How to Borrow a Grand

If you are one of those individuals who wants to borrow a small amount of money you may have found it is not always cheap. We are going to try and offer an option in how to borrow smaller amounts of money in a cheaper way. When you are looking into consolidating your debt a loan can be cheap and easy to get; however there are some things you should be concerned about. For example a conventional loan when you are trying to borrow a small amount is not always available. It is rare for someone to want to borrow a small amount of money therefore they are not always competitive, making them more expensive.

In fact you could discover at a high street bank they offer 7.9% on a loan if you borrow 7500 pounds or more. If you borrow anything less than 5000 pounds you would be looking at an interest rate of 18 percents. Other banks may have similar interest rates. So what can you really do to borrow a thousand pounds for cheap?

There are some good and bad ways to borrow money. What you shouldn’t do is borrow through cash advance. Cash advance on your credit card is going to be extremely expensive. In fact it can be more expensive than the conventional loans we were just talking about. Cash advances allow you to borrow money for a short period of time. You may not see an initial charge when you first withdraw the money, but the annual percentage rate can be up to 28% as you continue to hold the loan.

On the other hand if you are good at money management using your credit card may be the best solution. In other words if you transfer money from your credit card as cash you can use it to pay of other debts or to make a purchase. This is a type of cash advance, but if you take advantage of credit cards with introductory balance transfers with zero percent interest you may find that your cash transfer from the first card to the second allows you to save on that 28%.

Let’s say you have just applied for an MBNA card with a balance transfer special. You may find that due to your credit score you are able to get the card and there is a 3% for the advance. You are going to get the loan you need for as low as 3% interest as long as you are able to pay it off during the introductory rate. The MBNA Platinum Plus and the Virgin Credit Card have two options regarding cash advance. Sony and AOL also have rewards cards that have a great deal regarding the cash advance.

If credit cards are not right for you there are other options. Zopa is a company offering a different way to borrow money. With this company you are able to borrow as little as a grand for one to five years. There are certain credit requirements though.

Back To Financial News April 2008
Travel Rewards With Your Credit Card
APS and Prepaid Gold MasterCard
The Figures On Credit Card Balance Transfers
Pointers for Balance Transfers
Credit Card Interest
Credit Offers Limited
Executive’s Life Ruined by ID Theft
Getting Around Life’s Obstacles
How To Borrow A Grand
Paying for a Good Credit Rating
UK Debt and the Mortgage Industry
Abuse of Government Credit Cards
Asian Growth Helps UK
Banks Raising Funds Offers Hope
Darling and UK Banks Going Head to Head
Estate Agents and Card Fraud
Government to Help UK Banks
Insuring UK Gardens
Interest Rates Rising with Underhanded Techniques
Lost Luggage Insurance Removed
Overdraft Charges Increase Credit Card Balances
Prediction: 10 Percent Drop in Insurance Market
Rise in the Housing Market Prices
The Scams With Telephone Calls and Security Codes
UK Insurance Costs Rising