short term money

J

Johnny

Guest
I'm coming into some money in about 3 months time but need to get my hands on about 15,000 now. What would you suggest is my best option in regards payment with the least amount of interest. The 15k is to cover electrical stuff so I'm thinking credit card with 0% interest over 6 months as the money I'm getting (bonus) will be here before 6 months is up!
 
Generally the 0% offers relate to balance transfers from other cards. You can get some with 0% on purchases, but if you need 15000 cash that wouldn't be a purchase.

You could just use the card to live on for a while, but I can't imagine a cc company offering a balance of 15000.

You're best bet is probably to talk to a bank or credit union and explain that you need the cash short term that you'll probably clear the loan in a few months and ask them to give you a break down of what it will cost. You'll probably have to make repayments, I doubt they'll give you 15000 and let you pay it off in full without making payments over the next few months.

But that seems to me like you're best bet. Personal loans very hugely in terms of interest rates though, so do shop around, although if it's only for a few months and you ARE GOING TO CLEAR IT, then the difference shouldn't be huge.

Make sure you get a variable rate loan, and check for any penalties or charges for paying off early.

-Rd
 
short term

Was in same situation myself a few weeks ago. Personal loan from my bank (Ulster Bank) was the most convenient/fastest option. I arranged to pay back the amount (15k) in three months time, interest in total worked out at approx €180
 
re short term money

why not wait until you get the money?
 
Re: re short term money

why not wait until you get the money?

Why would he be posting a specific question about needing to get his hands on the money now if he could just wait?
 
Re: re short term money

Was just an idea. Sometimes the expectation that comes with waiting is good. Sometimes we need immediate gratication. Sometimes things are just urgent. Was just trying to consider all the angles.

15k is a lot of money on electrical appliances, maybe use the time to shop around, investigate whether any sales are coming up, in waiting you know exactly what you are going to get, if there are tax implications etc.

If it urgent fine, don't need to consider these matters, if there is a possibility of waiting then its just another angle
 
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