This is more of a heads up after looking through an MSE article.
If you need a loan for under £5000, you will have noticed that the rates range from between 12.9% and 18.7% - Quite expensive.
If you apply for an MBNA Rate for Life Credit Card, any balance transfers to it within the first 60 days are charged at 5.9% + 1.5% initial fee.
The advantage with the MBNA Card is that you can transfer money into a bank account of your choice rather than the normal providers limitations of just from other credit cards.
An example to show how good an offer this is:
Amount borrowed: £4000
Per month payment (up to you): £80
Effective Interest rate: 6.6%
This low rate is more obvious when working out the total amount payable. Example:
Amount borrowed: £3000
Per month payment: £235
Total amount repayable £3151.22 (Would be repaid in 14 months).
Probably won't be for everyone, but if you're after a second hand car or similar, this is by far the cheapest way to go about it. (Just compare it to your local car dealers finance offer).
Use this calculator on Martin Lewis' site to check for amount repayable & effective rate.http://www.moneysavingexpert.com/loans/plastic-loans#calc