If you're looking to borrow and want to understand what the cheapest way to borrow money is - here's the complete rundown for you!
Going from small amounts to borrowing over £25,000, the best method depends a lot on how much you are looking to borrow.
For lower amounts, loans are very expensive with most mainstream lenders charging over 20% for loans below £5,000. Low rates are only generally available for loans above £7,500.
For lower amounts, 0% purchase credit cards are usually the best option and loans are great for amounts up to £25,000. After that, you may be looking at remortgaging for the cheapest borrowing option.
Going from small amounts to borrowing over £25,000, the best method depends a lot on how much you are looking to borrow.
For lower amounts, loans are very expensive with most mainstream lenders charging over 20% for loans below £5,000. Low rates are only generally available for loans above £7,500.
For lower amounts, 0% purchase credit cards are usually the best option and loans are great for amounts up to £25,000. After that, you may be looking at remortgaging for the cheapest borrowing option.
Hello, was wondering in order to used a 0% balance transfer card to pay off a used car loan, would I have to use a Money Transfer credit card first then put the balance onto the balance transfer card or can I pay a loan of straight from a balance transfer credit card cheers!
Hi Sasha,
If you do use a 0% on purchase credit card to borrow money, wouldn't that make your credit score go down? I'm assuming a case of borrowing more than 25% of the available credit of the card
Surely if you have the money to pay all the loan back in two days why ask for a loan then just wait two days lmao 😂
How come you never mentioned 'money transfer" credit cards ? Or is there a way to transfer "purchase cards" on to 0 balance cards?
Thank you ,Sasha im learning a lot with you!
Good video
Nationwide's loan rates were absurdly cheap (compared to most other banks). Circa 3% on £12k.
Hi Sasha, I've found your channel in the last week or so. Very nice and informative videos–I'm enjoying the content you have.
It doesn't seem right that you can borrow more than you need and leverage the repayment interest against a high interest savings account.
Just seems odd that you can borrow £10K @ 5% interest, but instead borrow £20K and save £10K at 5%+ interest in a savings account.
I'm assuming you can only do this with unsecured loans?
Any loans available for benefit recipients? 😭😭😭
Great video, I’m in the uk 20 yrs old 2 incomes which aren’t massive but good enough. Haven’t had my credit card too long it’s still on a pretty low amount. I need a loan/borrow money for part of my business plan which over 24 months is basically a guaranteed return. I only need around 2-4K for it to work is this possible?
Dear Shaza, Can you please tell me,is it possible to repay a loan with a credit card purchase.Thanks.
Quality video
Thank you 🙂
Can these be used for business
great video, could you do videos on best student credit cards? Thanks