# Smallish bank loan



## Andy M (Apr 7, 2006)

Hi guys wondering if any of you can give me some pointers.
Ive never done anything like this before so I'm completely ignorant to it all.
I need a loan of around £1700 for a purchase. Where do I start?
I was thinking of calling into my RBS branch and asking to speak to someone, but its not very close so would like a bit of prior knowledge.
The biggest question is what is the time delay between application and actually receiving the money?

Cheers


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## swordjo (Sep 17, 2006)

For that amount of money i'd be more inclined to get a 0% interest purchase credit card, and then just pay as much to each month as your can. For £1700 on a loan you are going to be looking at a silly big APR.

Once the 0% runs out just transfer it to another card until it's paid off :thumb:


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## Bero (Mar 9, 2008)

swordjo said:


> For that amount of money i'd be more inclined to get a 0% interest purchase credit card, and then just pay as much to each month as your can. For £1700 on a loan you are going to be looking at a silly big APR.
> 
> Once the 0% runs out just transfer it to another card until it's paid off :thumb:


+1 :thumb:


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## Needs a clean (May 24, 2008)

swordjo said:


> For that amount of money i'd be more inclined to get a 0% interest purchase credit card, and then just pay as much to each month as your can. For £1700 on a loan you are going to be looking at a silly big APR.
> 
> Once the 0% runs out just transfer it to another card until it's paid off :thumb:


+ 2. :thumb:


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## tonz (Sep 21, 2008)

swordjo said:


> For that amount of money i'd be more inclined to get a 0% interest purchase credit card, and then just pay as much to each month as your can. For £1700 on a loan you are going to be looking at a silly big APR.
> 
> Once the 0% runs out just transfer it to another card until it's paid off :thumb:


+3 :thumb:


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## Deanoecosse (Mar 15, 2007)

swordjo said:


> For that amount of money i'd be more inclined to get a 0% interest purchase credit card, and then just pay as much to each month as your can. For £1700 on a loan you are going to be looking at a silly big APR.
> 
> Once the 0% runs out just transfer it to another card until it's paid off :thumb:


+ Another vote for the 0% credit card
Although mortgage rates are low, personal loan rates are high just now, especially for the small amount your looking for. Minimum of 9% with Abbey and most lenders will be 14%+
either get a 0% credit card like Swordjo suggested or for a longer term balance there are plenty credit card companies doing a fixed rate for the life of the balance (I got an offer from Halifax this morning on my own card at 5.9% til any balance was paid off, which is waaay lower than any personal loan just now)


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## Andy M (Apr 7, 2006)

OK that sounds good. I did actually think about getting a credit card but was put off with the amount of information out there it was all very confusing. Remember I have no experience in anything like this.

What are the chances of me getting a credit card at 23? My credit rating is non existant because ive never had loans or bills or anything like that before.

Cheers guys


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## Deano (Jul 7, 2006)

you'll be fine mate. my mate applied for a credit card and he's had mortgage arrears, failed businesses etc and he still got it. thats why the ecomomys in such a sh!t state. mbna do an online approval. only takes a minute.


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## parish (Jun 29, 2006)

Andy, if you haven't got a credit card already then you'll actually need to get two for this exercise.

The 0% is offered on the balance transfer from another card so you'll need to buy it on one then take out a second one transferring the balance from the first one.

Don't know how successful you'll be in getting two cards a month or so apart if you've never had one before though.


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## Deano (Jul 7, 2006)

most offer 0% interest on purchases for 6-9 months. so you could get one with this deal and transfer it to another one later in if needs be.


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## Andy M (Apr 7, 2006)

Hi that would be the plan, purchase it with the card, and probably have it payed off within 5 months max. Its just ive had a lot of outgoings recently so need alternative means of funding this purchase. In a few months time it will be payed off in full.

Ive been on moneysupermarket. What does everyone think about the Virgin card?

Looking further into it, RBS do one which is 0% on purchases for 3 months, for all current customers (i bank with RBS) so that would also be fine from what I see

Thanks once again guys


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## parish (Jun 29, 2006)

panama said:


> most offer 0% interest on purchases for 6-9 months. so you could get one with this deal and transfer it to another one later in if needs be.


Never noticed that - except my Sainsburys CC which gave 10 months on balance transfer and 12 months at 0% on purchases at Sainsburys - which was good for me as ai shop at Sainsburys anyway :thumb:


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## Deano (Jul 7, 2006)

you get 6 months interest free with the virgin one. might be a bonus if you need to spread it out a bit more.


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## Deano (Jul 7, 2006)

the £1700 isnt for wax for the VXR is it andy?:lol:


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## Andy M (Apr 7, 2006)

OK put an application through for the virgin one, 7-10 days they said they'll let me know if ive been accepted.

Thanks once again for the good advice


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## Andy M (Apr 7, 2006)

panama said:


> the £1700 isnt for wax for the VXR is it andy?:lol:


Haha i'll be using nothing else other than FK1000p i cant get enough of it :thumb:


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## parish (Jun 29, 2006)

panama said:


> you get 6 months interest free with the virgin one. might be a bonus if you need to spread it out a bit more.


And *15* months 0% on transfers. I'm going for a Virgin card when the 0% runs out on my existing one :thumb:

If you get the Virgin card Andy then it'll be even better than doing a transfer - provided you can pay it off in 6 months - as transfers attract a ~3% fee which is equivalent to 2-3 months interest.


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## Andy M (Apr 7, 2006)

Yep looks to be ideal does that. Pay it off within 6 month and jobs a goodun.

It'll then be left at home with no balance on it, and will build up my rating at the same time.


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## parish (Jun 29, 2006)

Andy M said:


> Yep looks to be ideal does that. Pay it off within 6 month and jobs a goodun.
> 
> It'll then be left at home with no balance on it, and will build up my rating at the same time.


Just make sure that you don't fall into the trap that so many do with credit cards - buying something thinking you'll pay it off in a few months, but keep doing that and before you know where you are you owe thousands that will take a couple of years to pay off and be attracting large amounts of interest.


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## Andy M (Apr 7, 2006)

Yep I know a lot of people like that and its an awful out of control situation to get into.

I might even cut it up when its done its job, that way it can never be used


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## parish (Jun 29, 2006)

Andy M said:


> I might even cut it up when its done its job, that way it can never be used


I wouldn't, as long as you control its use. They are the best way of paying on-line as you have more protection than with a debit card against both fraud and the seller going bust (a very real possibility these days). Also for paying in-store when the goods get delivered at a later date (e.g. furniture, white goods etc.) for the same reason.


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