to pay-off your loan.

Toni.mc94

Oh right ok that’s helpful ! Going to apply today and hopefully can get some sort of time with 0% and use that as my goal to get it all paid off 

Stuart_W

If you are unsuccessful in getting a money transfer card, if you can get a 0% purchases card (slightly easier to qualify for) you can use that for all your normal day to day spending, but not to increase your debt as you then use the money in your current account you haven't spent because you used the credit card to make extra loan repayments. This way you are slowly, over the course of several months, transferring your debt to a 0% card.

Toni.mc94

Update I was successful with a money transfer card 0% for 18 months with MBNA such a relief !! 

PRAISETHESUN

Toni.mc94 said:

Update I was successful with a money transfer card 0% for 18 months with MBNA such a relief !! 

Now to make sure you've got a plan to pay off the balance over the next 18 months. There's no guarantee you'll be able to get a new card when this offer ends.