Personal Loans?

[Jaffasoft]

I'm toying with the idea of applying for small personal loans and then build up the amount until being able to increase the lend amount to something that could help with the purchase of a property and or a lend getting approved.

Has anyone used a system before and or a credit card as a deposit and or perhaps to renovate. Any suggestions could be helpful. What lenders to use etc.

 

[The Y-man]

I'm toying with the idea of applying for small personal loans and then build up the amount until being able to increase the lend amount to something that could help with the purchase of a property and or a lend getting approved.

Has anyone used a system before and or a credit card as a deposit and or perhaps to renovate. Any suggestions could be helpful. What lenders to use etc.

What will you do with the money you borrow? You need to outperform the interest rate (generally high) to make this exercise worthwhile. Also, it will have the reverse effect on getting a loan approved, as you have "other commitments" (affecting your loan exposure and serviceability).

I've only done it in the past where:
1. I needed cash to do a short term share trade
2. needed cash to prepay a stack on interest in June (without selling out any assets)

Cheers,

The Y-man

 

[Jaffasoft]

OK, yeah I was talking to a bloke last night that used a 10% interest rate (personal loan) to pay out a 19% credit card dept. I wander what other story's people have of using credit cards to manipulate money to your advantage. Can it help to get into a mortgage lend?

 

[lizzie]

Has anyone used a ... credit card as a deposit

yes - but only if i "knew" for certain the cash was coming in, from another source, within the next few months to cover the credit card (such as a sale going thru or a large work bonus).