Loan advice needed please

deejayp
deejayp Posts: 20 Forumite
in Loans
Really need some advice please.

I've got 2 loans -
Likely loans with a balance left of £4139.00
Bank loan (9.9% APR) with balance left of £5450.76

I don't have any credit cards at the moment and I haven't got a very good credit rating (hence the likely loan).

I'd like to be able to clear them off as soon as I can. If I was able to get a 0% credit card can I do a balance transfer from the loan? Or how do I go about this?

Thanks very much for your help
March Grocery Challenge - £73.57 / £250.00

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    No. You'd need a money transfer card.

    It's unlikely you would get one given your current debts, but try an eligibility checker.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    Apply for a couple of money transfer cards try HSBC, MBNA, Virgin and Tesco.

    Lets us know how you get on, shouldnt take you longer than 5 minutes each.
  • deejayp
    deejayp Posts: 20 Forumite
    Thank-you.
    I've just gone on the eligibility checker and no I can't get any of these cards.

    Would I be able to overpay the Likely loan?
    March Grocery Challenge - £73.57 / £250.00
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Yes, you should be able to
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    deejayp wrote: »
    Thank-you.
    I've just gone on the eligibility checker and no I can't get any of these cards.

    Would I be able to overpay the Likely loan?

    Read your contract about overpaying.
  • Paul_DNAP
    Paul_DNAP Posts: 751 Forumite
    First Post First Anniversary Photogenic Rampant Recycler
    edited 12 July 2018 at 1:09PM
    deejayp wrote: »
    Would I be able to overpay the Likely loan?


    According to the FAQ on their website


    Can I pay my loan off early?
    Yes, you can repay your loan in part or full at any time. We do not charge an early repayment fee but will apply interest as permitted under The Consumer Credit (Early Settlement) Regulations 2004.
    (Although I could be wrong, I often am.)
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    deejayp wrote: »
    Thank-you.
    I've just gone on the eligibility checker and no I can't get any of these cards.

    Would I be able to overpay the Likely loan?

    Have you actually applied for one of the cards?
  • macman
    macman Posts: 53,088 Forumite
    Name Dropper First Post First Anniversary
    You haven't said what rate you are paying on the likely loan? You should concentrate on clearing the highest one first.
    No free lunch, and no free laptop ;)
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    macman wrote: »
    You haven't said what rate you are paying on the likely loan? You should concentrate on clearing the highest one first.

    Their website states an APR of 59.9%....good job they dropped it 0.1% as 60% would be just crazy !
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