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  • FIRST POST
    • jmrf92
    • By jmrf92 12th Oct 18, 4:20 PM
    • 1Posts
    • 0Thanks
    jmrf92
    Short Term Loan Needed
    • #1
    • 12th Oct 18, 4:20 PM
    Short Term Loan Needed 12th Oct 18 at 4:20 PM
    Hi,
    I've recently bought a house. I have 4,000 on a 0% credit card, which i've spent about 3,850 on home improvements (carpets, radiators, doors, DIY materials ect) and i'm paying between 40-60 per month off the balance.

    I have two bills outstanding, 900 for my electrician and 700 for my plumber. I need to either bank transfer or pay their invoices in cash in full ASAP.

    My current outgoings mean that i don't really have that much spare cash hanging around, and whenever i seem to save up a bit, a disaster happens like my car breaks or my washer floods.

    I need to pay these two bills but i'm not sure of the best way to do so? I can afford 100 per month but i don't want to be killed by interest.

    Thanks!
Page 1
    • anfieldred
    • By anfieldred 12th Oct 18, 4:25 PM
    • 207 Posts
    • 2,627 Thanks
    anfieldred
    • #2
    • 12th Oct 18, 4:25 PM
    • #2
    • 12th Oct 18, 4:25 PM
    Can you get a 1600 loan from your bank over 12 months? probably the lowest interest rate unless you can balance transfer to another 0% card with a higher limit?
    • DCFC79
    • By DCFC79 12th Oct 18, 10:28 PM
    • 32,772 Posts
    • 20,641 Thanks
    DCFC79
    • #3
    • 12th Oct 18, 10:28 PM
    • #3
    • 12th Oct 18, 10:28 PM
    Hi,
    I've recently bought a house. I have 4,000 on a 0% credit card, which i've spent about 3,850 on home improvements (carpets, radiators, doors, DIY materials ect) and i'm paying between 40-60 per month off the balance.

    I have two bills outstanding, 900 for my electrician and 700 for my plumber. I need to either bank transfer or pay their invoices in cash in full ASAP.

    My current outgoings mean that i don't really have that much spare cash hanging around, and whenever i seem to save up a bit, a disaster happens like my car breaks or my washer floods.

    I need to pay these two bills but i'm not sure of the best way to do so? I can afford 100 per month but i don't want to be killed by interest.

    Thanks!
    Originally posted by jmrf92
    Why did you not prioritise the works ?
    Ots what I would have done.

    As for a loan, I second the idea of your own bank.
    • Dobbibill
    • By Dobbibill 13th Oct 18, 10:25 PM
    • 3,377 Posts
    • 4,329 Thanks
    Dobbibill
    • #4
    • 13th Oct 18, 10:25 PM
    • #4
    • 13th Oct 18, 10:25 PM
    Have you checked your eligibility for a 0% MT card?

    You will pay a fee but not interest for x amount of time - with the budget you mention you want something with 16 months+ interest free.

    Failing that - your own bank as others have suggested.
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    • T-G-C
    • By T-G-C 15th Oct 18, 11:23 PM
    • 446 Posts
    • 207 Thanks
    T-G-C
    • #5
    • 15th Oct 18, 11:23 PM
    • #5
    • 15th Oct 18, 11:23 PM
    I hope the thought has not crossed your mind, but do not accept a loan from short-term and high-cost lenders. Examples include Satsuma Loans, Sunny and hundreds of others - one word: avoid.

    Like others have said, stick with mainstream banking products. Even on a short-term loan with a high-cost lender, 100 repayment will not be the case for the amount you are seeking, due to the extortionate interest charged on them. It would average from 150 being the fairest of demon lenders to 250 per month from the worst.

    If the bank is willing to lend 1000+ over 12 months, take it but if not, take the advice of the last poster and consider a money transfer credit card.
    Last edited by T-G-C; 15-10-2018 at 11:25 PM.
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
    • Herzlos
    • By Herzlos 16th Oct 18, 9:35 AM
    • 8,143 Posts
    • 7,464 Thanks
    Herzlos
    • #6
    • 16th Oct 18, 9:35 AM
    • #6
    • 16th Oct 18, 9:35 AM
    Ask your bank if they can give you an overdraft, rather than a loan, for that amount.


    Don't touch any lender that's advertising on TV.
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