Martin Lewis reveals how millions can borrow money at virtually no cost
Martin Lewis shared tips on how people can borrow at 0% interest or at virtually no cost.
the MoneySavingExpert The founder told consumers that borrowing is “very cheap” right now with many favorable loan rates.
However, with rising UK interest rates on the horizon, he revealed the surest ways to do so.
lewis reiterated not to borrow unless you need to, making sure it was a “planned purchase” with budgeted and affordable repayments.
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How to borrow money at 0%?
Getting a 0% credit card with 22 months interest free and £25 cash back was one of them.
It’s “best used to borrow £100 to, at once, £5,000”, which, done right, can offer super cheap borrowing for up to almost two years without any fees.
Currently, M&S offers this deal, with Tesco Bank offering a slightly longer term of 23 months.
A credit card loan with 0% money transfer is also an option with a one-time fee.
The MBNA for up to 18 months at 0% (minus 2.99% fees) is by far the cheapest 0% long money transfer agreement among these.
Buy now, pay later (BNPL) programs were also included, with the caveat that people often got them when they didn’t need them.
Additionally, overdrafts were mentioned, with two bank accounts paying over £100 to the switches and offering 0% overdrafts.
These are First Direct and Nationwide.