Short term money lending advice.

[ben_r1]

I'm not the oldest and wisest member in the club, but I am aware we have many OAPs amongst us lol. I need some advice from people with experience.

Say I was to borrow £5000 over a short term, around the 12 month mark, what option would be the best way to go about it?

It'll either be a bank loan requiring me to pay back approximately £500 interest. Or some people have suggested a credit card and pay it off immediately and then cutting it up?

I'm confused... :s

 

[MikeLYR27]

£500 interest? I've just got one for 7k for 3 years and only paying £800 interest! But it will be paid off well before then. I'd go with your bank personally!! Always found it the easiest way and most helpful mate.

 

[MikeH]

As above, another option for a cheaper interest rate could be obtained on a secured loan against property if you have that facility

 

[slime]

If you want to pay off in a year look for a 12 month interest free deal. they do still exist!

 

[Roy]

If you got a card and you can pay it off in 12 months and it's intrest free go for that option and you save £500

 

[Foxspeed]

relations are usually the cheapest to borrow from....well my two think so :bounce:

 

[Roy]

relations are usually the cheapest to borrow from....well my two think so :bounce:

Lol lol lol don't I know it

 

[Paul]

12 month interest free credit card, if not then a short term loan from a bank.

 

[ben_r1]

Lol I don't borrow from family so it's gotta be the loan or credit card.

 

[Arran]

I would say try and find a credit card with 0% on purchases for a long term. But make sure you pay it off before the end of the term or you will be paying through the nose with the interest. It's a good way because it doesn't cost you anything and you can pay big chunks off it if you want and when you want.

 

[sideways danny]

Ask your bank about a Flexi-loan. Allows you to pay off more than the minimum payment. bit like a credit card, but usually far better terms