The Secret Way To Get Super Cheap Loans (UK) [less than 1% APR]
HTML-код
- Опубликовано: 9 сен 2024
- I'll walk you through the way to get loans that can cost you less than 1% APR for loans up to £25,000 and flexible terms of 5 years or longer.
While all the mainstream lenders charge at least 3% and can go as high as 25% or higher, this is the way you can borrow money at seriously low rates and not have to pay more just because you're wanting a lower amount.
Make sure you can afford the amount you're borrowing and have a firm plan on how you're going to manage your credit and repay it.
Hello Sasha, what if I need £2000?
I am needing this loan for medical purposes and getting a normal loan is too expensive.. how can I do it with this method if its only 2000
I’m trying to find a card that will let me do a money transfer in the US but I’m struggling. Is it called something else here?
Really bright. Logical and easy enough to understand. Is it possible to run into problems if you don't have the highest credit score w this method? If so, what's the min. score you need to make this work?
There is always a risk, but here the risk is relatively low. Firstly, the lending criteria for high value low APR loans are usually going to be at least as strict as for Money Transfer credit cards - I'd say Money Transfer cards should be easier to get because it is easier to pass affordability rules for smaller monthly payments.
If you're looking to borrow for more than 2 years (or the term of the Money Transfer), there is always a risk that your credit will look worse in 2 years' time and you won't be able to get a Balance Transfer.
In this case you might pay the standard rate for a few months before you qualify OR you can get a loan at this point for a lower amount to clear the credit card.
The likelihood is that you're still going to be paying a lot less interest even if you don't do the balance transfer but if you got the MT card in the first place, you will usually be good for the BT card later on unless something major changes in your circumstances.
Remember that by the time that happens, you will have repaid 50% or more of your "loan" anyway, so even if you do end up paying interest for a short period, it will be on a much lower amount so even with a higher interest rate, you're still going to be benefiting overall.
Sasha
Ok, dumb question: if you max out your credit card and do a balance transfer, then that means that you that amount outstanding on your next month's bill.
Wouldn't the possibility of not paying the whole outstanding balance the following month affect your credit score drastically? Also, wouldn't the interest rate go absolutely crazy because you haven't paid your outstanding balance on time?
Credit cards that offer balance transfer offers will have a 0% rate of interest for those balance transfers for a period of a fixed number of months - e.g. 0% for 20 months.
So if you do a balance transfer from a different credit card to that credit card, you can pay the minimum payment OR anything above the minimum for 20 months without any interest due. After 20 months, the regular interest will start applying.
However this video is about Money Transfers - something very different (money moving to your current account rather than from a credit card to another credit card).
And yes - getting a big balance from having nothing has some drawbacks on credit, but not a huge difference to having a loan which is what I am comparing it to... In fact it is better on affordability because loan repayments will be higher.
@@SashaYanshin thanks for your prompt reply, man. I really appreciate it
Would it be possible to transfer the loan from the 0% credit card to a personal account and then pay a private?
Awesome videos Sasha ! Is it possible to get multiple money transfer cards and do this with them all ?
Omg life saver video. Thanks man
Wow, the production quality of your videos has certainly improved! Camera is jumping quite a bit here ;)
Trying to get better every time - that's one of my first ever videos with the phone delicately balanced on top of a pile of random stuff on my table! Slowly but surely gonna get better! :)
Apr vs interest Apr based on what you borrow but low apr means monthly interest on what is remaining is the stinger. I would rather higher one of APR factoring in a lower monthly interest rate. Working in a bank taught me that.
Hi mate. When ever I try to take a loan they ask for insurance charge upfront! Is it normal because I avoid it thinking it’s a scum?! Help a brother other here
Cash Loans in UK are a horrific experience. Recently I was looking for 6k. Only one bank offered me that amount even though my credit score is high with 18.8% Apr. I ended up getting a long I’m my home country(Poland-Santander) APR 7.8%.
which bank is that
Bro they gave me 27.9%
Yeah but Sasha, new cards only offer like £1500 max credit limit.
I’m looking for a minimum £10,000 loan man
Sasha, how do I get a credit card with over £15,000 credit limit. My income before tax is £100,000 but after expense taxes it’s around £50,000. I’m in permanent employment but majority of my income Is from rental investment properties.
I can give loan
@@imranhuddinhey you got the answer yet ? Which card is best giving max. Limit? Plz
Good idea. But what if I need 500k loan for my business.
Can you get an interest only mortgage on a residential property that I live in. My mortgage broker says I can't. Before he even took any details from me I have over 50% equity. A max credit rating. A good salaries and no outgoing
Awesome video! You just earned yourself another Subscriber. I am actually looking into taking out a loan to finance some home renovation plans. I had a look on comparison sites to try and find a Money Transfer card, but for the most part, I can only find cards that are 12months (the odd 15month) with a fee of 4% (on average). This could be part of the big dry up of credit products due to the confidence in the economy. Or maybe I am looking in the wrong place? Any help will be greatly appreciated :)
Yeah - I did make a whole video about the credit crunch happening in July which the media seem to have completely missed - ruclips.net/video/J879uHrOyG8/видео.html
Unfortunately it seems to have got worse and you're right - good credit deals have all but evaporated. Hopefully the next 6 months will begin turning this thing around!
Thank you. Could i do this to reconsolidate an existing personal loan. Apr is current 6% so need to reduce that as soon as possible.
yes you can - of course the same risks and considerations apply as I mentioned in the video! :)
Great thank you. I will do that asap 😎🤝
Wow I’m doing this today! Thanks bro!!
Good luck with it and be careful - those interest rates after the intro period are high!
