# Cash £1400 needed?



## zrjace (Jan 31, 2008)

Need a small loan and just wondering whats the best loan company people reccomend? Or is it better to get a credit card?


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## SteveTDCi (Feb 8, 2006)

depends how long you want it for, but if it was me i'd get a 0% credit card and put it on that, then transfer it to another 0% card but make sure you don't get any transfer fee's or if there are make sure they are low.


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## zrjace (Jan 31, 2008)

Why would i have to transfer it too another credit card mate? 0 % sounds great but cant seam to find any details on that :/ As i only use a debit card atm


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## Natalie (Jan 19, 2011)

http://www.moneysavingexpert.com/cards/best-0-credit-cards


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## vickky453 (Feb 27, 2009)

http://www.detailingworld.co.uk/forum/showthread.php?p=2917184#post2917184


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## R7KY D (Feb 16, 2010)

M&S credit card 0% for 15 months


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## justina3 (Jan 11, 2008)

is it very important you borrow, ie could you not save up for what ever you need the money for ? even if it takes you a few months. 

You have to be very strict with 0% balance transfers one month your late even by a day they have the right to move your off the 0% rate before you know it your 1400 turns into 2800


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## vickky453 (Feb 27, 2009)

justina3 said:


> is it very important you borrow, ie could you not save up for what ever you need the money for ? even if it takes you a few months.
> 
> You have to be very strict with 0% balance transfers one month your late even by a day they have the right to move your off the 0% rate before you know it your 1400 turns into 2800


So spend your savings that could be sitting in an account earning interest, or borrow against the cc for 2years interest free? I understand you have to will power though


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## bero1306 (Jan 24, 2011)

My credit card is a Barclaycard Simplicity. 6.9% for life. Not easy to get one though.


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## justina3 (Jan 11, 2008)

vickky453 said:


> So spend your savings that could be sitting in an account earning interest, or borrow against the cc for 2years interest free? I understand you have to will power though


I would guess if the op was in that postion he wouldnt need to ask the question in the first place on a public forum might just be the way i read the question who knows.


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## justina3 (Jan 11, 2008)

bero1306 said:


> My credit card is a Barclaycard Simplicity. 6.9% for life. Not easy to get one though.


thats a good deal fair play bet they dont hand many of them out these days


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## zrjace (Jan 31, 2008)

R7KY D said:


> M&S credit card 0% for 15 months


sounds great 

And no too the other bloke,as its for a car,and will be sold buy that time!


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## vickky453 (Feb 27, 2009)

zrjace said:


> sounds great
> 
> And no too the other bloke,as its for a car,and will be sold buy that time!


errrr, I best not be the other "bloke"!


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## Mini-Gill (Aug 17, 2009)

Barclaycard have 24mth interest free :thumb:


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## justina3 (Jan 11, 2008)

vickky453 said:


> errrr, I best not be the other "bloke"!


go on you be the other bloke i will be the other girl :lol:


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## David (Apr 6, 2006)

most new card companies will do a 0% for at least a year

just see if you get passed the credit checks, although shouldnt be too hard


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## adlem (Jul 6, 2008)

Sorry to hi-jack the thread... I'm a bit new to all this, haven't had a credit card and haven't really looked into it before.

Say i needed £2000 on a credit card that had 0% for 12 months - would I have to pay a set amount per month on the dot inside the 12 months to clear it or??

I really have no idea, thanks in advance! :thumb:


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## zrjace (Jan 31, 2008)

vickky453 said:


> errrr, I best not be the other "bloke"!


oh i do appoligise.Without pics tho you could be a man


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## vickky453 (Feb 27, 2009)

adlem said:


> Sorry to hi-jack the thread... I'm a bit new to all this, haven't had a credit card and haven't really looked into it before.
> 
> Say i needed £2000 on a credit card that had 0% for 12 months - would I have to pay a set amount per month on the dot inside the 12 months to clear it or??
> 
> I really have no idea, thanks in advance! :thumb:


You will have to pay a minimum amount each month, normally around £10+. You can pay more if you wish, and thats how you clear in the 12 months. Thats means you had the 2k interest free 

So basically , borrow £2k for 12 months, pay £10 minimum a month= only £120 paid off in a year.


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## R7KY D (Feb 16, 2010)

adlem said:


> Sorry to hi-jack the thread... I'm a bit new to all this, haven't had a credit card and haven't really looked into it before.
> 
> Say i needed £2000 on a credit card that had 0% for 12 months - would I have to pay a set amount per month on the dot inside the 12 months to clear it or??
> 
> I really have no idea, thanks in advance! :thumb:


If you wanted 2k over 12 months you'd be paying back the minimum every month anyway , but it is a VERY dangerous game to start playing 0%'s if you are not strict with yourself


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## vickky453 (Feb 27, 2009)

justina3 said:


> go on you be the other bloke i will be the other girl :lol:


Oh if we must


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## adlem (Jul 6, 2008)

vickky453 said:


> You will have to pay a minimum amount each month, normally around £10+. You can pay more if you wish, and thats how you clear in the 12 months. Thats means you had the 2k interest free
> 
> So basically , borrow £2k for 12 months, pay £10 minimum a month= only £120 paid off in a year.





