Cheapest Ways To Borrow Money In The UK

If you're looking to borrow and want to understand what the cheapest way to borrow money is - here's the complete rundown for you!

Going from small amounts to borrowing over £25,000, the best method depends a lot on how much you are looking to borrow.

For lower amounts, loans are very expensive with most mainstream lenders charging over 20% for loans below £5,000. Low rates are only generally available for loans above £7,500.

For lower amounts, 0% purchase credit cards are usually the best option and loans are great for amounts up to £25,000. After that, you may be looking at remortgaging for the cheapest borrowing option.

[adrianmillanortells]

Thank you, Sasha im learning a lot with you!

[Pretency]

Nationwide's loan rates were absurdly cheap (compared to most other banks). Circa 3% on £12k.

[joshtinkler]

Hello, was wondering in order to used a 0% balance transfer card to pay off a used car loan, would I have to use a Money Transfer credit card first then put the balance onto the balance transfer card or can I pay a loan of straight from a balance transfer credit card cheers!

[josevcp]

Hi Sasha,

If you do use a 0% on purchase credit card to borrow money, wouldn't that make your credit score go down? I'm assuming a case of borrowing more than 25% of the available credit of the card

[altStrm]

Hi Sasha, I've found your channel in the last week or so. Very nice and informative videos--I'm enjoying the content you have.
It doesn't seem right that you can borrow more than you need and leverage the repayment interest against a high interest savings account.
Just seems odd that you can borrow £10K @ 5% interest, but instead borrow £20K and save £10K at 5%+ interest in a savings account.
I'm assuming you can only do this with unsecured loans?

[lilshex]

How come you never mentioned 'money transfer" credit cards ? Or is there a way to transfer "purchase cards" on to 0 balance cards?

[theclipsyouneed]

Great video, I’m in the uk 20 yrs old 2 incomes which aren’t massive but good enough. Haven’t had my credit card too long it’s still on a pretty low amount. I need a loan/borrow money for part of my business plan which over 24 months is basically a guaranteed return. I only need around 2-4K for it to work is this possible?

[marcnadesan]

Dear Shaza, Can you please tell me, is it possible to repay a loan with a credit card purchase.Thanks.

[usmang]

great video, could you do videos on best student credit cards? Thanks

[homiekeen]

Any loans available for benefit recipients? 😭😭😭

[SweetSoundsYT]

Surely if you have the money to pay all the loan back in two days why ask for a loan then just wait two days lmao 😂