How to get a loan for 0%
transfer method you’d just pay the £45 fee. It’s worth noting, if the reason you’re borrowing is to try to cut the cost of existing credit cards, then neither of these methods is right for you. Instead use a 0% balance transfer card. For help on that see mse.me/balancetransfers.
STEP 3: How to ensure this stays a 0% loan This isn’t just about getting the right card, it’s about how you use it too.
Only use the card for your planned purchase; nothing else. Be disciplined. To help, once you’ve done the planned spending, you could freeze the card in a bowl of water, so you don’t use it willy-nilly.
Never miss a minimum monthly repayment or the rate can shoot up.
You must repay within the 0% period to ensure it’s TOTALLY FREE (barring any one-off money transfer charge). If not the rate jumps to the APR.
The best way to truly replicate a loan is to set up a monthly direct debit to repay a fixed amount which will clear the debt before the 0% ends.
If you really don’t trust yourself with a credit card, don’t risk it. A cheap loan may be a bit costlier, but safety counts. For help on that see mse. me/cheaploan. CAN’T BORROW BUT DESPERATE? If you’re struggling because you can’t meet monthly minimum repayments, your debt is more than a year’s salary (excluding mortgage and student loan) or have sleepless nights or depression/anxiety over debt – don’t borrow more.
Instead get free, one-on-one debtcounselling help from citizensadvice. org.uk, stepchange.org or nationaldebtline.org. And if you need emotional support as well as debt guidance, try capuk.org.
All are there to help, not judge. The most common thing I hear after people get help is: “I finally got a good night’s sleep.”