R7KY D said:


> If you wanted 2k over 12 months you'd be paying back the minimum every month anyway , but it is a VERY dangerous game to start playing 0%'s if you are not strict with yourself


Thank you both for your replies, providing I'm strict enough with myself (which I'm capable of) it's effectively a free loan -happy days!


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## Natalie (Jan 19, 2011)

If you're withdrawing against the card from an ATM you won't get the money interest free though afaik. You would probably need a super balance transfer card so that you can transfer the money into your current account.
http://www.credit-card-comparison-online.co.uk/guide/best-buys/super-balance-transfer-1.html
*edit* unless your buying from a dealer where you can pay using a CC?


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## Ravinder (Jul 24, 2009)

Whatever you do, DON'T take out cash on a credit card. Most of them will rape you and the interest will go through the roof. Most credit cards will charge 20+% on withdrawals. Just stick with purchases. The minimum payment is usually 5% of your credit card balance or £5 or whichever is greater. As said, it is very easy to get carried away on 0% credit cards. Just be careful and just clear it off ASAP. Remember to set up a direct debit for at LEAST the minimum payment and pay extra on it each month. This means you don't have to worry about forgetting to pay your bill. If you're late or miss one payment, then they will strip the interest free period off you. Credit card is probably better if you need up to £1400 for spending money but not for cash as said before. Loan is another option but the chances are you probably will pay a high rate because a loan for £1400 is a low amount and generally you pay more interest the less you borrow.


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## PaulN (Jan 17, 2008)

bero1306 said:


> My credit card is a Barclaycard Simplicity. 6.9% for life. Not easy to get one though.


That's ok, but can't beat interest free then transferring again at the end of the term. There's a 3% handling fee which is still not bad.

I keep getting calls from my bank & credit card offering interest free loans extra credit, would you like to invest in this.

Bet they wouldn't be ringing if I was up to my eye balls in debt and needed help.

Cheers

PaulN


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## RD55 DUN (Dec 30, 2008)

adlem said:


> Thank you both for your replies, providing I'm strict enough with myself (which I'm capable of) it's effectively a free loan -happy days!


This is what I done when buying my car, took out £600 on a credit card, interest free for 15 months. The minimum payment is something mad like £7 per month.

I started paying the minimum to clear my 600 in 15 months which is £40 per month, but I upped the value to £100 to clear it early…hopefully this makes me look good.

Havnt used it for anything else yet, but I think it's a good idea to have one, especially if I go abroad.


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## Bero (Mar 9, 2008)

adlem said:


> Sorry to hi-jack the thread... I'm a bit new to all this, haven't had a credit card and haven't really looked into it before.
> 
> Say i needed £2000 on a credit card that had 0% for 12 months - would I have to pay a set amount per month on the dot inside the 12 months to clear it or??
> 
> I really have no idea, thanks in advance! :thumb:


If you have not had a CC before you will be lucky to get a £1.4k limit; assuming you do get a £1.4k limit....

You could find a card that gives you the longest 0% on balance transfers.

The same card must allow Super Balance Transfers

DO NOT TAKE MONEY OUT AN ATM!

DO NOT SPEND ANY MONEY ON THE CARD!

Call the CC company and ask them to do a balance transfer to your bank account (you will have to pay a fee of around around 3% - £42). Now hide your card - spending on it will accrue interest!

Each month you will have to pay back at least the *minimum* payment - expect 5% - £70 month #1, £66.50 month #2....£40 month #12.

After 12months you NEED to pay off the remainder - (up to £750) or you will be charged a high rate of interest.

You can pay off more per month if you want....£116 per month would leave you with no 'large payment' at the end of the 12months.


I'm not regulated by the FSA - flowing my instructions may be detrimental to your wealth, if you do not keep up repayments you may get crabs.


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## Ninja59 (Feb 17, 2009)

Bero said:


> If you have not had a CC before you will be lucky to get a £1.4k limit; assuming you do get a £1.4k limit....
> 
> You could find a card that gives you the longest 0% on balance transfers.
> 
> ...


oh im not being funny i have a CC with barclaycard my first one the limit £2,400 for a student. its not a wonder people get into bother. :wall: i use it sparingly lives in a draw only, i have had them now and again on the phone at me for not using it (stuff you i CHOOSE when to use it not you).

if playing the 0% game (which my parents do minus 2 cards which are at an acceptable rate) just ensure to pay it off or find one that does 0% balance transfer and 0% that way you dont pay anything again.


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## adlem (Jul 6, 2008)

Thanks for the replies chaps, I got accepted by M&S but have sent it back and declined their offer now - decided against it. I don't NEED a gorgeous Fiesta RS1800 in the garage :lol:


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