Borrowing

[malagabob]

I am considering borrowing some money. Not a very large amount £4000. I've never borrowed before. Is there an option to loan on a credit card, rather than withdraw and pay off at 0%

[waterboatman]

Contact your credit card company. They may be able to help you.

[murraymints]

credit cards tend to be high interest... best go speak to someone at your bank I think..

[waterboatman]

True.

[Old_Geezer]

One would have to be insane to contemplate credit card borrowing rates instead of arranging a loan with their friendly bank manager.

[Old_Geezer]

As for a 0% loan. That's optimistic. Any 'pay off one card with another new card offer', system, is likely to go catastrophically wrong.

[mikey4444]

This is complicated but I agree that your Bank should be your first stop......please don't use your CC !

[ummmm]

Why insane to use a 0% credit card.

[Old_Geezer]

Surely that's a fantasy scenario. Free loan of £4000 ?

[mikey4444]

malagabob....you haven't said how long would this loan be for ?

[murraymints]

if it is 0% with no time conditions etc ..but seems too good to be true ?

[ummmm]

No...I've got a 0% credit card. When it's coming to an end transfer the balance to another 0% card.

We haven't spent anything we can't pay off though.

[naomi24]

As I understand it taking cash on a credit card usually means paying interest. If you must use a credit card better to buy whatever you need on an interest free option – and pay the balance off within the time limit.

[murraymints]

cash advances are sometimes treated differently to buying goods.. look into it carefully

[ummmm]

I believe cash on CC is quite expensive so credit card is a good idea if you don't actually need cash.

[mikey4444]

Bob must answer for himself, but if he needs £4000, its more than likely that he needs cash.

[ummmm]

The bank will advise.

If it's for goods/services you have to remember that a credit card gives extra protection.

[Old_Geezer]

The OP states borrowing money. A loan is not the same as simply bill paying as you go. That's why and 0% offer isn't likely to be applicable. One is probably looking at high twenties percentage.

[ummmm]

Depends what it's needed for then.

[Peter Pedant]

Banko first
and then try something else

having first decided that you REALLY need the case

secured borrowing is cheaper than unsecured as there is less risk ( they sell the object in case of default)

[Tilly2]

Have a look at this from MSE.com.

https://www.moneysavingexpert.com/eligibility/loans-calculator/?utm_source=MSE_Newsletter&utm_medium=email&utm_term=13-Sep-17-6027&utm_campaign=nt-bignote-one&utm_content=4