Low interest loan for 12 months

[Jrod]

Ok I came across this by accident but as the cash is now in my bank I can confirm it works.

I did a search on google and couldn't find anywhere where people had done it before, have I found a loophole for cheap cash?

You need a credit card, then apply for a new credit card that offers 0% balance transfer. Transfer as much as you want from this card to the other credit card, this is where you'll get charged 3% so for £1000 it's £30.
You then phone up the credit card who you sent the money to, you'll be in credit with them so just ask for a refund which takes about 5 days. This is refunded to your bank account.
Assuming you are sensible you can get this money for nearly nothing for upto 16 months (depending how long the 0% balance transfer is)

£1000 after the £30 fee for 16 months works out at about 4.5% APR... pretty cheap.

[The View Askew]

You are still paying for your own money, but this does seem quite cheap.
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"Do what you always did, get what you always got"

[Ste]

You should be able to transfer it straight to your current account as the new credit card is for paying off your overdraft.

It doesn't make a whole lot of difference really, but imo it's a good thing not letting the bank(s) be sitting on your cash for a few days.

[Jrod]

As I said, its not free but £30 for every 1000. I'm actually just going to use the cash to pay off the credit card I mean to (I did the balance transfer onto the wrong card...) I'm clearing all my debt not trying to get into more.

Just thought it it seemed like a good way to get cash for a moderatley short time period.

There might be a massive flaw with it that I can't see but I'm sure someone will point it out if there is!