Best way to borrow £20k - short term

[darrent]

Ok, need some advice. My friend needs to borrow £20k for around 6 weeks - he has the money coming to him (redundancy money) but he needs the £20k towards his villa that he has bought.

I suggested 0% credit cards (think they charge 2% cash advance which equals £400) - any good ideas or if the credit card idea is the best - which ones!!!!!

Cheers

[vixpy1]

Just go to the bank, providing he has the security and can prove the payment, they should lend him the money short term

[Pulsatingstar]

Theres very few that will offer 0% on cash advances, and many charge them by the day too so you would need to transfer it to another car immediatly.

[Incorrigible]

Overdraft mine is calculated daily but runs arounf 12% PA

So for a month the interst on that would be £200 or there abouts

No set up fee either, OTOH I do have a mortgage with that bank

[Dakkon]

Steal it?

[darrent]

Dakkon said:

Steal it?

I suggested that!

[anonymous-user]

Have a look at www.moneysavingexpert.com

There's an article on there that talks about what Martin Lewis terms "Super Balance Transfers" which is where some of the 0% balance transfer cards allow you to do a balance transfer to pay off an overdraft - in essence a transfer of cash straight into your bank account without any fees.

Incidentally, it's also a way you can make cash out of the banks if you're debt free - open one, transfer the whole amount into a high interest savings account, earn the interest for the 9 months or whatever you have then pay the card off. You keep the interest.

[jimothy]

LexSport said:

Incidentally, it's also a way you can make cash out of the banks if you're debt free - open one, transfer the whole amount into a high interest savings account, earn the interest for the 9 months or whatever you have then pay the card off. You keep the interest.

My dad took a virgn card, 8 months interest free cash up to £8000. So he got the cash, paid it off his mortgage. 8 months later, he took it back out the mortgage and paid off the card. Saved himself £250 in interest or 15 minutes work.

[rsvmilly]

jimothy said:

Saved himself £250 in interest or 15 minutes work.

So your dad gets £1000 per hour?

[Ribol]

rsvmilly said:

jimothy said: Saved himself £250 in interest or 15 minutes work. So your dad gets £1000 per hour?

What a difference an "F" makes

[-DeaDLocK-]

Just take out a low interest (circa 6%) personal loan with no set-up fees and no repayment penalties. Also do not take out repayment protection. Just don't say it's for short-term, as they then may sting you for a very high rate.

Interest on that will be around £100 p/month I think.