Paying off loan early

[mpm1987]

Hi guys.

I had my yearly statement from the bank come through, stating how much money was left on my personal loan. Attached was a piece of paper, mentioning about paying it off early.

Now obviously there would be a charge for this, and they would calculate how much I owe against how much I can pay off early.

I have a 0% interest credit card at the moment, am I able to pay the loan off early, using the credit card, and then pay the credit card off, meaning I dont incur interest charges?

Any advice or help would be much appreciated!

[CatherineJ]

I'm not sure if you can pay loans off with credit cards or make a payment towards your loan. I could of course be wrong though.

[theaxe]

I would have thought that'd count as a cash withdrawal on the CC and probably not covered by the 0% deal. Also, is it really 0%, or is it 0% with a 3% 'admin fee'?

[mpm1987]

Its 0% on all purchases.

And 0% on balance transfers, with a 3% admin charge.

With the loan only being worth approx 2k, Ive worked it out to be cheaper, rather than paying the same amount for the next 12 months.

[seo1394]

I'm not sure if you can pay loans off with credit cards or make a payment towards your loan.But I learned something about loan . We can get some knowledge at here
http://www.loanmod-approval.com/loanmod-info/obama...

[*Fletch*]

Egg can also transfer funds to your bank account as a balance transfer. Can be handy

[Racefan_uk]

mpm1987 said:

Hi guys.

I had my yearly statement from the bank come through, stating how much money was left on my personal loan. Attached was a piece of paper, mentioning about paying it off early.

Now obviously there would be a charge for this, and they would calculate how much I owe against how much I can pay off early.

I have a 0% interest credit card at the moment, am I able to pay the loan off early, using the credit card, and then pay the credit card off, meaning I dont incur interest charges?

Any advice or help would be much appreciated!

The two times I've paid a loan off early I've got money off as I've got money taken off from the interest I won't have paid. So the settlement figure has been lower than the amount still left on the statement. Is this not the case with your loan too?
Just wondering whether it would be even less to transfer onto the 0% card is all.