Martin Lewis reveals how millions of people can borrow money with virtually no cost
Martin Lewis shared tips on how people can borrow at 0% or virtually no cost.
The founder of MoneySavingExpert told consumers that borrowing is “cheap” right now with many great loan rates.
However, with a hike in UK interest rates on the horizon, he revealed the safest ways to do it.
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 a rate of 0%?
The Martin Lewis Money Show host gave a number of tips in his weekly newsletter.
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 £ 5,000 all at once,’ which, done right, can offer very cheap borrowing for up to almost two years at no cost.
Currently, M&S is offering this deal, with Tesco Bank offering 23 slightly longer months.
A 0% money transfer credit card loan is also an option with a one-time fee.
The MBNA up to 18 months 0% (minus 2.99% fee) is by far the cheapest 0% long money transfer deal among these.
Buy Now, Pay Later (BNPL) programs have also been included, with the caveat that people often get them when they don’t need them.
Additionally, overdrafts were mentioned, with two bank accounts paying switches over £ 100 and offering 0% overdrafts.
They are First Direct and Nationwide.