Borrowing £10,000 - Best Place?

Apply to MBNA for a 0% balance transfer credit card. Assuming they'll give you a reasonable credit limit, get that limit transferred to your bank account and do what you want. The 0% rate is only for 9 months, after which time you'll have to arrange something else. Make sure you don't spend on this card while you are taking advantage of the 0% rate.

You'll have to borrow any balance by Googling for the cheapest loan.

Rob Graham

"Rob Graham" wrote

"Have to..."? Why not take out another 0% balance transfer credit card??

I don't know another credit card company which will transfer cash into your bank rather than transfer the debt from another card. But I agree there may be some.

Rob

"Rob Graham" wrote

Well I know of at least one other....

Hadn't really thought about that...

So, I borrow on one card for maybe up to 6 months @ 0%, and then switch the loan to another 0% card. So, effectively having a loan with no interest.

Which is cheaper than taking out a bank loan.

Can you say who it is...?

Not without getting egg on his face.

:)

"Trust No One" wrote

Tee hee! Yes, of course it is Egg.

You only need one, then you can do a normal balance transfer from that.

you should check out moneysupermarket.com they've got comparison tools there for personal loans and credit cards. heres the relevant links:

:)

If the provider will not transfer direct to a bank account (more and more do these days) then you can extract the money using another credit card.

Ask the 0% provider to transfer the debt from your other card. This will come in as a credit - simply ask the provider of the credited card to transfer the credit balance to your bank account.

I have done this with Co-Op, Egg and RBS - and I have not have heard of any credit card company refusing.

Regards, Zen