@@SashaYanshin my loan is kicking my arse. i'm trying to reduce monthly payments by doing overpayments. its an 11.4 percent. The monthly repayments are killing me as my income has also dropped...
Hello and thanks for the video. I have been studying counselling for a while and would like to get some funding so can some help self employed work. My credit rating is not great though. Is there anywhere that could help ? Thanks
Hello sir new subscribers is there any chance to barrow a loan in the bank? I have no credit card but I have a bank account that my salary goes in .
There asking frist paymant mean 1 month. Before loan.
Not sure what you’re asking here.
@@SashaYanshin 😂😂😂 gotta love people hey
Interesting video thanks. Liked and subbed. Had a question about loans which I hope you can help with. Borrowed £15k over 24months last month at 11.5% which was best I could get.
Total payment is 16767 @ 698/month
Could I get a £10k balance transfer credit card for 29 months (3% transfer fee = £300) and reduce loan to £4,386 (save interest payments of £1,467).
Or do I need a money transfer for a loan from the bank and then once that is on a money transfer, I move it over to a balance transfer for longer 0% spend?
Also, as I can only find transfers up to £10k on comparison sites, should I get 2 transfer cards, one for £10k and one for £5k and consolidate that?
Any help would be greatly appreciated!
Thank you for education. What would be the best way and cheapest to clear off my bank loan for 9k. If I pay off now I only pay 8k save myself 1k. What best way to paid off? With another loan with lower interest or balance credit card or any other option? Thank you
It depends on a lot of factors including how long you think it will take you to clear the balance etc. A money transfer could work, a cheap loan could also work. You need to sit down with a pen and paper and work out which of the options works best for you!
@@SashaYanshin thank you for answer. Currently I pay £214pm with 42months left. Overall amount owed £9008. Cost of pay off today 8k. Would love to pay it off so i save 1k and have lower montlhy payment as well. So my question is take another loan of apply for moneytransfer for 8k ? Thank you very much for your help Sasha
I really can’t tell you which one you should do unfortunately. If you feel you can save the £1k and get a way to repay the debt on better terms in the process, all power to you but you’ll need to make that call yourself!
What is moneyfox?
This channel started off with a brand that I later changed. 👍
Hi Sasha, great video, thank you! To be honest with you, I haven't completely understood the entire process, maybe because I am still quite young. Anyway, my request is, do you think you could do an applied example for taking out a loan of £20,000 for a car, say, and use your money transfer technique to explain it in a different video? I know it is time-consuming, however, I will attempt to watch the video many times to understand it better. Thanks!
Hey - concept is pretty simple. If you borrow on a Money Transfer with a 3% fee and 0% for 2 years for example, you’re only really paying 1.5% per year on the borrowing. Then if you do a balance transfer, the same sort of thinking applies. 0% for 2 years with a 3% fee = 1.5% effective cost.
However:
1. £20k is a lot - you may not be able to do this strategy even if you tried as you’ll need at least 2 different credit cards in all likelihood (remember the fee has to be included within your credit limit and some only allow you to do money transfers up to 90% of your limit.
2. In the current situation it is pretty risky - if you cannot pay off the money transfers in time or do a balance transfer, this borrowing can get very expensive very quickly.
@@SashaYanshin Hi Sasha, would this particular card work best for a loan for a holiday and which is the best card for this idea?
Hi i came in uk 7 month back is there any chance to get personal loan of 2000 pound for 24 month
No only if you have a British passport or EU citizen and they check credit score
That is the smallest cuppa tea I have ever seen. Unless it's just the camera angel?
Espresso.
It might be an expresso cup
I can’t get accepted any kind of rates what so ever, I’m 19 with a 400 credit score looking to take it out for a car, any tips on how to get quotes?
Sounds like there must be some issues with eligibility - I will be doing a video shortly on this exact topic!
@@SashaYanshin ok cheers, I have never been in debt, credit card only ever goes into -20 and gets fully cleared, and I’m saving over 800 a month and tbh I don’t really understand it
Is this still working in 2022?
So if I got a money transfer card for £10k for 20 months, stuck that 10k into an s&p500 ETF, paid off £4k within the 20 months and used balance transfers until the remaining £6k was paid off (about 5 years to square it since borrowing the original 10k), and the ETF delivered an average 10% then my £10k at 1.5% loan will have made me about £6k whilst I was paying it off 🤯
This is something called stoozing. Be very very careful though - if the market crashes, you will be sat with a big credit card bill and only half as much in your investing account.
@@SashaYanshin good point, maybe I'll give £5k a go, and pay it all within the 20 months rather than pay less to the credit card and top up the ETF's, it's still free money if it goes up, and if goes down then I can still afford the credit card bill and will have no reason to sell stocks at a loss :)
The S&P doesn't just magically go up 10% every year you know... it's up down up down.
@@Billy_W Yep, it doesn't every year and it does go up and down. But on average over the long time it does.
Lol
How can I borrow £127,000?
That's a very specific number! Sounds like a mortgage unless you earn a lot and can muster that much through loans/credit cards.
can USA people do any of this?
Unfortunately not - the only real way would go through as a cash advance with the associated fees & interest and there's no good way of sticking money into the checking account like there is in the UK.
Wow…… how things have changed 😢x
Didn’t know that you could use a balance transfer card on a money transfer card.
You can transfer a balance from any credit card to another that allows balance transfers in 👍
😎
Very bad advice to tell anyone to go into debt. Even if it’s 0% The borrower is slave to the lender and when the 💩 hits the fan which it has over the past 2 years you don’t owe anyone.. Think !