Need to borrow £1,000 - Best way?
Discussion
I need to borrow £1,000 for a couple of months. What is the best way of doing this? Its for a one of payment (most likely less than £1,000).
My first idea was a 0% credit card, but would I get one at 23 with no real credit history? I've had a overdraft in the past (£550), and have a phone contract, if that makes a difference?
I was planning on paying £100-£200 a month.
My next idea was a bank loan. Having a quick look, I can borrow £1,000 for a year, and only pay back around £100. Again, would I get one at 23 with no credit history? Payments are just under £100 a month, but none seem to allow me to pay it off early (which I should be able to do).
I could see about an overdraft. My bank (Halifax) used to charge £1 a day when I had my £550 one. No idea if I opened a new bank account they would give me a £1,000 overdraft straight away. So don't think this is a possibility.
Does anyone have any ideas on how likely it is I would get either of the above, and which one would be best?
Borrowing from parents/family isn't possible (for my bike license before they change the rules, parents don't like the idea of me getting a bike
.
Thanks
.
My first idea was a 0% credit card, but would I get one at 23 with no real credit history? I've had a overdraft in the past (£550), and have a phone contract, if that makes a difference?
I was planning on paying £100-£200 a month.
My next idea was a bank loan. Having a quick look, I can borrow £1,000 for a year, and only pay back around £100. Again, would I get one at 23 with no credit history? Payments are just under £100 a month, but none seem to allow me to pay it off early (which I should be able to do).
I could see about an overdraft. My bank (Halifax) used to charge £1 a day when I had my £550 one. No idea if I opened a new bank account they would give me a £1,000 overdraft straight away. So don't think this is a possibility.
Does anyone have any ideas on how likely it is I would get either of the above, and which one would be best?
Borrowing from parents/family isn't possible (for my bike license before they change the rules, parents don't like the idea of me getting a bike
.Thanks
.
Been approved for a Tesco credit card. 0% for 16 months. £2,000 limit (which I'll reduce to £1,000 once I've got it).
Paperwork will be sent within the next 7 days, sign it and send it back. Then get the card 7 days after that.
Going to go though the paperwork with parents once it here to make sure I have understood it correctly.
Little bit scary how quickly I managed to get one though!
Thanks for the help.
Paperwork will be sent within the next 7 days, sign it and send it back. Then get the card 7 days after that.
Going to go though the paperwork with parents once it here to make sure I have understood it correctly.
Little bit scary how quickly I managed to get one though!
Thanks for the help
.Just be careful on the credit card.
If the thing you are buying can be bought directly on the card then fine.
But if you have to take CASH out off the card and then pay for your purchase - they will up the charges significantly.
Read the small print on cash advances.
Also - if I were you I would make the purchase and cut up the card right away. Then just pay off the balance ASAP.
Otherwise, if you are anything like me, you will spend up to the £2k limit in no time!!
If the thing you are buying can be bought directly on the card then fine.
But if you have to take CASH out off the card and then pay for your purchase - they will up the charges significantly.
Read the small print on cash advances.
Also - if I were you I would make the purchase and cut up the card right away. Then just pay off the balance ASAP.
Otherwise, if you are anything like me, you will spend up to the £2k limit in no time!!
walm said:
Just be careful on the credit card.
If the thing you are buying can be bought directly on the card then fine.
But if you have to take CASH out off the card and then pay for your purchase - they will up the charges significantly.
Read the small print on cash advances.
Also - if I were you I would make the purchase and cut up the card right away. Then just pay off the balance ASAP.
Otherwise, if you are anything like me, you will spend up to the £2k limit in no time!!
This exactly. It's a great way to borrow if you have self control. Also, the provider is "betting" on you not having any self control.If the thing you are buying can be bought directly on the card then fine.
But if you have to take CASH out off the card and then pay for your purchase - they will up the charges significantly.
Read the small print on cash advances.
Also - if I were you I would make the purchase and cut up the card right away. Then just pay off the balance ASAP.
Otherwise, if you are anything like me, you will spend up to the £2k limit in no time!!
pp
e and can get 5 points for every £4 I spend on fuel. I spend £250 a month as it is, so will just use that instead. OP, of you want to buy something and you can buy by card, get a credit card with 0% interest on purchase for 12 months.
If you need the cash, get an MBNA credit card which has 0% on balance transfers for 12 months. MBNA allow you to transfer the money direct to your bank account for around 3%
If you need the cash, get an MBNA credit card which has 0% on balance transfers for 12 months. MBNA allow you to transfer the money direct to your bank account for around 3%
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